Esqueda, Omar A. and O'Connor, Thomas G.
(2020)
Corporate governance and life cycles in emerging markets.
Research in International Business and Finance, 51 (101077).
ISSN 0275-5319
Abstract
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.
| Item Type: |
Article
|
| Additional Information: |
JEL classification:
G30
G32
G34 |
| Keywords: |
Agency theory
Bovespa;
Corporate governance;
Corporate life cycle;
Emerging markets;
Novo mercado; |
| Academic Unit: |
Faculty of Social Sciences > School of Business |
| Item ID: |
16349 |
| Identification Number: |
https://doi.org/10.1016/j.ribaf.2019.101077 |
| Depositing User: |
Thomas G. O'Connor
|
| Date Deposited: |
22 Aug 2022 09:41 |
| Journal or Publication Title: |
Research in International Business and Finance |
| Publisher: |
Elsevier |
| Refereed: |
Yes |
| URI: |
|
| Use Licence: |
This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available
here |
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