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Journal articles on the topic 'Investor Protection'

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Author: Grafiati

Published: 4 June 2021

Last updated: 7 February 2024

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1

Giannetti, Mariassunta, and Yrjö Koskinen. "Investor Protection, Equity Returns, and Financial Globalization." Journal of Financial and Quantitative Analysis 45, no. 1 (November 26, 2009): 135–68. http://dx.doi.org/10.1017/s0022109009990524.

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AbstractWe study the effects of investor protection on stock returns and portfolio allocation decisions. In our theoretical model, if investor protection is weak, wealthy investors have an incentive to become controlling shareholders. In equilibrium, the stock price reflects the demand from both controlling shareholders and portfolio investors. Due to the high demand from controlling shareholders, the price of weak corporate governance stocks is not low enough to fully discount the extraction of private benefits. Thus, stocks have lower expected returns when investor protection is weak. This has implications for domestic and foreign investors’ stockholdings. In particular, we show that portfolio investors’ participation in the domestic stock market and home equity bias are positively related to investor protection and provide original evidence in their support.

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2

Moloney, Niamh. "The Investor Model Underlying the EU’s Investor Protection Regime: Consumers or Investors?" European Business Organization Law Review 13, no. 2 (June 2012): 169–93. http://dx.doi.org/10.1017/s1566752912000134.

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3

Santoso, Eko Budi. "ANALISIS PENGARUH TATA KELOLA PERUSAHAAN YANG BAIK TERHADAP RASIO PEMBAYARAN DIVIDEN." Jurnal Riset Akuntansi dan Keuangan 3, no. 1 (February 1, 2007): 1. http://dx.doi.org/10.21460/jrak.2007.31.129.

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Investor protection in highty concentrated ownership as in Indonesia is a crucial problem. Expropriation tends to be high in lower investor protection because controlling shareholders can implement policies that benefit themselves at the expense of outside investors. In a high expropriation, outside investors will choose dividends rather than retained earnings.This paper examines good corporate governance as a solution.for a good investor protection in Indonesia. Using a sample of 245 firms for observdion period of 2001-200j, the results slows that stronger investor ptotection related with lower dividend payout ratio.Kqtwords : Good Corporate Governance, Dividend Payout Ratio,Investor Protection, Concentrated Ownership.

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4

Dong, Sihan. "Impacts of the China Securities Investor Services Center's Shareholding Exercise on Audit Fees." BCP Business & Management 19 (May 31, 2022): 162–80. http://dx.doi.org/10.54691/bcpbm.v19i.739.

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Protecting the legitimate rights and interests of small and medium investors is the basis of the sustainable and healthy development of the capital market. The shareholding exercise pilot policy of China Securities Investor Services Center is a major innovation in the protection mechanism of investors' rights and interests. Taking A-share listed companies from 2013 to 2017 as the sample, this paper constructs a difference-in-difference model (DID) to test the impacts of Investor Services Center's shareholding exercise on audit fees of listed companies. The study finds that the Investor Services Center's shareholding exercise significantly reduces the audit fees. The mechanism test results show that Investor Services Center's shareholding exercise can reduce the audit fees by restraining the level of accrued earnings management and agency costs. Further analyses show that the effect of reducing audit fees by Investor Services Center's shareholding exercise is more obvious in larger enterprises with lower proportion of independent directors. This paper enriches the research related to the protection of small and medium-sized investors, clarifies the impact mechanism of investor protection on audit fees, expands the relevant research on the influencing factors of audit fees, and provides theoretical support and suggestions for the relevant policy formulation of the China Securities Investor Services Center.

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5

Kim, Soonho, Hosung Jung, and Haejung Na. "Tax haven investors, firm value and investor protection." Applied Economics Letters 26, no. 19 (March 21, 2019): 1634–40. http://dx.doi.org/10.1080/13504851.2019.1591584.

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6

Attijani, Mohammad Solehodin. "Penyelenggara Dana Perlindungan Pemodal Bagi Investor Dalam Transaksi Saham Pada Pasar Modal." Media Iuris 2, no. 2 (August 14, 2019): 157. http://dx.doi.org/10.20473/mi.v2i2.13678.

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AbstractInvestors who want to invest in the capital market in Indonesia, which include securities in the form of shares, need to have a good knowledge of investment objects because basically all investments contain risk and there is no guarantee of getting profits. Investor protection fund operators have the main goal of forming investor protection funds to increase protection and trust that investors’ assets are safe without being worried about the inability of securities companies to fulfill their obligations. The capital market can fail due to loss of investor distrust caused by the failure or bankruptcy of securities companies, resulting in a systemic effect that can reduce the reliability of the capital market industry. Through the organizer of the protection fund investors will provide compensation claims to investors who are victims of violations and securities crimes, not from loss of personal transactions. Investors whose assets receive investor protection funds are investors who meet the requirements set by the financial services authority.Keywords : Organizers of Investor Protection Funds, Investor Compensation Claims AbstrakInvestor yang ingin berinvestasi pada pasar modal di Indonesia, yakni antara lain surat berharga berbentuk saham, perlu memiliki pengetahuan yang baik mengenai obyek investasi karena pada dasarnya semua investasi mengandung risiko dan tidak ada jaminan pasti mendapatkan keuntungan. Penyelenggara dana perlindungan pemodal mempunyai tujuan utama membentuk dana perlindungan pemodal untuk meningkatkan perlindungan dan kepercayaan bahwa aset investor aman tanpa dihinggapi rasa khawatir atas ketidakmampuan perusahaan efek dalam memenuhi kewajibannya. Pasar modal dapat mengalami kegagalan akibat hilangnya ketidakpercayaan pemodal yang disebabkan kegagalan atau kebangkrutan perusahaan efek, sehingga menimbulkan efek sistemik yang dapat menjatuhkan kridibilitas industri pasar modal. Melalui penyelenggara dana perlindungan pemodal akan memberikan klaim ganti rugi kepada investor yang menjadi korban dari pelanggaran dan kejahatan sekuritas, bukan dari kerugian transaksi pribadi. Investor yang asetnya mendapat dana perlindungan pemodal adalah investor yang memenuhi persyaratan yang telah ditentukan otoritas jasa keuangan.Kata Kunci : Penyelenggara Dana Perlindungan Pemodal, Klaim Ganti Rugi Investor

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7

Baláz, Vladimír. "Coupon Privatization and Investor Protection." Journal of Interdisciplinary Economics 7, no. 1 (January 1996): 3–25. http://dx.doi.org/10.1177/02601079x9600700102.

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Coupon scheme helped to privatize a major part of national assets in the Czech and Slovak republics. Investment privatization funds obtained significant part of coupon investment points and became major shareholders in these republics. This lobby has been dominated both by banks and managers of the funds. Funds compete with other lobbies in privatizing of another national assets, with no regard to small investors rights. State supervision failed and the state was not able to protect small investors. Gaps in legislation and undeveloped capital market enabled numerous violations of investors rights. New legislation is created in order to match European Community standards and to ensure a higher level of investor protection.

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8

Shalihah, Fithriatus, and Roos Niza Mohd Shariff. "IDENTIFYING BARRIERS TO DATA PROTECTION AND INVESTOR PRIVACY IN EQUITY CROWDFUNDING: EXPERIENCES FROM INDONESIA AND MALAYSIA." UUM Journal of Legal Studies 13, No.2 (July 21, 2022): 215–42. http://dx.doi.org/10.32890/uumjls2022.13.2.9.

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Equity crowdfunding (ECF) in Indonesia is a fundraiser organized to attract many investors to finance social and business activities on online platforms. In Malaysia, ECF reflects small businesses, especially those of entry-level businesses, raising funds from the public through websites registered with the Malaysian Securities Commission. There are differences in legal protection between Indonesia and Malaysia regarding protection of personal data and investor privacy in ECF activities. This study aimed to examine the barriers faced in data protection and privacy related to equity crowdfunding in Indonesia and Malaysia. This normative legal research focused on positive legal norms, laws, and regulations. It is found that Indonesia and Malaysia have different barriers in protecting personal data and investor privacy in ECF activities. In Indonesia, data protection and investor privacy concerning ECF refer to several legal rules for resolving issues regarding personal data. They often encounter conflicting legal rules in the application of personal data protection and investor privacy in ECF activities. Meanwhile, the protection of personal data and investor privacy on ECF activities has been specifically regulated in the Personal Data Protection Act (PDPA) 2010 in Malaysia. Despite the rules regarding the protection of investor data, cases of personal data theft in Malaysia are high as compared to Indonesia. This is due to the lack of legal awareness for the ECF platform organizers in implementing the provisions set out in the PDPA 2010.

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9

Abubakar, Lastuti, and Tri Handayani. "Investor Protection Through Exchange Transaction Settlement Guarantee And Investor Protection Fund." Trunojoyo Law Review 1, no. 1 (February 5, 2019): 46–60. http://dx.doi.org/10.21107/tlr.v1i1.5256.

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10

Akron, Sagi, and Taufique Samdani. "Investor protection and institutional investors’ incentive for information production." Journal of Financial Stability 30 (June 2017): 1–15. http://dx.doi.org/10.1016/j.jfs.2017.03.001.

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11

Adawiyah, Wardatul. "The Willingness to Invest Under The New Compensation Limit of Investor Protection Fund in Capital Market : Evidence from Indonesia." International Review of Financial Consumers 2, No. 2 Oct 2017 (October 1, 2017): 49–56. http://dx.doi.org/10.36544/irfc.2017.1-2.4.

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This paper aims to see the willingness of people, both existing investor and non-investor, to invest their money in capital market after the new regulation about new compensation limit of investor protection fund. Moderated regression analysis is used to analyze the willingness to invest in existing investors and non-investors. The data are from a field survey of 110 respondents. The regression result shows that the expenditure and education level of existing investor is negatively and significantly associated with the willingness to invest under the new compensation limit of investor protection fund in capital market, contrary to our initial hypothesis. As well as existing investor side, the expenditure variable of non-investor has statistically significant negative effect on the non-investor willingness to invest. Confirming this study initial hypothesis, education level of non-investor has positive effect on the non-investor willingness to invest but the effect is not statistically significant.

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12

Zhang, Lin. "Undue Interference of Governments and the Dysfunctional Legal Regime for Safeguarding Investors in China." Business Law Review 41, Issue 3 (May 1, 2020): 89–96. http://dx.doi.org/10.54648/bula2020101.

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The Chinese authorities always purport that they aim to purify the Chinese securities market and enhance the legal protection for investors, but the reality is bleak and disappointing. Confronted with the torrent of corporate scandals, legal scholars have already contributed abundant intellectual products on improving the investors’ protection in Chinese state-controlled listed companies. However, the majority of these contributions focus on the refinement of relevant legal institutions on safeguarding investors in Chinese law, or the transplantation of new ones from major commercial jurisdictions. Few of them pay attention to the link between undue government interference and the malfunction of existing investor-oriented mechanisms of the Chinese legal system. This article demonstrates that apart from legal defects, undue governmental interference which disrupts the functioning of investor-friendly legal institutions in place is another non-negligible factor, or even the most fundamental one in the context of China, to explain the porous investor protection in Chinese state-controlled listed companies. Therefore, in order to improve investor protection in Chinese statecontrolled listed companies, the political reform on the establishment of a public servant government, which has been underway in China must be continued. Chinese securities market, legal protection for investors, state-owned enterprises (SOEs), corporate governance framework; China, Government, Interference, Law, Investors.

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13

ADEROMOU, Babarinde rene, and Mahmoudou Bocar SALL. "Minority investor protection and corporate governance practices." Journal of Academic Finance 10, no. 2 (December 30, 2019): 102–17. http://dx.doi.org/10.59051/joaf.v10i2.344.

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Developing countries tend to have weak institutional structures and contracting environments. More specifically, the concentration of ownership would be a response to weak investor protection (Klapper & Love, 2004; La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 2000). However, in India, despite the improved degree of investors protection, share ownership remains concentrated (Altaf & Shah, 2018). This means that the concentration of share ownership is not always dictated by the level of investor protection. The objective of this paper is to determine the effect of minority investor protection on the corporate governance practices adopted by multinationals listed on the regional stock exchange. We used dynamic panel estimator to obtain significative results. The results show that when the protection of minority investors improves, the functions of Manager and chairman of the board of directors tend to be separated; the corporate governance tends towards a bicameral type of model, share ownership tends to be less concentrated, policies and remuneration standards are put in place and compensation of the Chairman and the members of the Board of Directors published in the annual reports and CSR practices and adherence to the code of ethics and norms tend to be a reality. The results of this study plead for policies consisting in improving the level of protection of the investors, especially the level of protection of the minority investors

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14

Foroughi, Pouyan, Namho Kang, Gideon Ozik, and Ronnie Sadka. "Investor Protection and the Long-Run Performance of Activism." Journal of Financial and Quantitative Analysis 54, no. 1 (August 24, 2018): 61–100. http://dx.doi.org/10.1017/s0022109018000674.

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Using a parsimonious measure of investor protection constructed from fund organizational characteristics, this paper documents that companies targeted by activists with better investor protection structures outperform those targeted by those with poor investor protection structures by roughly 10% per year. The outperformance is observed only for active targets for which Schedule 13Ds are filed, not for passive Schedule 13G investments, indicating that the effect is not explained by a superior target-selection ability. The evidence suggests that funds with better investor protection achieve increased profitability and valuation ratio of their targets by reducing agency costs, improving corporate governance, and collaborating with other large institutional investors.

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15

de Manuel, Mirzha. "Investor Protection and Crowdfunding." CFA Institute Magazine 25, no. 2 (March 2014): 41. http://dx.doi.org/10.2469/cfm.v25.n2.14.

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16

Sulistyani, Ratu Vidi, Anis Mashdurohatun, and Lathifah Hanim. "The Protection of Investor Rights in Margin Transactions By Securities Companies when Force Selling is Performed." Law Development Journal 3, no. 4 (December 31, 2021): 774. http://dx.doi.org/10.30659/ldj.3.4.774-789.

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The purpose of this study is to analyze investor rights protection arrangements in the analysis of margin transaction financing and the implementation of investor rights protection arrangements in the analysis of margin transaction financing by Stock Exchange Companies when a share sale is forced. The research method applied is sociological juridical.The results of this study show The regulation on the protection of investor rights in the analysis of margin transaction financing by a Stock Exchange Company when a share sale is made by force has actually been regulated in a letter of agreement, which is stated in Bapepam-LK Rule Number VD6. The existence of these regulations has fulfilled the legal protection aspects for investors as regulated in the Civil Code, but has not fulfilled the investor legal protection aspects as regulated in the Capital Market Law and the Consumer Protection Law. The implementation of the protection of investors' rights in the analysis of margin transaction financing by the Stock Exchange Company when a forced sale of shares is carried out has been carried out through a contract accompanied by the implementation of an internal control system and the implementation of haircuts by the IDX.Keywords: protection, margin transactions, forced sell.

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17

Huang, Fangliang, Li Sun, Jing Chen, and Chaopeng Wu. "IPO information acquisition and investor protection." Nankai Business Review International 11, no. 4 (April 21, 2020): 569–96. http://dx.doi.org/10.1108/nbri-01-2020-0006.

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Purpose The purpose of this study is to examine investors’ intention and behavior concerning ex ante information acquirement and ex post claims from the micro-level perspective with the deepening of the initial public offering (IPO) reform of China. Design/methodology/approach The authors made surveys and collected 932 valid questionnaires from investors in China. The authors also conducted interviews with sophisticated investors, investment bankers and government regulators to obtain first-hand information. Based on the survey results, the authors make the empirical analysis. Findings Investors’ attention to the first-hand information of the IPO prospectuses is inadequate. Individuals rely more on second-hand information, while institutions conduct more surveys. The higher the institutional practitioners’ degree of education, the more surveys they make. Only 1/3 investors intend to seek judicial remedy when getting fraud information due to high litigation costs and proof collecting difficulties. The investors who read more about prospectuses in advance are more likely to seek judicial protection afterwards. Compared with investors who know less about government administrative protection measures, those who know more have a low probability to choose “not to seek judicial protection.” Originality/value The authors enrich the research studies of IPO information acquisition and investor protection by conducting surveys to get first-hand data. Previous literature mostly makes empirical tests by using proxy variables.

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18

Yuanita, Dielanova Wynni, Christine Novita Dewi, Arief Zuliyanto Susilo, and Kusharyanti Kusharyanti. "Foreign Investor’s Interest and Tax Avoidance: Contingency Perspectives Depended on Country’s Protection Level and Law Systems." Gadjah Mada International Journal of Business 22, no. 1 (May 28, 2020): 74. http://dx.doi.org/10.22146/gamaijb.43521.

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This study investigates differences in firms’ tax avoidances between multinational and national. Furthermore, it investigates the differences between firms’ contingent behavior because of the country’s investor protection level and law systems. This research takes into account the firms’ tax avoidance phenomenon. Besides that, it proposes novelties as follows. First, this study highlights that multinational firms tend to avoid taxes higher than national ones. Second, it induces the dividend catering theory related to the country’s investor protection. The latest, it persuades that country’s investor protection, and law systems make firms contingent on their tax avoidance behaviors. This study finds that firms where they live in high investors’ protection countries and common law did higher tax avoidance than others. The findings imply that these firms could grow higher than others. It means that this study suggests economic consequences. The consequence is that a country should increase its investors’ protection level and somehow redefine its law systems. Therefore, it could enhance its capital market and subsequently improve the national welfares.

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19

Jukna, Tatjana. "Ieguldītāju aizsardzības mehānisma attīstības tendences: normatīvo aktu grozījumi 2017. un 2018. gadā." SOCRATES. Rīgas Stradiņa universitātes Juridiskās fakultātes elektroniskais juridisko zinātnisko rakstu žurnāls / SOCRATES. Rīga Stradiņš University Faculty of Law Electronic Scientific Journal of Law 2, no. 14 (2019): 9–22. http://dx.doi.org/10.25143/socr.14.2019.2.009-022.

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Ieguldītāju aizsardzības mehānisms ir diezgan jauns tiesību institūts, kura elementi ietverti vairākos Latvijas Republikas un Eiropas Savienības normatīvajos aktos. Ieguldītāju aizsardzības problemātikas aktualitāti veicina gan globalizācija, gan tehnoloģiju attīstība, kā arī jaunu finanšu instrumentu veidu rašanās. Ieguldītāju aizsardzības pasākumu attīstību Latvijas tiesiskajā regulējumā būtiski ietekmē Eiropas Savienības normatīvā regulējuma pārņemšana nacionālajā tiesību sistēmā. Šajā rakstā skartas personu kā ieguldītāju tiesības, kas cieši saistītas ar vērtspapīru kā patstāvīgu privāttiesiskas apgrozības priekšmetu, t. i., ieguldītāju aizsardzības pamatelementi aplūkoti ieguldījumu pakalpojumu kontekstā. Taču šeit netiek aplūkotas akcionāru, obligacionāru, ieguldījumu apliecību īpašnieku tiesības, kas izveidojas no īpašumtiesībām uz vērtspapīriem ar tieši vērtspapīrā nostiprinātajām tiesībām (piemēram, ar izpirkuma tiesībām, balsstiesībām, tiesībām uz informāciju u. c.). Mechanism of the investor protection is a quite new law institute. The elements of the investor protection mechanism could be found in various legal acts both at the state level of the Republic of Latvia and at the level of the EU. Globalisation, technical developments and arising of new types of financial instruments encourage actualisation of investor protection problematics. The development of the measures related to the investor protection are influenced by the transportation of the EU legal acts into national law systems. The article is devoted to the rights of investors as elements of investor protection mechanisms in the aspect of providing of investment services to the investors.

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20

Goethner, Maximilian, Lars Hornuf, and Tobias Regner. "Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act." Technological Forecasting and Social Change 162 (January 2021): 120352. http://dx.doi.org/10.1016/j.techfore.2020.120352.

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21

de Swart, Fai. "The Use of Mailbox Companies in International Investment Protection." European Company Law 12, Issue 1 (February 1, 2015): 19–25. http://dx.doi.org/10.54648/eucl2015004.

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To obtain a favourable protection for their investments, investors have resorted to treaty shopping in which an investor locates a newly set up legal entity (usually a mailbox company) in another jurisdiction. First, an overview is provided of the system of international investment protection, mainly elaborating on the definitions and criteria as for instance, the investment and investor definition. Then, on the use of mailbox companies in international investment protection is discussed.

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22

Azmi, Muhammad, and Dona Budi Kharisma. "PERAN BEI DALAM MELINDUNGI INVESTOR PASAR MODAL TERHADAP KEPAILITAN PERUSAHAAN TERBUKA." Jurnal Privat Law 7, no. 2 (July 1, 2019): 235. http://dx.doi.org/10.20961/privat.v7i2.39329.

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<p>Abstract<br />This study examines the role of the Indonesia Stock Exchange on capital market investors regarding the bankruptcy of a public company. This research uses normative-empirical legal research methods with descriptive and prescriptive forms. The results show that the legal protection of capital market investors by the Indonesia Stock Exchange can be done with the principle of disclosure to investors and monitoring of financial reports, annual reports, and other periodic reports. <br />Keywords: Bankrupt, Investor, Legal Protection</p><p>Abstrak<br />Penelitian ini mengkaji tentang peran Bursa Efek Indonesia terhadap investor pasar modal mengenai kepailitan perusahaan terbuka. Penelitian ini menggunakan metode penelitian hukum normatif-empiris dengan sifat penelitian deskriptif dan bentuk preskriptif. Hasil penelitian menunjukkan bahwa Upaya perlindungan hukum investor pasar modal oleh Bursa Efek Indonesia dapat dilakukan dengan prinsip keterbukaan kepada para investor dan pantauan mengenai Laporan keuangan, Laporan tahunan, dan Laporan berkala lainnya. <br />Kata kunci: Pailit, Investor, Perlindungan Hukum.</p>

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23

Gorlovskaya, Irina G. "Financial policy regarding the categorization of individual investors in Russia and the area of protecting their interests." Herald of Omsk University. Series: Economics 18, no. 4 (December 28, 2020): 19–35. http://dx.doi.org/10.24147/1812-3988.2020.18(4).19-35.

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Development of modern economy and financial market is impossible without involving the mass investor in investment processes. This is the goal of the state's financial market policy. The need to preserve savings in the face of a reduction in the key rate, and therefore a decrease in interest, encourages individuals to invest more actively in securities. New investors come to the securities market, but they are not always able to adequately assess the risk of investing in securities. To reduce the risks of individual investors, there is used a categorization mechanism, which divides them into qualified and unqualified investors, but requires improvement. Based on the analysis, it is proved that the categorization of investors cannot be limited by the regulation of the criteria for their differentiation and requires specifying the areas of protection of the interests and rights of investors. The study is based on the pragmatic Solow-Williamson methodology and a systematic approach. The indicators of investor activity and indicators characterizing the degree of investor protection in the Russian securities market are analyzed. As a result, the problems of modern categorization of individual investors in the Russian Federation are identified and analyzed. The main areas of protection of investors' interests and rights are identified, including: the choice of a financial instrument; ensuring ownership of financial instruments; transactions with financial instruments; protection from misseling; disclosure of information by issuers and professional subjects of financial markets; illegal actions of professional subjects of financial markets in relation to financial risks and protection tools. Areas of protection of investors' interests and rights are correlated with risks and protection tools. There were defined basic principles of categorization of investors-individuals.

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24

Geller, Gabriel, and Maria João Guedes. "Political institutions and investor protection." Corporate Ownership and Control 17, no. 4, Special Issue (2020): 339–52. http://dx.doi.org/10.22495/cocv17i4siart11.

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This study examines how political institutions are associated with investor protection. Our results show that consensual political institutions have higher creditor protection but lower minority shareholder protection. Further, the system of government (parliamentary vs. presidential) and the level of democracy are the two dimensions of political institutions that best explain investor protection. The study presents some recommendations that add to the debate that shows that there is no single political theory or set of factors that fully explain the range of outcomes across OECD countries, and that looking to other dimensions of political institutions are useful to explain investor protection.

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25

Smith, Paul. "Promoting Investor Protection in Asia." CFA Institute Magazine 24, no. 2 (March 2013): 9. http://dx.doi.org/10.2469/cfm.v24.n2.3.

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26

Yuen, Janet. "Investor Protection and Corporate Governance." CFA Digest 31, no. 2 (May 2001): 48–49. http://dx.doi.org/10.2469/dig.v31.n2.870.

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27

Abrams, Charles. "The New Investor Protection Regime." Business Law Review 8, Issue 2 (February 1, 1987): 31–34. http://dx.doi.org/10.54648/bula1987014.

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28

Kim, Jung-Yeun. "Direct Listing and Investor Protection." BUSINESS LAW REVIEW 36, no. 1 (March 31, 2022): 81–118. http://dx.doi.org/10.24886/blr.2022.03.36.1.81.

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29

BURKART, MIKE, DENIS GROMB, HOLGER M. MUELLER, and FAUSTO PANUNZI. "Legal Investor Protection and Takeovers." Journal of Finance 69, no. 3 (May 8, 2014): 1129–65. http://dx.doi.org/10.1111/jofi.12142.

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30

La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny. "Investor protection and corporate governance." Journal of Financial Economics 58, no. 1-2 (January 2000): 3–27. http://dx.doi.org/10.1016/s0304-405x(00)00065-9.

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31

Shleifer, Andrei, and Daniel Wolfenzon. "Investor protection and equity markets." Journal of Financial Economics 66, no. 1 (October 2002): 3–27. http://dx.doi.org/10.1016/s0304-405x(02)00149-6.

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32

La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert Vishny. "Investor Protection and Corporate Valuation." Journal of Finance 57, no. 3 (June 2002): 1147–70. http://dx.doi.org/10.1111/1540-6261.00457.

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33

Brockman, Paul, and Dennis Y. Chung. "Investor Protection and Firm Liquidity." Journal of Finance 58, no. 2 (March 21, 2003): 921–37. http://dx.doi.org/10.1111/1540-6261.00551.

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34

Goodhart, Charles. "Investor Protection and Unprincipled Intervention?" Economic Affairs 7, no. 3 (February 1987): 8–9. http://dx.doi.org/10.1111/j.1468-0270.1987.tb01835.x.

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35

Hyytinen, Ari, and Tuomas Takalo. "Investor protection and business creation." International Review of Law and Economics 28, no. 2 (June 2008): 113–22. http://dx.doi.org/10.1016/j.irle.2008.02.001.

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Basak, Suleyman, Georgy Chabakauri, and M. Deniz Yavuz. "Investor Protection and Asset Prices." Review of Financial Studies 32, no. 12 (March 23, 2019): 4905–46. http://dx.doi.org/10.1093/rfs/hhz038.

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Abstract Empirical evidence suggests that investor protection significantly affects ownership concentration and asset prices. We develop a dynamic asset pricing model to address the empirical regularities and uncover some of the underlying mechanisms at play. Our model features a controlling shareholder that endogenously accumulates control over a firm, and diverts a fraction of its output. Better investor protection decreases stock holdings of controlling shareholders, increases stock mean returns, and increases stock return volatilities when ownership concentration is sufficiently high, consistent with the related empirical evidence. The model also predicts that better protection increases interest rates and decreases the controlling shareholder’s leverage. Received August 14, 2017; editorial decision January 15, 2019 by Editor Stijn Van Nieuwerburgh. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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Džidić, Ante, and Silvije Orsag. "Dividend Smoothing and Investor Protection." Zagreb International Review of Economics and Business 22, no. 2 (November 1, 2019): 55–70. http://dx.doi.org/10.2478/zireb-2019-0020.

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Abstract This paper examines the agency model of dividends where the importance of dividends depends on the level of investor protection. The importance of dividends is presented by the dividend smoothing concept, while the level of investor protection is determined by the legal origin. Within this, the sensitivity of dividends to earnings changes was analyzed to examine the universality of the dividend smoothing phenomenon. Subsequently, the difference in proportions of dividend smoothing firms within the common law and civil law countries was tested to determine which of these two systems attributes more importance to dividends. Finally, the application of Lintner’s model was examined in transition countries as well as in United States. Research results show that dividend smoothing is a globally widespread phenomenon, but the likelihood to reduce or cut dividends is greater in civil law countries. Also, the largest percentage of dividend smoothing firms was recorded in common law countries.

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Alzahrani, Mohammed, and Meziane Lasfer. "Investor protection, taxation, and dividends." Journal of Corporate Finance 18, no. 4 (September 2012): 745–62. http://dx.doi.org/10.1016/j.jcorpfin.2012.06.003.

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Larrain, Borja, Matías Tapia, and Francisco Urzúa I. "Investor protection and corporate control." Journal of Corporate Finance 47 (December 2017): 174–90. http://dx.doi.org/10.1016/j.jcorpfin.2017.09.002.

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Grasis, Janis, and Tatjana Jukna. "Investor protection: segregation of assets." Access Journal - Access to Science, Business, Innovation in the digital economy 4, no. 2 (March 2, 2023): 168–81. http://dx.doi.org/10.46656/access.2023.4.2(2).

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Gutiérrez Urzúa, Mauricio. "Investor protection and corporate governance." Horizontes Empresariales 11, no. 1 (August 24, 2015): 65–70. http://dx.doi.org/10.22320/hem.v11i1.2015.

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El presente libro corresponde a una recopilación de siete artículos que aborda la problemática de los gobiernos corporativos de las empresas latinoamericanas en general y particularmente se enfoca en países como: Argentina, Brasil, Chile, Colombia México y Venezuela. El enfoque de este libro en cierta medida cuestiona la aplicación de las teoría financieras en el campo de las finanzas corporativas, sin considerar el origen anglosajón de éstas, ya que la mayoría de los estudios que aplicamos en nuestra realidad son replicas de modelos desarrollado en organizaciones y mercados con características distintas a las empresas del mercado europeo continental, asiático y latinoamericano. Las diferencias fundamentales se centran en el tipo de regulación, estructura de propiedad, estrategias de financiamiento, sin olvidar, el papel fiscalizador del mercado, lo que origina distintos estilos de gestión y diferentes conflictos de intereses, que afectan las decisiones de la empresa, situación evidenciada, especialmente en el último tiempo, a raíz de la "crisis financiera".

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Montal, Florencia, Carly Potz-Nielsen, and Jane Lawrence Sumner. "What states want: Estimating ideal points from international investment treaty content." Journal of Peace Research 57, no. 6 (October 29, 2020): 679–91. http://dx.doi.org/10.1177/0022343320959130.

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When negotiating investment treaties, states balance two goals: providing strong protections for investors (investor protection), which is thought to attract foreign direct investment, and maintaining the ability to regulate their economies (regulatory autonomy). In this article we argue that treaty content can tell us about the latent preferences that states have over the level of investor protection enshrined in BITs. We use an item response theory (IRT) model and a dataset of 1,144 treaties to estimate latent preferences on this scale for signatory countries. Our measure is of use to scholars interested in studying bilateral investment treaties, international law, and foreign direct investment, and our model is of use to anyone aiming to estimate latent preferences from jointly produced manifestations.

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Su, Zili, and Constantinos Alexiou. "Equity incentive schemes, investor protection and corporate performance." China Finance Review International 10, no. 3 (November 5, 2019): 297–322. http://dx.doi.org/10.1108/cfri-07-2019-0091.

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Purpose On the basis of corporate governance and agency cost theory, using the fifth sub-indicator of Fan et al. China Marketization Index as the regional investor protection index (IPI), the purpose of this paper is to explore the impact of equity incentives and regional investor protection on corporate payout policies and corporate performance. Design/methodology/approach This paper establishes ordinary least squares regression model to examine interactions between the effects of equity incentives and regional investor protection upon firms’ dividend payouts. In addition, the authors also explore whether the joint effects on payouts are altered in the presence of growth opportunities, and investigate the effects of interactions between equity incentives and regional investor protection on corporate performance. Findings The authors observe that firm managers appear to abuse equity incentives by increasing dividend payouts. However, regional investor protection can potentially restrain such behavior. The restraining effect depends on the firms’ growth opportunities, on the basis of which the effect on cash (stock) dividends is found to be weaker (stronger) in high-growth firms – and stronger (weaker) in low-growth firms. Further evidence indicates that the restraining effect of regional investor protection on selfish dividend-related behavior encouraged by equity incentives may also prove valuable in encouraging exploitation of these incentives so as to enhance corporate performance. Practical implications Since reforming investor protection laws and improving judicial quality are difficult and lengthy at a country level. Improving regional levels of investor protection, however, seems more feasible and effective. Through measures encouraging the development of intermediaries, increases in the number of lawyers – all of which seem likely to constrain behavior harmful to the interests of investors – the provincial administrations can reasonably expect to contribute toward improvements in the performance of firms and the development of the economy in their region. This paper provides encouragement to regional policy makers in China and in other developing countries. Originality/value This paper uses a regional index of investor protection to study the impact on corporate dividends and performance, in contrast with most previous studies, which have examined these issues at country or individual firm levels. The use of a regional-level investor IPI in this paper therefore fills a gap by coming in between the country- and firm-level indicators typically used in previous research, thus providing a new perspective on investor protection issues.

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Napitupulu, Maria Veronika. "Fungsi Securities Investor Protection Fund (SIPF) Sebagai Lembaga Perlindungan Investor Pasar Modal." Syntax Idea 5, no. 10 (October 25, 2023): 1787–99. http://dx.doi.org/10.46799/syntax-idea.v5i10.2925.

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Pasar modal mempunyai peran yang besar dalam meningkatkan perekonomian negara, namun adanya resiko seperti penyalahgunaan aset pemodal (fraud) dapat mengakibatkan investor mengalami kerugian karena kehilangan aset yang berharga dan menggangu iklim transaksi pasar modal Indonesia. Sehingga perlindungan asset pemodal dalam instrument Pasar Modal menjadi alasan penting dalam menilai resiko investasi dinegara Indonesia. Penelitian ini bertujuan untuk mengkaji peran dan fungsi lembaga perlindungan SIPF dalam memberikan perlindungan hukum bagi investro pasar modal. Metode yang digunakan adalah metode yuridis normatif dengan spesifikasi penelitian bersifat deskriptif analitis. Hasil dari Analisa penelitian ini adalah fungsi SIPF dalam memberikan perlindungan hukum bagi para investor pasar modal sebagai lembaga perlindungan dalam menjamin aset-aset investor apabila terjadi fraud, kecurangan sekuritas, dan tindak pidana pasar modal lainnya. SIPF merupakan lembaga yang dikelola oleh PT Penyelenggara Program Perlindunngan Investor Efek Indosia (P3IE) berdasarkan Surat Keputusan Dewan Komisioner Otoritas Jasa Keuangan Nomor Kep-43/D.04/2013. Perlindungan ganti aset investor berdasarkan POJK Nomor 49/POJK.04/2016 tentang DPP dan POJK Nomor 50/POJK.04/2016 tentang PDPP.

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Bettauer, Ronald J. "Apotex Inc. v. United States: Award on Jurisdiction and Admissibility (NAFTA Arb.)." International Legal Materials 52, no. 4 (August 2013): 905–65. http://dx.doi.org/10.5305/intelegamate.52.4.0905.

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The North American Free Trade Agreement between Canada, Mexico, and the United States (NAFTA) entered into force on January 1, 1994. Chapter Eleven of NAFTA contains provisions governing investment protection and investor-state arbitration. In general, NAFTA provides investors of one of the parties protections for their investments in another NAFTA party, guaranteeing: treatment at least as good as that of host or third country investors (NAFTA articles 1102-1104); treatment in accordance with the minimum standards of customary international law (NAFTA article 1105); and compensation for expropriation (NAFTA article 1110). NAFTA article 1139 defines “investment” broadly but excludes contracts for the sale of goods or services. After meeting specified threshold requirements, such an investor has the right to international arbitration against the host state to vindicate these protections.

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Fauzi, Muhammad, Ewaldo Asirwadana, and Maharani Pratama Milasari. "ANALYSIS OF LEGAL PROTECTION FOR CAPITAL MARKET INVESTORS." Jurnal Hukum to-ra : Hukum Untuk Mengatur dan Melindungi Masyarakat 7, no. 2 (August 31, 2021): 215–26. http://dx.doi.org/10.55809/tora.v7i2.4.

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This reseach discusses the legal protection for capital market investors. The capital market industry in a country is urgently needed as a source of national development funds. In its activities, there are actors who fully support and support capital market activities in accordance with their respective duties and functions. The existence of investor funds has been able to move the capital market industry in particular. In general, investor funds can be a source of funds for national development. However, due to the unbalanced share composition between founders and public investors, this weakens the position of investors, so that investors often become victims of crimes and capital market violations. Law No. 8 of 1995 concerning the Capital Market which is The legal basis for the existence of the capital market in Indonesia has provided legal guarantees for the parties conducting activities in the capital market sector as well as protection for investors. Protection for investors is a requirement to establish the principle of full and fair disclosure or transparency. The writing method used by the writer in this research is the normative method. The results show how legal protection for capital market investors is based on Law Number 8 of 1995 concerning the Capital Market and Law Number 21 of 2011 concerning the Financial Services Authority.

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Nguyen, Nhut H., and Yubo Liu. "International private benefits of control: New evidence." Corporate Ownership and Control 8, no. 4 (2011): 64–83. http://dx.doi.org/10.22495/cocv8i4p4.

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The 1998 Asian Financial Crisis and more recent corporate scandals in the U.S. have triggered an increased attention of researchers and policy makers on the agency problem between controlling shareholders and minority investors. One respect of this problem is the private benefits of control. In this paper, we investigate the relationship between investor protection and private benefits of control. We find consistent evidence with Dyck and Zingales (2004) that the degree of investor protection still matters in curbing private control benefits for the more recent period 1999-2007. More importantly, we find that private benefits of control have decreased significantly over time. Finally, our results show weak evidence of differential decreases in the value of control for weak and strong investor protection countries.

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de Chazournes, Laurence Boisson. "Changes in the Balance of Rights and Obligations: Toward Investor Responsibilization." Proceedings of the ASIL Annual Meeting 111 (2017): 53–55. http://dx.doi.org/10.1017/amp.2017.63.

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The classical approach to investment protection is that states have obligations and investors have rights. However, there are emerging trends in favor of a rebalancing of rights and obligations of states and investors. In the context of this recalibrated approach, more attention is given to the definition of substantive provisions, such as the fair and equitable treatment standard. There is also a move from investor protection to investor responsibilization. This emerging responsibilization trend can be observed, for example, in recent treaties negotiated on the African continent, and it is also making a foray into customary international law.

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Winata, Agung Sujati. "Perlindungan Investor Asing Dalam Kegiatan Penanaman Modal Asing Dan Implikasinya Terhadap Negara." Ajudikasi : Jurnal Ilmu Hukum 2, no. 2 (December 31, 2018): 127. http://dx.doi.org/10.30656/ajudikasi.v2i2.902.

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Legal protection provided by the state to investors is one of the considerations for foreign investors before investing in a country. This study aims to find out and analyze the legal protection of foreign investment in Indonesian law and implications itself. This research is a descriptive study, which analyzes and describes systematically, factually, and accurately the provisions relating to legal protection against foreign investment in Indonesia. Based on the results of the study, it is known that legal protection against foreign investment in Indonesian law is regulated in the Investment Law. This law has provided adequate protection for foreign investors for a variety of risks including non-commercial risks in foreign investment in Indonesia. Providing the widest opportunity for foreign investors to invest their capital in Indonesia has encouraged many foreign investors to invest in Indonesia.Keywords: Investor, Investment, Legal Protection.

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Newman, D. Paul, Evelyn R. Patterson, and J. Reed Smith. "The Role of Auditing in Investor Protection." Accounting Review 80, no. 1 (January 1, 2005): 289–313. http://dx.doi.org/10.2308/accr.2005.80.1.289.

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Protection of outside investors depends on the detection and punishment of resource diversion by corporate insiders, including managers and controlling shareholders. We focus on the role played in investor protection by self-interested auditors operating in a competitive audit market. In our setting, auditors represent the mechanism whereby detection of diversion occurs. We show that markets with relatively greater auditor penalties for audit failures and greater insider penalties for detected resource diversion have larger total investment levels, a higher proportion of the firm held by outsiders, higher audit resource investment, higher audit fees, and higher expected investment returns.

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