Earticle

초록

영어

We empirically test whether firms that belong to a business group behave differently from stand-alone firms in their decisions regarding internal corporate governance, given product market competition. Existing literature has ignored the possibility that firm characteristics may differentially affect the relationship. We find that the member firms of business groups maintain better internal corporate governance in a non-competitive environment, whereas stand-alone firms do so in a competitive environment. We also find that the positive effects of internal corporate governance on firm value are stronger in a non-competitive environment only for stand-alone firms. We ascribe the detected differences in corporate behavior and performance to differences in the level of competitive pressure to which firms are exposed. When we classify the firms by asset size or product market leadership, we observe a similar pattern.

목차

Abstract
 1. Introduction
 2. Previous Literature and Hypotheses
  2.1 Previous literature
  2.2. Hypotheses
 3. Data and Methodology
  3.1. Data
  3.2 Methodology
 4. Empirical Results
  4.1 Summary Statistics
  4.2 Effect of product market competition on internal corporate governance
  4.3 Product market competition, internal corporate governance, and firm value
 5. Conclusion
 References
 Table

키워드

저자

• Hee Sub Byun [ Korea University Business School ]
• Ji Hye Lee [ Korea University Business School ]
• Kyung Suh Park [ Korea University Business School ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330