Corporate Governance and Competition
AbstractThe 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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Bibliographic InfoPaper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 99-28.
Date of creation: Jul 1999
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