Governance Transparency and Capital Allocation: A Note

• Autores: Wen He
• Localización: Abacus: A journal of accounting, finance and business studies, ISSN 0001-3072, Vol. 47, Nº 1, 2011, págs. 109-118
• Idioma: inglés
• DOI: 10.1111/j.1467-6281.2011.00333.x
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• Resumen

  • Habib (2008) shows that financial transparency, but not governance transparency, is related to efficiency in capital allocation. I argue that governance transparency is more likely to facilitate capital allocation in declining industries where agency problems intensify. Empirical evidence from a sample of 39 countries supports this argument.