How to cite this paper
Pham, H & Nguyen, M. (2022). Minority investor protection mechanisms and agency costs: An empirical study using a World Bank–developed approach.Accounting, 8(2), 235-248.
Refrences
Agrawal, A., & Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial & Quantitative Analysis, 31(3), 377-397.
Allam, B. S. (2018). The impact of board characteristics and ownership identity on agency costs and firm performance: UK evidence. Corporate Governance: The International Journal of Business in Society, 18(6), 1147-1176.
Anderson, H., Chi, J., & Liao, J. (2019). Foreign strategic ownership and minority shareholder protection. Emerging Markets Review, 39, 34-49.
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81-106. doi:10.1111/0022-1082.00201
Berkman, H., Cole, R. A., & Fu, L. J. (2010). Political connections and minority-shareholder protection: Evidence from securities-market regulation in China. Journal of Financial and Quantitative Analysis, 45(6), 1391-1417.
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property.
Bhagat, S., Bolton, B., & Romano, R. (2010). The effect of corporate governance on performance. In B. H. Kent & A. Ronald (Eds.), Corporate Governance: A Synthesis of Theory , Research, and Practice (pp. 97-122). Chichester: Wiley.
Bianchi, M., Ciavarella, A., Novembre, V., & Signoretti, R. (2010). Comply or explain? Investor protection through corporate governance codes. Investor Protection Through Corporate Governance Codes (March 1, 2010). ECGI-Finance Working Paper(278).
Brown, P., Beekes, W., & Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting and Finance, 51(1), 96-172. doi:10.1111/j.1467-629X.2010.00385.x
Chen, X., & Yur-Austin, J. (2007). Re-measuring agency costs: The effectiveness of blockholders. Quarterly Review of Economics and Finance, 47(5), 588-601. doi:10.1016/j.qref.2007.09.003
Cronqvist, H., & Nilsson, M. (2003). Agency Costs of Controlling Minority Shareholders. Journal of Financial and Quantitative Analysis, 38(4), 695-719.
Davidson, W. N., & Singh, M. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of banking & finance, 27(5), 793-816. doi:10.1016/s0378-4266(01)00260-6
Defond, M. L., & Hung, M. (2004). Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research, 42(2), 269-312.
Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25(3), 650-669.
Djankov, S., & Murrell, P. (2002). Enterprise restructuring in transition: A quantitative survey. Journal of economic literature, 40(3), 739-792.
Douma, S., George, R., & Kabir, R. (2006). Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence from a Large Emerging Market. Strategic Management Journal, 27(7), 637-657. doi:10.1002/smj.535
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of law and economics, 301-325.
Gailmard, S. (2009). Multiple principals and oversight of bureaucratic policy-making. Journal of Theoretical Politics, 21(2), 161-186.
Gaur, S. S., Bathula, H., & Singh, D. (2015). Ownership concentration, board characteristics and firm performance. Management decision, 53(5).
Gulen, H., & O'Brien, W. J. (2017). Option repricing, corporate governance, and the effect of shareholder empowerment. Journal of Financial Economics, 125(2), 389-415.
Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: a survey of the economic literature. Economic Policy Review, 9(1), 7-26.
Hu, Y., & Izumida, S. (2008). Ownership concentration and corporate performance: a causal analysis with Japanese panel data. Corporate Governance: An International Review, 16(4), 342-358. doi:10.1111/j.1467-8683.2008.00690.x
IFC. (2010). Corporate Governance Manual (2nd ed.). Hanoi.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kamarudin, K. A., Ariff, A. M., & Jaafar, A. (2020). Investor protection, cross-listing and accounting quality. Journal of Contemporary Accounting & Economics, 16(1), 100179.
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.
Kumar, P., & Zattoni, A. (2017). Agency Conflicts and Corporate Governance. Corporate Governance: An International Review, 25(4), 220-221.
Kurtulan, G. (2017). Minority shareholder protection in cross-border mergers: a must for or an impediment to the European single market? European Business Organization Law Review, 18(1), 101-121.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.
La Porta, R., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. doi:10.1111/0022-1082.00115
Larsén, M. F. (2007). Principal–agent analysis with one agent and two principals: European Union trade negotiations with South Africa. Politics & Policy, 35(3), 440-463.
Lin, L., & Ewing-Chow, M. (2016). The Doing Business index on minority investor protection: the case of Singapore. Singapour Journal of Legal Studies, 46.
Lin, Y.-H. (2017). Controlling Controlling-Minority Shareholders: Corporate Governance and Leveraged Corporate Control. Colum. Bussiness Letter Review, 453.
McCormack, G. (2018). Why ‘doing business’ with the world bank may be bad for you. European Business Organization Law Review, 19(3), 649-676.
McKnight, P. J., & Weir, C. (2009). Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. Quarterly Review of Economics and Finance, 49(2), 139-158. doi:10.1016/j.qref.2007.09.008
Megginson, W. L., Nash, R. C., & Randenborgh, M. (2012). The financial and operating performance of newly privatized firms: An international empirical analysis. The Journal of Finance, 49(2), 403-452.
Pham, H., & Kalyebara, B. (2020). Investments in subsidiaries, joint ventures, affiliates and firm growth: Evidence from Vietnam. Accounting, 6(5), 879-892.
Tirole, J. (2006). The theory of corporate finance: Princeton, NJ : Princeton University Press.
Tuan, T. M., Nha, P. V. T., Long, T. P., & Phuong, T. T. (2019). Impact of Agency Costs on Firm Performance: Evidence from Vietnam. Organizations & Markets in Emerging Economies, 10(2).
Vu, K. A., Tower, G., & Scully, G. (2011). Corporate communication for Vietnamese listed firms. Asian Review of Accounting, 19(2), 125-146. doi:10.1108/13217341111181069
WB. (2017). Doing business 2017: equal opportunity for all : comparing business regulation for domestic firms in 190 economies (14th edition. ed.): World Bank.
WB. (2018). Doing business 2018: reforming to create jobs : comparing business regulation for domestic firms in 190 economies (15th edition. ed.): The World Bank.
WB. (2019). Doing Business 2019: Training for Reform : comparing business regulation for domestic firms in 190 economies (16th edition. ed.): World Bank.
Allam, B. S. (2018). The impact of board characteristics and ownership identity on agency costs and firm performance: UK evidence. Corporate Governance: The International Journal of Business in Society, 18(6), 1147-1176.
Anderson, H., Chi, J., & Liao, J. (2019). Foreign strategic ownership and minority shareholder protection. Emerging Markets Review, 39, 34-49.
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81-106. doi:10.1111/0022-1082.00201
Berkman, H., Cole, R. A., & Fu, L. J. (2010). Political connections and minority-shareholder protection: Evidence from securities-market regulation in China. Journal of Financial and Quantitative Analysis, 45(6), 1391-1417.
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property.
Bhagat, S., Bolton, B., & Romano, R. (2010). The effect of corporate governance on performance. In B. H. Kent & A. Ronald (Eds.), Corporate Governance: A Synthesis of Theory , Research, and Practice (pp. 97-122). Chichester: Wiley.
Bianchi, M., Ciavarella, A., Novembre, V., & Signoretti, R. (2010). Comply or explain? Investor protection through corporate governance codes. Investor Protection Through Corporate Governance Codes (March 1, 2010). ECGI-Finance Working Paper(278).
Brown, P., Beekes, W., & Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting and Finance, 51(1), 96-172. doi:10.1111/j.1467-629X.2010.00385.x
Chen, X., & Yur-Austin, J. (2007). Re-measuring agency costs: The effectiveness of blockholders. Quarterly Review of Economics and Finance, 47(5), 588-601. doi:10.1016/j.qref.2007.09.003
Cronqvist, H., & Nilsson, M. (2003). Agency Costs of Controlling Minority Shareholders. Journal of Financial and Quantitative Analysis, 38(4), 695-719.
Davidson, W. N., & Singh, M. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of banking & finance, 27(5), 793-816. doi:10.1016/s0378-4266(01)00260-6
Defond, M. L., & Hung, M. (2004). Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research, 42(2), 269-312.
Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25(3), 650-669.
Djankov, S., & Murrell, P. (2002). Enterprise restructuring in transition: A quantitative survey. Journal of economic literature, 40(3), 739-792.
Douma, S., George, R., & Kabir, R. (2006). Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence from a Large Emerging Market. Strategic Management Journal, 27(7), 637-657. doi:10.1002/smj.535
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of law and economics, 301-325.
Gailmard, S. (2009). Multiple principals and oversight of bureaucratic policy-making. Journal of Theoretical Politics, 21(2), 161-186.
Gaur, S. S., Bathula, H., & Singh, D. (2015). Ownership concentration, board characteristics and firm performance. Management decision, 53(5).
Gulen, H., & O'Brien, W. J. (2017). Option repricing, corporate governance, and the effect of shareholder empowerment. Journal of Financial Economics, 125(2), 389-415.
Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: a survey of the economic literature. Economic Policy Review, 9(1), 7-26.
Hu, Y., & Izumida, S. (2008). Ownership concentration and corporate performance: a causal analysis with Japanese panel data. Corporate Governance: An International Review, 16(4), 342-358. doi:10.1111/j.1467-8683.2008.00690.x
IFC. (2010). Corporate Governance Manual (2nd ed.). Hanoi.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kamarudin, K. A., Ariff, A. M., & Jaafar, A. (2020). Investor protection, cross-listing and accounting quality. Journal of Contemporary Accounting & Economics, 16(1), 100179.
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.
Kumar, P., & Zattoni, A. (2017). Agency Conflicts and Corporate Governance. Corporate Governance: An International Review, 25(4), 220-221.
Kurtulan, G. (2017). Minority shareholder protection in cross-border mergers: a must for or an impediment to the European single market? European Business Organization Law Review, 18(1), 101-121.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.
La Porta, R., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. doi:10.1111/0022-1082.00115
Larsén, M. F. (2007). Principal–agent analysis with one agent and two principals: European Union trade negotiations with South Africa. Politics & Policy, 35(3), 440-463.
Lin, L., & Ewing-Chow, M. (2016). The Doing Business index on minority investor protection: the case of Singapore. Singapour Journal of Legal Studies, 46.
Lin, Y.-H. (2017). Controlling Controlling-Minority Shareholders: Corporate Governance and Leveraged Corporate Control. Colum. Bussiness Letter Review, 453.
McCormack, G. (2018). Why ‘doing business’ with the world bank may be bad for you. European Business Organization Law Review, 19(3), 649-676.
McKnight, P. J., & Weir, C. (2009). Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. Quarterly Review of Economics and Finance, 49(2), 139-158. doi:10.1016/j.qref.2007.09.008
Megginson, W. L., Nash, R. C., & Randenborgh, M. (2012). The financial and operating performance of newly privatized firms: An international empirical analysis. The Journal of Finance, 49(2), 403-452.
Pham, H., & Kalyebara, B. (2020). Investments in subsidiaries, joint ventures, affiliates and firm growth: Evidence from Vietnam. Accounting, 6(5), 879-892.
Tirole, J. (2006). The theory of corporate finance: Princeton, NJ : Princeton University Press.
Tuan, T. M., Nha, P. V. T., Long, T. P., & Phuong, T. T. (2019). Impact of Agency Costs on Firm Performance: Evidence from Vietnam. Organizations & Markets in Emerging Economies, 10(2).
Vu, K. A., Tower, G., & Scully, G. (2011). Corporate communication for Vietnamese listed firms. Asian Review of Accounting, 19(2), 125-146. doi:10.1108/13217341111181069
WB. (2017). Doing business 2017: equal opportunity for all : comparing business regulation for domestic firms in 190 economies (14th edition. ed.): World Bank.
WB. (2018). Doing business 2018: reforming to create jobs : comparing business regulation for domestic firms in 190 economies (15th edition. ed.): The World Bank.
WB. (2019). Doing Business 2019: Training for Reform : comparing business regulation for domestic firms in 190 economies (16th edition. ed.): World Bank.