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Corporate Governance and Competition

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Author Info
Franklin Allen
Douglas Gale

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Abstract

The corporate governance systems operating in different countries are distinct. In the U.S. and U.K., it is often argued that the threat of takeover ensures managers act in the shareholders' interests. In countries such as Germany, Japan, and France, it is suggested banks and other institutions act as monitors. There is some evidence that neither system is particularly effective. We argue that competition among firms may be more effective than either of these mechanisms in ensuring that resources are used efficiently.

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Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 99-28.

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Date of creation: Jul 1999
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Handle: RePEc:wop:pennin:99-28

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  1. Jyrki Ali-Yrkkö & Pekka Ylä-Anttila, 2001. "Globalisation of Business in a Small Country - Does Ownership Matter?," Discussion Papers 779, The Research Institute of the Finnish Economy. [Downloadable!]
  2. Manjon-Antolin, M.C., 2004. "Econometric modelling in blockholder systems of corporate governance," Discussion Paper 74, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Koeke, J. & Renneboog, L.D.R., 2002. "Does good corporate governance lead to stronger productivity growth?," Discussion Paper 89, Tilburg University, Center for Economic Research. [Downloadable!]
  4. Frank Milne & David Kelsey, 2006. "Imperfect Competition and Corporate Governance," Working Papers 1079, Queen's University, Department of Economics. [Downloadable!]
  5. Frank Milne & David Kelsey, 2005. "Externalities, Monopoly and the Objective Function of the Firm," Working Papers 1078, Queen's University, Department of Economics. [Downloadable!]
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  6. Pagano, Marco & Volpin, Paolo, 2002. "The Political Economy of Finance," CEPR Discussion Papers 3231, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Yundan Gong & Holger Görg & Sara Maioli, 2006. "Employment Effects of Privatisation and Foreign Acquisition of Chinese State-Owned Enterprises," IZA Discussion Papers 2453, Institute for the Study of Labor (IZA). [Downloadable!]
  8. Koke, J. & Renneboog, L.D.R., 2003. "Do corporate control and product market competition lead to stronger productivity growth? : Evidence from market-oriented and blockholder-based governance regimes," Discussion Paper 78, Tilburg University, Center for Economic Research. [Downloadable!]
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  9. Marcel Canoy & Machiel van Dijk & Jan Lemmen & Ruud de Mooij & Juergen Weigand, . "Competition and Stability in Banking," CPB Documents 15, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  10. Aleix Calveras & Juan José Ganuza, 2004. "Responsabilidad Social Corporativa. Una Visión desde la Teoría Económica," Economics Working Papers 797, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  11. Pekka Ylä-Anttila & Jyrki Ali-Yrkkö & Martti Nyberg, 2004. "Foreign Ownership in Finland - Boosting Firm Performance and Changing Corporate Governance," Discussion Papers 904, The Research Institute of the Finnish Economy. [Downloadable!]
  12. Franklin Allen, 2001. "Do Financial Institutions Matter?," Center for Financial Institutions Working Papers 01-04, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
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