The Economic Consequences of Legal Origins

Porta, Rafael La; López-de-Silanes, Florencio; Shleifer, Andrei

doi:10.1257/jel.46.2.285

Cited by 2,683 publications

(1,535 citation statements)

References 129 publications

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“…While there are substantial empirical researches on the determinants of CSR disclosure practice internationally, crossmarket comparison on sustainability reporting activities were scarce and mainly explored the macro-effect of country-level variables and political-legal systems (Ioannou and Serafeim, 2016;Anderson and Gupta, 2009;La Porta et al, 2008). Furthermore, only a few studies on CSR determinants were relevant to the Malaysian context (Mat Nor, 2010;Amran et al, 2007).…”

Section: Introductionmentioning

confidence: 99%

A Comparative Review on Company Specific Determinants for Sustainability Reporting in United Kingdom (UK) and Malaysia

Tong

2017

SHS Web Conf.

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This study aims to comparatively assess the effects of company-specific variables on the level of corporate social responsibility (CSR) information disclosed in publicly-traded companies from United Kingdom (UK) and Malaysia. Content analysis was applied to sampled reports from the FTSE 100 Index and FTSE Bursa KLCI against inferred meanings from the Global Reporting Initiative (GRI)-derived coding base to identify similarities and/or differences in CSR disclosure practices. The Spearman's correlation coefficients and multiple linear regressions (MLR) analyses further gauged the associations between the variables and total quantity of CSR disclosure (TQCSR); and, determined the predictive determinants on sustainability reporting. The Spearman's correlation has identified a negative association on leverage with TQCSR for UK companies. In contrast, the TQCSR in the Malaysian sample was positively associated with directors' CSR-related experiences and profitability but negatively associated with company size. Results from MLR analyses presented company size as a significant determinant on sustainability reporting in the UK model, while directors' experiences were indicated as the crucial determinant in the Malaysian model. This first, direct cross-market sustainability reporting study highlights the importance of board of directors' CSR-relevant experience in influencing the level of CSR disclosures in publicly-traded companies.

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Section: Introductionmentioning

confidence: 99%

A Comparative Review on Company Specific Determinants for Sustainability Reporting in United Kingdom (UK) and Malaysia

Tong

2017

SHS Web Conf.

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“…In column 3, we further include a dichotomous variable for nations with British legal origins from La Porta et al (2008) and the ethnic fractionalization index from Alesina et al (2003). The results suggest that countries with British legal origins have higher levels of IPR protection while the effect of culture, measured by ethnic diversity is insignificant.…”

Section: Resultsmentioning

confidence: 99%

Cognitive Abilities, Democracy and Intellectual Property Rights Protection

Odilova¹,

Gu²

2017

IBR

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The goal of this research is to investigate the link between cognitive abilities, as measured by cognitive abilities index and intellectual property rights protection using cross-national data. The findings suggest that cognitive abilities at a national level are significantly related with IPR protection. As expected intellectual capacity is positively and significantly related to the intellectual property rights and explain nearly 23% of cross national differences. In particular, a one standard deviation increase in the cognitive abilities index is associated with slightly less than a half standard deviation rise in IPR index. However, 65% of the effect of cognitive abilities on IPR protection is mediated by the democratic institutions.

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“…developed financial market and a lack of legislative actions, as in the Italian case, the low level of investor protection creates dangerous situations of opportunism (La Porta et al 2008): listing status may generate potential agency problems between who has control and investors (Loderer, Waelchli 2010). In Italy, these problems especially concern conflicts between majority shareholders and minority investors.…”

Section: S316mentioning

confidence: 99%

The Value of Blockholders Shaped by Moderators

Rocca

Montalto

2013

Journal of Business Economics and Management

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Abstract. This paper investigates the role of moderators in affecting the relationship between ownership and value. The results generally reveal a positive influence of blockholders on performance, that is significantly affected by moderating factors. The link becomes negative in listed firms, as well as in family ones, and vanishes in financial constrained ones. Moreover, in case of managerial opportunism, the role of blockholders increases the positive effect of ownership on performance. Conversely, new governance reforms, improving the investors' protection, have resized the centrality of the majority shareholder. Overall, results can be used to make recommendations on how to improve corporate and country-specific governance mechanisms.

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The Economic Consequences of Legal Origins

Cited by 2,683 publications

References 129 publications

A Comparative Review on Company Specific Determinants for Sustainability Reporting in United Kingdom (UK) and Malaysia

A Comparative Review on Company Specific Determinants for Sustainability Reporting in United Kingdom (UK) and Malaysia

Cognitive Abilities, Democracy and Intellectual Property Rights Protection

The Value of Blockholders Shaped by Moderators

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