Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 4, 2013 erstellt
Description:
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 lower corporate governance ratings in developed countries. In developing countries, firms from competitive industries have, on average, higher corporate governance ratings than firms from less competitive industries. We next examine the impact of corporate governance on firm value. We show that corporate governance is positively associated with greater firm value, but only in less competitive industries from developed countries. For developing countries, the evidence suggests that corporate governance is valuable mostly in competitive industries