Why Does the Law Matter? Investor Protection and Its Effects on Investment, Finance, and Growth

By R. D. McLean, Tianyu Zhang, Mengxin Zhao. 2012

424 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/ffe0b27206fab5cba5feb50be83ad7807664f613

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Citations in the corpus

Social Capital, Investments and External Financing (2015, positive): “These numbers are similar to those reported by prior research (e.g., Chen et al. 2006, Mclean et al. 2012).”
Corporate social responsibility and capital allocation efficiency (2017, positive): “In one of the models the authors apply McLean et al. (2012) framework and provide evidence of the positive association between CSR engagements and investments.”
Corporate Social Responsibility and Investment Efficiency (2016, neutral): “Under the Modigliani and Miller (1958) paradigm, investment opportunities are the only driver of a firm’s 648 M.”
Country-level institutions, firm value, and the role of corporate social responsibility initiatives (2017, methodology): “Excess growth Following Demirgüç-Kunt and Maksimovic (2002), we first construct the externally financed growth rate as the difference between the firm’s actual growth rate (measured as sales growth) minus themaximum growth rate that can be financed if the firm uses only internal funds and does not d”
Board Reforms and Firm Value: Worldwide Evidence (2017, neutral): “To further corroborate our inferences, we also investigate the impact of board reforms on several channels that may lead to improved firm value, including firm profitability, reporting quality, and investment-cash flow sensitivities (Anderson et al. 2004; McLean et al. 2012).”
Earnings Management, Capital Structure and the Role of Institutional Environments (2016, background): “…economic performance of the company, or to influence contractual outcomes that depend on reported 13We do not include IE variable itself in a firm-fixed model, because there are little variations in this variable and thus it does not have explanatory power (Mclean, Zhang, and Zhao (2012), p.317 ).”
Do state and foreign ownership affect investment efficiency? Evidence from privatizations (2017, neutral): “In the context of privatized firms, Megginson and Netter (2001) and Estrin et al.”
The effect of government quality on corporate cash holdings (2014, neutral): “17 This model is also used in McLean et al. (2011) on the investment sensitivity to cash flow and Q.”