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- Title
The Impact of Legal and Regulatory Environment: A Study of Corporate Governance and Disclosure Practices of Firms Listed on Bombay Stock Exchange.
- Authors
Madhani, Pankaj M.
- Abstract
Governance depends on both country-level as well as firm-level mechanisms. The country-level governance mechanisms include a country's laws, its culture and norms, and the institutions that enforce the laws. Firm level or internal governance mechanisms are those that operate within the firm. Apart from firm-level governance mechanism, it is also important to study whether the institutional, legal and regulatory environments for shareholder protection rights and the corporate governance structure are complementary or substitute of each other. This research looks into the institutional, legal and regulatory environments of the US, UK, Luxembourg and India from the perspective of corporate governance and disclosure practices by studying a sample of 54 firms across various sectors listed on the Bombay Stock Exchange, India. The research seeks to empirically investigate whether they are significantly different for firms cross-listed in those countries. The research suggests that legal and regulatory environments for corporate governance and internal corporate governance are not substitutes. On the contrary, they are complementary because strong corporate governance at the country level reinforces the effectiveness of internal governance at the firm level, increasing the effect of internal corporate governance.
- Subjects
INDIA; CORPORATE governance; DISCLOSURE; STOCK exchanges; COMMERCIAL law; INDUSTRIAL management
- Publication
IUP Journal of Corporate Governance, 2016, Vol 15, Issue 2, p7
- ISSN
0972-6853
- Publication type
Article