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Governance Transparency and Capital Allocation: A Note

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Abstract:

Habib (2008) shows that financial transparency, but not governance transparency, is related to efficiency in capital allocation. I argue that governance transparency is more likely to facilitate capital allocation in declining industries where agency problems intensify. Empirical evidence from a sample of 39 countries supports this argument.

Keywords: Agency problems; Capital allocation; Corporate disclosure; Corporate governance

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/j.1467-6281.2011.00333.x

Publication date: March 1, 2011

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