When is two really company?: the effects of competition and regulation on corporate governance
Paper
Paper/Presentation Title | When is two really company?: the effects of competition and regulation on corporate governance |
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Presentation Type | Paper |
Authors | Udayasankar, Krishna (Author), Das, Shobha S. (Author) and Krishnamurti, Chandrasekhar (Author) |
Journal or Proceedings Title | 12th New Zealand Finance Colloquium Proceedings |
Number of Pages | 57 |
Year | 2008 |
Place of Publication | Palmerston North, New Zealand |
Web Address (URL) of Paper | http://www.nzfc.ac.nz/archives/2008/index.html |
Conference/Event | 12th 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. |
Keywords | corporate governance; country regulation and competition |
ANZSRC Field of Research 2020 | 350202. 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 Affiliations | National University of Singapore |
Nanyang Technological University, Singapore | |
Auckland University of Technology, New Zealand |
https://research.usq.edu.au/item/9z792/when-is-two-really-company-the-effects-of-competition-and-regulation-on-corporate-governance
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