Shareholder protection, stock markets and cross-border mergers

Abstract

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A law-and-finance perspective on capital markets

“…21 16 Deakin et al (2018). But see also Ahiabor et al (2018) (using the same data and differentiating between different types of shareholder protection, finding an effect for 'enabling' but not 'paternalistic' forms of shareholder protection). 17 La Porta et al (2006).…”

How Does a Regulatory Minority Shareholder Influence the ESG Performance? A Quasi-Natural Experiment

“…If the observation is in the year 2016, Post equals one, otherwise, Post equals zero. The results from the redefined Post are shown in column (2) in Table 8, and the coefficient of Treat × Post is still significantly positive (β = 0.079, p < 0.10). Last, to control the influence of unknown factors that change with industries and provinces, we added the cross-fixed effect of industries and provinces in the regression.…”

“…Investor protection is prominent for the healthy development of the capital market [1][2][3][4]. However, the protection of minority shareholders is still poor in many emerging economies.…”

“…Firm-fixed effects and year-fixed effects are also included. Column(1) shows the moderating effect of analyst coverage, column(2) shows the moderating effect of the external auditor, column (3) shows the moderating effect of institutional shareholder, and column (4) shows the effect of the market intermediary. The t values reported in parentheses are adjusted based on robust standard errors, where *, **, and *** denote significance levels of 0.10, 0.05, and 0.01, respectively.…”

Confucius Institute, Belt and Road Initiative, and Internationalization

“…However, the causality between the CMA and shareholder protection is yet to be determined. Following Katelouzou and Siems (2015), Ahiabor, James, Kwabi and Siems (2018) suggest that the CMA positively affect the shareholder protection. In line with these studies, Bonaime, Gulen and Ion (2018) demonstrate that policy uncertainty can affect the CMA activity in a negative way.…”