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Table:
International corporate governance - Tentative characterizations of legal and
empirical state of large firm capital structures
in various countries as of 1980-1995: Introduction: Some of the characterizations can be
found in Shleifer and Vishny [1996, pages 49-55]. Precautionary statement:
The first version of this table was primarily made out of memory and consequently
it lacks adequate references and may contain errors about the actual legal
and empirical state of the different institutions. As time passes more references
will be added. |
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Tentative characterizations of legal and empirical
state of large firm capital structures in developing countries as of 1980-1995 |
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A) Laws on capital structure. |
Legal state:
Some restrictions. Some countries require a minimum level of equity to guard
against bankruptcy. Empirical state: The leverage is low compared to Anglo-American firms. |
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Tentative characterizations of legal and empirical
state of large firm capital structures in |
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A) Laws on capital structure. |
Legal state:
None barriers. Empirical state: German firms are not geared very much and they retain a large fraction
of the earnings. |
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Tentative characterizations of legal
and empirical state of large firm capital structures in |
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A) Laws on capital structure. |
Legal state:
None barriers. Empirical state: Japanese firms are much more geared and retain far less earnings
than firms from other governance systems, except the Anglo-American. |
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Tentative characterizations of legal and empirical
state of large firm capital structures in Anglo-American
countries as of 1980-1995 |
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A) Laws on capital structure. |
Legal state:
None barriers. Empirical state: Anglo-American firms are much more geared and retain far less earnings
than firms from other governance systems, the only major exception being |
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Tentative characterizations of legal and empirical
state of large firm capital structures in |
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A) Laws on capital structure. |
Legal state:
None barriers. Empirical state: German firms are not geared very much and they retain a large fraction
of the earnings. |
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- Copyright 1997-2008, ViamInvest. Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Legal notice. |
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