Peer-Reviewed Journal Details
Mandatory Fields
Esqueda, O. and T. O'Connor.
2020
January
Research in International Business and Finance
Corporate governance and life cycles in emerging markets
Published
8 ()
Optional Fields
PERFORMANCE EVIDENCE PRIVATE BENEFITS CROSS-LISTINGS CASH FLOW FIRMS OWNERSHIP DYNAMICS MATTER BRAZIL
51
Whereas the corporate life cycle hypothesis says firms follow structured goals along their life cycle, others argue that corporate governance objectives vary independently of predetermined life cycle stages. This study examines the impact of the corporate life cycle on corporate governance in emerging markets, where firms can self-select into stricter rules by adopting an exchange listing level that fits the governance needs of the organization independently of life cycle requirements. We find the listing-level decision is a better predictor of corporate governance quality than corporate life cycle. Firms signal improvements in corporate governance by bonding to more stringent regulation; they determine the corporate governance quality that matches their needs at any point during their life-cycle.
AMSTERDAM
0275-5319
10.1016/j.ribaf.2019.101077
Grant Details