Corporate Governance and the Financing of Investment for Structural Change
نویسنده
چکیده
Discussions of financial systems tend to identify banks (financial intermediaries) and markets as the major institutions determining the workings of the financial system as it guides the flow of funds from the household sector to the production sector of the economy. The contrast of "bankdominated" and "market-oriented" financial systems has for a long time occupied centre stage of the literature on financial institutions. The present paper leaves this concern with banks and markets aside and instead proposes to focus attention on the industrial corporation as a financial institution in its own right. Corporate managers have significant discretion in the use of corporate funds. As these funds are used, they fulfil a financing role of their own.
منابع مشابه
Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets
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