When is two really company?: the effects of competition and regulation on corporate governance

Paper

Udayasankar, Krishna, Das, Shobha S. and Krishnamurti, Chandrasekhar. 2008. "When is two really company?: the effects of competition and regulation on corporate governance." 12th New Zealand Finance Colloquium. Palmerston North, New Zealand 14 - 15 Feb 2008 Palmerston North, New Zealand.
Paper/Presentation Title

When is two really company?: the effects of competition and regulation on corporate governance

Presentation TypePaper
AuthorsUdayasankar, Krishna (Author), Das, Shobha S. (Author) and Krishnamurti, Chandrasekhar (Author)
Journal or Proceedings Title12th New Zealand Finance Colloquium Proceedings
Number of Pages57
Year2008
Place of PublicationPalmerston North, New Zealand
Web Address (URL) of Paperhttp://www.nzfc.ac.nz/archives/2008/index.html
Conference/Event12th New Zealand Finance Colloquium
Event Details
12th New Zealand Finance Colloquium
Event Date
14 to end of 15 Feb 2008
Event Location
Palmerston North, New Zealand
Abstract

In this paper we bring together agency, stakeholder, institutional and resource-dependence theories to study the direct and interactive effects of country regulation and competition on two dimensions of corporate governance: the overall quality of corporate governance of firms in a country, and firm-to-firm variations in corporate governance. Interactive conditions are more representative of the real-world context of corporate governance, and the contradictory pressures that firms face in such interactive conditions are better explained through the use of multiple theories of corporate governance. Using a dataset that spans 15 countries and includes 463 firms, we find that firm corporate governance is better in conditions where either regulation or competition is well-developed, by comparison with interactive conditions. We also find that while regulation enhances within- country convergence, it is likely that competition serves to enhance across-country convergence.

Keywordscorporate governance; country regulation and competition
ANZSRC Field of Research 2020350202. Finance
Public Notes

Co-winner of the Best-Paper prize at the ISCR NZ Finance Colloquium held in Palmerston North on February 14-15.

Nhut Nguyen and Henk Berkman for 'Investor protection and the US cross-listing decision: a cross-country analysis of domestic liquidity costs'.

Krishna Udayasankar, Shobha Das and Chandrasekhar Krishnamurti for 'When is two really company? The effects of competition and regulation on corporate governance.'

Byline AffiliationsNational University of Singapore
Nanyang Technological University, Singapore
Auckland University of Technology, New Zealand
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