The two sides of the governance coin: competition and regulation

Edited book (chapter)

Krishnamurti, Chandrasekhar. 2010. "The two sides of the governance coin: competition and regulation." Balasubramanian, N. and Satwalekar, D. M. (ed.) Corporate governance: an emerging scenario. India. National Stock Exchange of India Limited. pp. 35-59
Chapter Title

The two sides of the governance coin: competition and regulation

Book Chapter CategoryEdited book (chapter)
Book TitleCorporate governance: an emerging scenario
Authors
AuthorKrishnamurti, Chandrasekhar
EditorsBalasubramanian, N. and Satwalekar, D. M.
Page Range35-59
Number of Pages25
Year2010
PublisherNational Stock Exchange of India Limited
Place of PublicationIndia
Abstract

We draw upon multiple theories of corporate governance to examine the effects of competition and regulation on firm-level corporate governance quality. We find that
regulation enhances firm-level corporate governance and within-country convergence. Competition has a negative effect on corporate governance. The interactive effect of regulation and competition is negative on firm-level corporate governance. Furthermore, competition reduces within-country convergence.

Internal, i.e., firm-level governance choices are significantly influenced by external (country-level) choices. This suggests that governance choices are likely to converge across countries while simultaneously diverging within countries. For example, while firms in the
top governance score cluster of each country will be different from lower-scoring clusters of firms in the same country, the similarity of the competition-regulation environment in which they operate means that these firms are likely to be very similar to firms in the top
governance clusters of other countries.

Our paper makes two significant contributions. First, it provides an integrative view of corporate governance that incorporates factors contributing to the variation in corporate governance across countries. Second, we contribute to the debate on within- and crosscountry
convergence of corporate governance. While some researchers pontificate on the eventual convergence of global corporate governance practices, others have their own doubts. The latter viewpoint is reinforced by studies on temporal convergence in corporate governance which reveal significant cross-country variation due to path-dependence in the evolution of corporate governance practices. We provide an economic argument, namely that competition detracts from within-country convergence in corporate governance.

Keywordscorporate governance; competition; firms
ANZSRC Field of Research 2020480103. Corporations and associations law
500102. Business ethics
350799. Strategy, management and organisational behaviour not elsewhere classified
Public Notes

Copyright National Stock Exchange of India Limited.

Byline AffiliationsSchool of Accounting, Economics and Finance
Institution of OriginUniversity of Southern Queensland
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