Footnote:
In: Corporate Ownership and Control, Vol. 7, No. 3, pp. 416-429, Spring 2010
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 21, 2009 erstellt
Description:
This paper studies the influence of ownership concentration, board size, and debt in firm performance of a sample of 216 companies from Spain and the United Kingdom, over a four-year period (2000 - 2003), with the aim of uncovering evidence on the influence of the legal environment in the design of governance mechanisms. Our findings show that the legal protection offered to investors in each country determines the use of internal governance mechanisms. The results show that ownership concentration and investor protection are substitutive mechanisms when increasing firm value, and that the latter mechanisms determine the use of the remaining governance mechanisms