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Corporate governance, industry dynamics and firms performance on the stock market

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  • Jackie Krafft

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

  • Yiping Qu

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

  • Jacques-Laurent Ravix

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

Abstract

This paper intends to relate more closely corporate governance, industry dynamics and firms performance. In that perspective, it focuses on the impact of applying the normative, best practice model of corporate governance on industry dynamics and related stock market performances. At a theoretical level, it presents an integrated framework based on the connection between corporate governance and industry dynamics issues. But the core of the paper is to advance that the combination of corporate governance and industry dynamics also requires important investigations into empirical aspects. At a case study level, our major finding is that the adoption of the best practice model of corporate governance in the telecoms equipment supplier industry contributed to create large ups and downs in the industry dynamics. At a more general level, combining CGQ with DATASTREAM data sets, we show the variegated impact of the normative model on industry dynamics and firms stock market performances, and confirm the observed phenomenon of ups and downs amplifications formerly emphasized.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00203544.

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Date of creation: 01 Dec 2008
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Publication status: Published, Recherches Economiques de Louvain, 2008, 74, 4, 455-478
Handle: RePEc:hal:journl:hal-00203544

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00203544/en/
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  12. Jackie Krafft & Jacques-Laurent Ravix, 2008. "The firm and its governance along the industry life cycle," Post-Print hal-00211206, HAL.
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  17. R. H. Coase, 1972. "Industrial Organization: A Proposal for Research," NBER Chapters, in: Economic Research: Retrospect and Prospect Vol 3: Policy Issues and Research Opportunities in Industrial Organization, pages 59-73 National Bureau of Economic Research, Inc.
  18. Audretsch, David B., 1995. "Innovation, growth and survival," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 441-457, December.
  19. Martin Fransman, 2004. "The telecoms boom and bust 1996-2003 and the role of financial markets," Journal of Evolutionary Economics, Springer, vol. 14(4), pages 369-406, October.
  20. Jackie Krafft & Jacques-Laurent Ravix, 2005. "The governance of innovative firms: An evolutionary perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(3), pages 125-147.
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