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市场竞争、管理层激励与股东权利对公司治理的影响: 基于零售行业上市公司的实证分析
[The Effects of Market Competition, Managerial Incentives and Shareholders' Rights on Corporate Governance: Empirical Analysis Based on China's Listed Retail Firms]

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  • Zhou, Qingtian
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    Abstract

    This paper, using the total factor productivity in the Cobb-Douglas production function, empirically investigates into the effects of market competition, managerial incentives and shareholders' rights on corporate governance under the framework of pooled OLS and fixed effects regression method. In this paper, I find that (1) there exists a complementary relation between shareholders' rights and managerial incentives in terms of corporate governance and (2) the effect of shareholders' rights on corporate governance is dependent on market competition. The more intense the market competition, the less shareholders' rights contribute to better governance, and vice versa. These findings provide some new views to the study of corporate governance.

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    File URL: http://mpra.ub.uni-muenchen.de/38598/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38598.

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    Date of creation: Apr 2012
    Date of revision: May 2012
    Handle: RePEc:pra:mprapa:38598

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    Keywords: market competition; managerial incentives; shareholders' rights; corporate governance; total factor productivity;

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    1. Nickell, S.J., 1993. "Competition and Crporate Performance," Economics Series Working Papers 99155, University of Oxford, Department of Economics.
    2. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2001. "Corporate Governance and Equity Prices," NBER Working Papers 8449, National Bureau of Economic Research, Inc.
    3. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
    4. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817, Octomber.
    5. Oliver D. Hart, 1983. "The Market Mechanism as an Incentive Scheme," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 366-382, Autumn.
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