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Competition laws and corporate risk-taking around the world

Author

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  • Shen, Zhe
  • Sowah, Joseph Sowahfio
  • Dak-Adzaklo, Cephas Simon Peter
  • Li, Shan

Abstract

Using a new dataset on international competition laws, we examine the relationship between country-level competition laws and corporate risk-taking in 58 countries from 1990 to 2010. Consistent with the disciplinary effect hypothesis, we document robust evidence of a negative relation between corporate risk-taking and the stringency of competition laws. The negative relation between competition laws and corporate risk-taking is more pronounced among financially constrained firms and less pronounced among firms situated in high-trust jurisdictions. Further analysis shows that competition laws affect corporate risk-taking by mitigating agency problems and enhancing information transparency. Overall, these findings are consistent with the view that competition plays a critical external corporate governance role in shaping corporate behaviors.

Suggested Citation

  • Shen, Zhe & Sowah, Joseph Sowahfio & Dak-Adzaklo, Cephas Simon Peter & Li, Shan, 2023. "Competition laws and corporate risk-taking around the world," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:pacfin:v:80:y:2023:i:c:s0927538x23001245
    DOI: 10.1016/j.pacfin.2023.102058
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    Keywords

    Corporate risk-taking; Antitrust Laws; Competition;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law

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