| By: |
Jean-Claude Cosset;
Hyacinthe Y. Somé;
Pascale Valery |
| Abstract: |
We investigate the empirical relation between competition and corporate
governance and the effect of country characteristics on this relation. We find
that competition is associated with strong corporate governance, but only in
less developed countries. We next examine the impact of corporate governance
on firm value given the level of competition. We find that competition and
corporate governance appear to be complements in explaining firm value in
developing countries, while in developed countries they are substitutes. |
| Keywords: |
Product market competition, Corporate governance, Economic and financial development, Investor protection |
| JEL: |
G30 L00 O16 |
| Date: |
2012 |
| URL: |
http://d.repec.org/n?u=RePEc:lvl:lacicr:1238&r=cfn |