nep-cfn New Economics Papers
on Corporate Finance
Issue of 2012‒10‒27
one paper chosen by
Zelia Serrasqueiro
University of the Beira Interior

  1. Does Competition Matter for Corporate Governance? The Role of Country Characteristics By Jean-Claude Cosset; Hyacinthe Y. Somé; Pascale Valery

  1. 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

This nep-cfn issue is ©2012 by Zelia Serrasqueiro. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.