Governance Transparency and Capital Allocation: A Note
反驳了Habib(2008)关于治理透明度与资本配置效率无关的结论，认为在衰退行业中代理问题加剧时，治理透明度更能促进资本配置，并用39国数据支持这一观点。
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.