Udayasankar, Krishna and Das, Shobha and Krishnamurti, Chandrasekhar (2008) When is two really company?: the effects of competition and regulation on corporate governance. In: 12th New Zealand Finance Colloquium, 14-15 Feb 2008, Palmerston North, New Zealand.
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Official URL: http://www.nzfc.ac.nz/archives/2008/index.html
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.
|Item Type:||Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)|
|Additional Information:||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.'|
|Uncontrolled Keywords:||corporate governance; country regulation and competition|
|Fields of Research (FOR2008):||15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150201 Finance|
|Socio-Economic Objective (SEO2008):||B Ecomonic Development > 90 Commercial Services and Tourism > 9001 Financial Services > 900101 Finance Services|
|Deposited On:||23 Feb 2010 20:41|
|Last Modified:||12 Dec 2011 08:17|
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