Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211912 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 8/2002
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
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.
Schlagwörter: 
corporate finance
financial intermediation
corporate governance
JEL: 
E50
G24
G32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
951-686-777-4
Dokumentart: 
Working Paper

Datei(en):
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