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US Market Integration and Corporate Governance Practices: evidence from Canadian companies

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  • Richard Bozec

Abstract

The objective of this study is to investigate further the interplay between market globalisation and corporate governance practices. The study is conducted in Canada using a sample of 230 firms listed on the TSX in 2002 and ranked by Report on Business (ROB ) on a set of corporate governance best practices. The ROB corporate governance index is built around four categories, namely board composition, compensation, shareholder rights and disclosure. The interaction of the sample companies with the US markets is analysed on the three following dimensions: financial market, product market and multi-markets (combining financial, product and labour markets). Overall, our results show that greater US market interaction is associated with higher corporate governance ratings. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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  • Richard Bozec, 2007. "US Market Integration and Corporate Governance Practices: evidence from Canadian companies," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(4), pages 535-545, July.
  • Handle: RePEc:bla:corgov:v:15:y:2007:i:4:p:535-545
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    1. Khanna, Tarun & Kogan, Joe & Palepu, Krishna, 2002. "Globalization and Similarities in Corporate Governance: A Cross-Country Analysis," CEI Working Paper Series 2002-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
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    Cited by:

    1. Dutta, Shantanu & MacAulay, Kenneth & Saadi, Samir, 2011. "CEO power, M&A decisions, and market reactions," Journal of Multinational Financial Management, Elsevier, pages 257-278.

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