Corporate Governance, Finance, and the Real Sector
构建了一个行业均衡的结构模型，研究公司治理如何影响竞争、企业杠杆和内部人持股，并分析股权市场自由化对技术采用和行业发展的作用。
Abstract We present a theory of the linkages between corporate governance, corporate finance, and the real sector of an economy. Using a structural model of industry equilibrium with endogenous entry, we show that poor corporate governance leads to low levels of competition, and to firms with high insider ownership and leverage. In contrast, good corporate governance promotes the adoption of more efficient technologies and development of sectors more exposed to moral hazard. We use our model to study equity market liberalization, and we show that liberalizations facilitate entry and adoption of more productive technologies, especially in countries with good corporate governance.