英語(yǔ)翻譯
the theory,namely that poor shareholder protection is penalized with lower valuations,and that higher cash-flow ownership by the controlling share-holder improves valuation,especially in countries with poor investor protec-tion.The result on incentives is also consistent with the findings of Claessenset al.(2000) on a larger sample of companies from Asia.This evidence indi-rectly supports the importance of expropriation of minority shareholders by controlling shareholders in many countries,and for the role of the law in limiting such expropriation.As such,it adds an important link to the expla-nation of the consequences of investor protection for financial market devel-opment.The evidence expands our understanding of the role of investor protection in shaping corporate finance,by clarifying the roles which both the incentives and the law play in delivering value to outside shareholders.