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DOES A COUNTRY’S FINANCIAL AND LEGAL SYSTEMS CONTEMPORANEOUSLY IMPACT THE GOVERNANCE AND PERFORMANCE RELATIONSHIP: FURTHER EVIDENCE?
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Anne Anderson 
, Parveen P. Gupta , Andrey Zagorchev
Abstract
We investigate the impact of continuous measures of the financial system and investor protection on the corporate governance-performance relationship. We find that shareholder suits rights/stock market capitalization (disclosure rights/stock market capitalization) has monotonic (non-monotonic) relation with firm performance and that high-levels of stock market capitalization and investor protection generate valuation synergies. Besides interactions of financial and legal systems with corporate governance, market- (bank-) orientation and development and stronger (weaker) investor protection along with better (worse) corporate governance are associated with higher (lower) valuations. A country’s migration to a developed stock market with enhanced investor protection is related to better corporate governance and firm performance.
Keywords: Financial/Legal System, Investor Protection, Corporate Governance, Firm Performance
How to cite this paper: Anderson, A., Gupta, P. P., & Zagorchev, A. (2012). Does a country’s financial and legal systems contemporaneously impact the governance and performance relationship: Further evidence?. Corporate Ownership & Control, 9(4-3), 279-308. https://doi.org/10.22495/cocv9i4c3art2
