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Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange

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Author Info
Irena Grosfeld
Thierry Tressel

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Abstract

In this paper we analyse the impact of product market competition and ownership structure on corporate performance. We focus on the firms listed on the Warsaw Stock Exchange, which are either privatised or newly created firms. First, we study the separate effects of competition and ownership concentration on firm level productivity growth. Next, we investigate their interaction: are they substitutes or complements?

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Publisher Info
Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2001-06.

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Length: 30 pages
Date of creation: 2001
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Handle: RePEc:del:abcdef:2001-06

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Related research
Keywords: MARKET ; COMPETITION ; OWNERSHIP;

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Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
P2 - Economic Systems - - Socialist Systems and Transition Economies

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  2. Cubbin, John S & Leech, Dennis, 1983. "The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement," Economic Journal, Royal Economic Society, vol. 93(37), pages 351-69, June. [Downloadable!] (restricted)
  3. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University. [Downloadable!]
  4. Januszewski, Silke I. & Koke, Jens & Winter, Joachim K., 2002. "Product market competition, corporate governance and firm performance: an empirical analysis for Germany," Research in Economics, Elsevier, vol. 56(3), pages 299-332, September. [Downloadable!] (restricted)
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  5. Mikkelson, Wayne H. & Partch, M. Megan & Shah, Kshitij, 1997. "Ownership and operating performance of companies that go public," Journal of Financial Economics, Elsevier, vol. 44(3), pages 281-307, June. [Downloadable!] (restricted)
  6. Andrew Weiss & Georgiy Nikitin, 1998. "Performance of Czech Companies by Ownership Structure," Boston University - Institute for Economic Development 85, Boston University, Institute for Economic Development.
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  7. Carlin, Wendy & Mayer, Colin, 1999. "Finance, Investment and Growth," CEPR Discussion Papers 2233, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Erik Berglof & Ernst-Ludwig von Thadden, 1999. "The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries," William Davidson Institute Working Papers Series 263, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  9. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January. [Downloadable!] (restricted)
  10. Dyck, I J Alexander, 1997. "Privatization in Eastern Germany: Management Selection and Economic Transition," American Economic Review, American Economic Association, vol. 87(4), pages 565-97, September. [Downloadable!] (restricted)
  11. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, vol. 79(4), pages 842-52, September. [Downloadable!] (restricted)
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  13. Cremer, Jacques, 1995. "Arm's Length Relationships," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 275-95, May. [Downloadable!] (restricted)
  14. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July. [Downloadable!] (restricted)
  15. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April. [Downloadable!] (restricted)
  16. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
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  17. Claessens, Stijn, 1995. "Corporate governance and equity prices : evidence from the Czech and Slovak Republics," Policy Research Working Paper Series 1427, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Mathilde Maurel, 2001. "Investment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data," William Davidson Institute Working Papers Series 403, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  2. Jan Svejnar & Evzen Kocenda, 2002. "The Effects of Ownership Forms and Concentration on Firm Performance after Large-Scale Privatization," William Davidson Institute Working Papers Series 471, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  3. Jan Hanousek & Evžen Ko?enda & Jan Svejnar, 2004. "Ownership, Control and Corporate Performance After Large-Scale Privatization," William Davidson Institute Working Papers Series 2004-652, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  4. Patricia Augier & Michael Gasiorek & Gonzalo Varela, 2007. "Determinants of Productivity in Morocco - The Role of Trade?," CARIS Working Papers 02, Centre for the Analysis of Regional Integration at Sussex, University of Sussex. [Downloadable!]
  5. Jan Svejnar & Evzen Kocenda, 2003. "Ownership and Firm Performance after Large-Scale Privatization," William Davidson Institute Working Papers Series 471a, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  6. Manuela Angelucci & Saul Estrin & Jozef Konings & Zbigniew Zolkiewski, 2002. "The Effect of Ownership and Competitive Pressure on Firm Performance in Transition Countries: Micro Evidence from Bulgaria, Romania and Poland," William Davidson Institute Working Papers Series 434, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  7. Joze P. Damiajn & Aleksandra Grogoric & Janez Prasnikar, 2004. "Ownership Concentration and Firm Performance in Slovenia," LICOS Discussion Papers 14204, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
  8. Grais, Wafik & Pellegrini, Matteo, 2006. "Corporate governance in institutions offering Islamic financial services : issues and options," Policy Research Working Paper Series 4052, The World Bank. [Downloadable!]
  9. Stefan Beiner & Markus Schmid & Gabrielle Wanzenried, 2004. "Product Market Competition, Managerial Inventives, and Firm Valuation," Diskussionsschriften dp0412, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  10. Ralitza Dimova, 2003. "The Impact of Structural Reforms on Employment Growth and Labour Productivity: Evidence from Bulgaria and Romania," LICOS Discussion Papers 13203, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
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  11. Marko Simoneti & Joze P. Damijan & Matija Rojec & Boris Majcen, 2004. "Case-by-case versus Mass Privatization in Transition Economies: Owner and Seller Effects on Performance of Firms in Slovenia," LICOS Discussion Papers 14304, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
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This page was last updated on 2009-11-10.


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