透明度与公治理【外文翻译】.docVIP

Transparency and Corporate Governance MaterialSource:/units/am/pdf/HWTransparencyJan2007.pdf Author: Benjamin Hamelin 1 Abstract An objective of many proposed corporate governance reforms is increased transparency. This goal has been relatively uncontroversial, as most observers believe increased transparency to be unambiguously good. We argue that, from a corporate governance perspective, there are likely to be both costs and benefits to increased transparency, leading to an optimum level beyond which increasing transparency lowers profits. This