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

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Author Info
Jackie Krafft (GREDEG - Groupe de recherche en Droit Economie Gestion - Université de Nice Sophia-Antipolis)
Yiping Qu (GREDEG - Groupe de recherche en Droit Economie Gestion - Université de Nice Sophia-Antipolis)
Jacques-Laurent Ravix (GREDEG - Groupe de recherche en Droit Economie Gestion - Université de Nice Sophia-Antipolis)

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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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Paper provided by HAL in its series Post-Print with number hal-00203544_v1.

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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_v1

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  7. Marco Becht, 2005. "Corporate Governance: An Assessment," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 155-163, Summer.
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  13. Steven N. Kaplan & Per Strömberg, 2004. "Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses," Journal of Finance, American Finance Association, vol. 59(5), pages 2177-2210, October. [Downloadable!] (restricted)
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