Goergen, Marc; Renneboog, Luc - In: Journal of Corporate Finance 14 (2008) 3, pp. 166-182
Companies have the choice to deviate from their national corporate governance standards by opting into another system …-listings - which enable them to choose their preferred level of investor protection and regulation. This paper reviews these three main … contractual governance devices, their effect on value, and whether their adoption by firms induces a race to the bottom or a race …