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Corporate Governance, Industry Dynamics and Firm Perfomance : an Empirical Analysis of a Best Practice Model

Author

Listed:
  • Jackie KRAFFT

    (University of Nice Sophia Antipolis, CNRS-GREDEG)

  • Yiping QU

    (University of Nice Sophia Antipolis, CNRS-GREDEG)

  • Jacques-Laurent RAVIX

    (University of Nice Sophia Antipolis, CNRS-GREDEG)

Abstract

This papers intends to relate more closely corporate governance, industry dynamics and firms performance. In this perspective, it focuses on the impact of applying the normative, best pratice, shareholder value model of corporate governance on industry dynamics and related performance measured by economic as well as financial indicators. At a theoritical level the paper presents an integrated framework based on the connaction between firms governance and industry dynamics issues. But the core of the paper is to advance that the combination of corporate governance and industry dynamics also requires important investigations into empirical aspects. At a case study level, our major finding is that the adoption of the best practice model of governance in the telecoms equipment supplier industry contributed to create large ups and downs in the industry dynamics affecting both economic and financial perfomances. At a more general level, combining two different datasets Corporate governance Quotient ( CGQ) and DATASTREAM, we show the variegated impact of the normative model on industry dynamics and confirm the observed phenomenon of ups and downs amplifications formerly emphasized, at least at the level of stock market perfomance.

Suggested Citation

  • Jackie KRAFFT & Yiping QU & Jacques-Laurent RAVIX, 2008. "Corporate Governance, Industry Dynamics and Firm Perfomance : an Empirical Analysis of a Best Practice Model," Discussion Papers (REL - Recherches Economiques de Louvain) 2008042, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvre:2008042
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    Cited by:

    1. Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2014. "Corporate governance, value and performance of firms: new empirical results on convergence from a large international database," Industrial and Corporate Change, Oxford University Press, vol. 23(2), pages 361-397.
    2. Jackie Krafft & Yiping Qu & Jacques-Laurent Ravix, 2011. "Gouvernance d'entreprise et performances sectorielles : une réévaluation de la fiabilité des scores et des mesures de bonne gouvernance," Economie & Prévision, La Documentation Française, vol. 0(1), pages 145-158.
    3. repec:hal:wpaper:hal-00786664 is not listed on IDEAS
    4. Ciaran Driver & Katsushi Imai, 2011. "Testing the uncertainty-investment relationship using survey data on capital stock disequilibrium," Applied Economics Letters, Taylor & Francis Journals, vol. 18(4), pages 305-310.

    More about this item

    Keywords

    corporate gouvernance; industry dynamics; fim performance; stock markets; innovative versus traditional industries;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General

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