What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe

The authors study differences in the use of two corporate governance provisions - cumulative voting and proxy by mail voting - in a sample of 224 firms located in four Eastern European countries. The report finds a significant relationship between ownership structure, and the use of corporate govern...

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Main Authors:	Klapper, Leora F., Laeven, Luc, Love, Inessa
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	CAPITAL MARKETS CASH FLOWS CHARTER CHARTERS COMPANY COMPANY LAW CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE MECHANISMS CORPORATE OWNERSHIP CORPORATE VALUE CORPORATIONS COUNTRY COMPARISON DISCIPLINARY MECHANISMS DISCLOSURE EMERGING MARKETS EMPIRICAL ANALYSIS FINANCIAL SECTOR FIRM SIZE FIRMS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN OWNERSHIP GOVERNMENT OWNERSHIP INVESTOR PROTECTION LEGAL CHANGE MANAGEMENT OWNERSHIP MARKET VALUATION PRIVATIZATION PROFITABILITY SHAREHOLDERS SHAREHOLDING SME SME FINANCING THEORY OF THE FIRM VOTING
Online Access:	http://documents.worldbank.org/curated/en/2005/05/5835446/drives-corporate-governance-firm-level-evidence-eastern-europe-drives-corporate-governance-reform-firm-level-evidence-eastern-europe http://hdl.handle.net/10986/8248

id	okr-10986-8248
recordtype	oai_dc
spelling	okr-10986-82482021-04-23T14:02:42Z What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe Klapper, Leora F. Laeven, Luc Love, Inessa CAPITAL MARKETS CASH FLOWS CHARTER CHARTERS COMPANY COMPANY LAW CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE MECHANISMS CORPORATE OWNERSHIP CORPORATE VALUE CORPORATIONS COUNTRY COMPARISON DISCIPLINARY MECHANISMS DISCLOSURE EMERGING MARKETS EMPIRICAL ANALYSIS FINANCIAL SECTOR FIRM SIZE FIRMS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN OWNERSHIP GOVERNMENT OWNERSHIP INVESTOR PROTECTION LEGAL CHANGE MANAGEMENT OWNERSHIP MARKET VALUATION PRIVATIZATION PROFITABILITY SHAREHOLDERS SHAREHOLDING SME SME FINANCING THEORY OF THE FIRM VOTING The authors study differences in the use of two corporate governance provisions - cumulative voting and proxy by mail voting - in a sample of 224 firms located in four Eastern European countries. The report finds a significant relationship between ownership structure, and the use of corporate governance provisions. Firms with a controlling owner (owning more than 50 percent of shares) are less likely to adopt either of the two provisions. However, firms that have large, minority shareholders are more likely to adopt these provisions. The authors do not find any significant relationship between the use of these provisions, and foreign ownership. The results suggest that the decision to adopt these corporate governance provisions is influenced by large, minority shareholders in their battle for representation in the board, and in managerial decisions. 2012-06-18T14:47:04Z 2012-06-18T14:47:04Z 2005-05 http://documents.worldbank.org/curated/en/2005/05/5835446/drives-corporate-governance-firm-level-evidence-eastern-europe-drives-corporate-governance-reform-firm-level-evidence-eastern-europe http://hdl.handle.net/10986/8248 English Policy Research Working Paper; No. 3600 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Eastern Europe
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CAPITAL MARKETS CASH FLOWS CHARTER CHARTERS COMPANY COMPANY LAW CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE MECHANISMS CORPORATE OWNERSHIP CORPORATE VALUE CORPORATIONS COUNTRY COMPARISON DISCIPLINARY MECHANISMS DISCLOSURE EMERGING MARKETS EMPIRICAL ANALYSIS FINANCIAL SECTOR FIRM SIZE FIRMS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN OWNERSHIP GOVERNMENT OWNERSHIP INVESTOR PROTECTION LEGAL CHANGE MANAGEMENT OWNERSHIP MARKET VALUATION PRIVATIZATION PROFITABILITY SHAREHOLDERS SHAREHOLDING SME SME FINANCING THEORY OF THE FIRM VOTING
spellingShingle	CAPITAL MARKETS CASH FLOWS CHARTER CHARTERS COMPANY COMPANY LAW CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE MECHANISMS CORPORATE OWNERSHIP CORPORATE VALUE CORPORATIONS COUNTRY COMPARISON DISCIPLINARY MECHANISMS DISCLOSURE EMERGING MARKETS EMPIRICAL ANALYSIS FINANCIAL SECTOR FIRM SIZE FIRMS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN OWNERSHIP GOVERNMENT OWNERSHIP INVESTOR PROTECTION LEGAL CHANGE MANAGEMENT OWNERSHIP MARKET VALUATION PRIVATIZATION PROFITABILITY SHAREHOLDERS SHAREHOLDING SME SME FINANCING THEORY OF THE FIRM VOTING Klapper, Leora F. Laeven, Luc Love, Inessa What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
geographic_facet	Europe and Central Asia Eastern Europe
relation	Policy Research Working Paper; No. 3600
description	The authors study differences in the use of two corporate governance provisions - cumulative voting and proxy by mail voting - in a sample of 224 firms located in four Eastern European countries. The report finds a significant relationship between ownership structure, and the use of corporate governance provisions. Firms with a controlling owner (owning more than 50 percent of shares) are less likely to adopt either of the two provisions. However, firms that have large, minority shareholders are more likely to adopt these provisions. The authors do not find any significant relationship between the use of these provisions, and foreign ownership. The results suggest that the decision to adopt these corporate governance provisions is influenced by large, minority shareholders in their battle for representation in the board, and in managerial decisions.
format	Publications & Research :: Policy Research Working Paper
author	Klapper, Leora F. Laeven, Luc Love, Inessa
author_facet	Klapper, Leora F. Laeven, Luc Love, Inessa
author_sort	Klapper, Leora F.
title	What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
title_short	What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
title_full	What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
title_fullStr	What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
title_full_unstemmed	What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe
title_sort	what drives corporate governance reform? firm-level evidence from eastern europe
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/05/5835446/drives-corporate-governance-firm-level-evidence-eastern-europe-drives-corporate-governance-reform-firm-level-evidence-eastern-europe http://hdl.handle.net/10986/8248
_version_	1764407386993328128

What Drives Corporate Governance Reform? Firm-Level Evidence from Eastern Europe

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