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Democracy, rule of law, and corporate governance-a liquidity perspective

机译：民主，法治和公司治理-流动性视角

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摘要

This study examines whether and how democracy and rule of law-two overarching country-level governance variables-influence corporate governance. Given that corporate liquidity (cash holdings) is a good channel for examining the quality of corporate governance, the effects of democracy and rule of law on corporate governance can be identified using the liquidity approach. A review of 67 countries from 1996 to 2010 demonstrates that democracy and rule of law indeed have bearings on corporate governance. More specifically, results indicate that firms are more inclined to hoard cash to take advantage of growth opportunities when the level of democracy is higher or rule of law is stronger, suggesting that agency costs are lower and interests of managers and shareholders are more aligned under such circumstances. In addition, the negative effect of debt issuance and dividend payment on cash is more pronounced when the level of democracy is higher or rule of law is stronger, suggesting that these two approaches become more effective in reducing agency costs and transitively cash holdings under such circumstances. Moreover, the positive effect of democracy and rule of law on corporate governance appears to be reinforced when rule of law is stronger and the level of democracy is higher, respectively. Furthermore, higher level of economic development helps reap the benefit of democracy and rule of law in terms of improving corporate governance and reducing agency costs.
机译：这项研究研究了民主和法治（国家总体治理的两个主要变量）是否以及如何影响公司治理。鉴于公司流动性（现金持有量）是检查公司治理质量的良好渠道，因此可以使用流动性方法确定民主和法治对公司治理的影响。从1996年至2010年对67个国家进行的审查表明，民主和法治确实对公司治理有影响。更具体地说，结果表明，在民主水平较高或法治较强的情况下，公司更倾向于ho积现金以利用增长机会，这表明在这种情况下，代理成本较低，经理和股东的利益更加一致情况。此外，当民主程度更高或法治更强时，债务发行和股利支付对现金的负面影响更加明显，这表明在这种情况下，这两种方法在降低代理成本和过渡性现金持有方面更加有效。此外，法治越强，民主水平越高，民主和法治对公司治理的积极作用似乎就越增强。此外，更高水平的经济发展有助于在改善公司治理和降低代理成本方面获得民主和法治的好处。

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