This paper reviews, appraises, and critiques theoretical and empirical research on the
connections between the operation of the financial system and economic growth. While …

This paper surveys the economic literature on boards of directors. Although a legal
requirement for many organizations, boards are also an endogenously determined …

This paper studies the endogenous relationships among financial development, energy
consumption, and economic growth in China by applying a GMM panel VAR approach with …

Despite an increasing focus on the nexus between finance and growth, little is known about
the growth effect of financial development in emerging markets. Financial development is …

We examine how financial market development affects technological innovation. Using a
large data set that includes 32 developed and emerging countries and a fixed effects …

We use data on ownership structures of large corporations in 27 wealthy economies to
identify the ultimate controlling shareholders of these firms. We find that, except in …

Recent research has documented large differences among countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in …

We present a model of the effects of legal protection of minority shareholders and of cash‐
flow ownership by a controlling shareholder on the valuation of firms. We then test this …

Better investor protection could lead corporations to undertake riskier but value‐enhancing
investments. For example, better investor protection mitigates the taking of private benefits …

For over a century, economists and policymakers have debated the relative merits of bank-
based versus market-based financial systems. Recent research, however, argues that …