Corporate valuation and social capital: A cross-country analysis
Autor(es) y otros:
Palabra(s) clave:
Corporate valuation
Trust
Social capital
Civic cooperation
Fecha de publicación:
Editorial:
Taylor and Francis
Versión del editor:
Citación:
Descripción física:
Resumen:
This paper analyses the influence of social capital on corporate valuation for a sample of 55 countries over the period 1995-2012. The results suggest that social capital is an important determinant of corporate valuation. Interpersonal trust and civic cooperation enhance corporate valuation, even though other institutional and legal characteristics are considered. Furthermore, our results reveal that corporate valuation increases with the GDP annual growth rate, legal enforcement and the protection of shareholders' rights, but that it is negatively affected by corruption and protection of creditors' rights. We also obtain some evidence suggesting that civic cooperation has a greater influence over corporate valuation in poorer countries.
This paper analyses the influence of social capital on corporate valuation for a sample of 55 countries over the period 1995-2012. The results suggest that social capital is an important determinant of corporate valuation. Interpersonal trust and civic cooperation enhance corporate valuation, even though other institutional and legal characteristics are considered. Furthermore, our results reveal that corporate valuation increases with the GDP annual growth rate, legal enforcement and the protection of shareholders' rights, but that it is negatively affected by corruption and protection of creditors' rights. We also obtain some evidence suggesting that civic cooperation has a greater influence over corporate valuation in poorer countries.
Patrocinado por:
Financial support from the Spanish Ministry of Economy and Competitiveness and EDRF via Projects ECO2012-31772 and ECO2015-66184-R is gratefully acknowledged
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