Bert Birusya | Kampala International University (original) (raw)
Uploads
Papers by Bert Birusya
Journal of Corporate Finance, Jan 1, 2004
Recent research studying the link between law and finance has concentrated on countrylevel invest... more Recent research studying the link between law and finance has concentrated on countrylevel investor protection measures and focused on differences in legal systems across countries and legal families. Our paper extends this literature and provides a study of firmlevel corporate governance practices across emerging markets and a greater understanding of the environments under which corporate governance matters more. Our empirical tests show that better corporate governance is highly correlated with better operating performance and market valuation. More importantly, we provide evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that well-governed firms benefit more in bad corporate governance environments and that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. Our tests also show that firm-level governance and performance is lower in countries with weak legal environments, suggesting that improving the legal system should rema in a priority for policymakers.
Administrative Science Quarterly, Jan 1, 1987
... This dependence will be most acute in situa-tions in which exogenous relationships exist betw... more ... This dependence will be most acute in situa-tions in which exogenous relationships exist between ... A third factor in compliance is the existence of contractual connections. ... stockholder involved rep-resented a credible takeover threat that induced an acute agency conflict for the ...
Journal of Corporate Finance, Jan 1, 2004
Recent research studying the link between law and finance has concentrated on countrylevel invest... more Recent research studying the link between law and finance has concentrated on countrylevel investor protection measures and focused on differences in legal systems across countries and legal families. Our paper extends this literature and provides a study of firmlevel corporate governance practices across emerging markets and a greater understanding of the environments under which corporate governance matters more. Our empirical tests show that better corporate governance is highly correlated with better operating performance and market valuation. More importantly, we provide evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that well-governed firms benefit more in bad corporate governance environments and that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. Our tests also show that firm-level governance and performance is lower in countries with weak legal environments, suggesting that improving the legal system should rema in a priority for policymakers.
Administrative Science Quarterly, Jan 1, 1987
... This dependence will be most acute in situa-tions in which exogenous relationships exist betw... more ... This dependence will be most acute in situa-tions in which exogenous relationships exist between ... A third factor in compliance is the existence of contractual connections. ... stockholder involved rep-resented a credible takeover threat that induced an acute agency conflict for the ...