Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211912 
Year of Publication: 
2002
Series/Report no.: 
Bank of Finland Discussion Papers No. 8/2002
Publisher: 
Bank of Finland, Helsinki
Abstract: 
Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant.We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for Finland for the period 1980-2000.The measures reveal that shareholder protection has been strengthened whereas creditor protection has been weakened.We also demonstrate how the reform is consistent with a reorganisation of the Finnish financial market in which a bank-centred financial system shifted from relationship-based debt finance towards increasing dominance by the stock market.We find evidence that the development of shareholder protection has been a driver of the reorganisation, whereas the changes in creditor protection have mirrored market developments.
Subjects: 
corporate finance
financial intermediation
corporate governance
JEL: 
E50
G24
G32
Persistent Identifier of the first edition: 
ISBN: 
951-686-777-4
Document Type: 
Working Paper

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