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Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law.

Abstract:

This paper investigates the governance structure choices of firms when there is competition between legal systems. We study the impact of the allocation of control over choice of governance and reincorporation on firms' technologies and technological specialization of countries in the context of a model of the firm in which there are agency conflicts between shareholders and managers. We show that the allocation of control over firms' reincorporation decisions determines the corporate governa...

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Journal:
Annals of Finance
Volume:
1
Publication date:
2005-01-01
URN:
uuid:78049fe4-d1e6-47b9-895e-58400e5414d5
Local pid:
oai:economics.ouls.ox.ac.uk:10325
Language:
English

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