LAW REGIME AND CULTURAL HERITAGE AS DETERMINANTS OF OWNERSHIP: Demystifying the puzzling Canadian Ownership Concentration
نویسندگان
چکیده
La Porta et al. (1998) sustain the view that countries functioning under a Common law regime, mainly the “Anglo-Saxon” model, offer better protection to the small investors and more suitable conditions for the development of large and more liquid capital markets than do countries under Civil law regimes mainly the “Franco-Saxon” countries. Stulz and Williamson (2001) document also that not only law regime but also culture, openness and religion roots are important factors in explaining the degree of shareholder protection and consequently the differences in corporate governance systems around the world.
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