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Corporate Governance, Competition and Performance

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  • Colin Mayer

Abstract

The paper examines interrelations between corporate governance, competition and performance. Traditional theories emphasise the importance of managerial incentives and disciplining in corporate governance, and how institutional arrangements affect financing. The paper argues that ownership and control, rather than incentives, disciplining and corporate finance, are the distinguishing features of different financial systems. The insider systems of Continental Europe and Japan may be superior at implementing policies which involve relations with stakeholders. Outsider, Anglo-American, systems may be more responsive to change. Concentration of ownership may be required to establish relations between stakeholders, and this may impede product market competition ... Cet article examine les relations mutuelles entre modes de contrôle des entreprises, concurrence et performance de l’économie. Les théories traditionnelles soulignent l’importance des incitations et de la discipline dans la direction d’entreprise, ainsi que la manière dont les dispositifs institutionneles jouent sur le financement. L’étude soutient que ce sont la propriété et le contrôle, plutôt que les incitations, la discipline et la finance d’entreprise, qui distinguent les différents systèmes financiers. Les systèmes de financement d’Europe continentale et du Japon, qui reposent essentiellement sur le recours aux banques ou à d’autres investisseurs initiés, pourraient s’avérer plus efficaces dans la mise en place de politiques impliquant des relations avec l’ensemble des parties prenantes. De leur côté, les systèmes angloaméricains, ouverts sur les marchés, pourraient être plus réceptifs au changement. Une concentration de la propriété pourrait être nécessaire pour établir des relations entre les parties en présence, et cela pourrait faire obstacle à la concurrence sur les marchés de produits ...

Suggested Citation

  • Colin Mayer, 1996. "Corporate Governance, Competition and Performance," OECD Economics Department Working Papers 164, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:164-en
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    File URL: http://dx.doi.org/10.1787/536410876068
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    Cited by:

    1. García, Teresa & Ocaña Pérez de Tudela, Carlos, 1997. "The role of banks in relaxing financial constraints: some evidence on the investment behavior of spanish firms," DEE - Working Papers. Business Economics. WB 7030, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    2. Tor Eriksson & Erik Strøjer Madsen & Mogens Dilling-Hansen & Valdemar Smith, 2001. "Determinants of CEO and Board Turnover," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(3), pages 243-257, September.
    3. Sumon Kumar Bhaumik & Ekta Selarka, 2008. "Impact of M&A on firm performance in India: Implications for concentration of ownership and insider entrenchment," William Davidson Institute Working Papers Series wp907, William Davidson Institute at the University of Michigan.
    4. Kim, Euysung, 2006. "The impact of family ownership and capital structures on productivity performance of Korean manufacturing firms: Corporate governance and the "chaebol problem"," Journal of the Japanese and International Economies, Elsevier, vol. 20(2), pages 209-233, June.
    5. Valdemar Smith & Mogens Dilling-Hansen & Tor Eriksson & Erik Strøjer Madsen, 2004. "R&D and productivity in Danish firms: some empirical evidence," Applied Economics, Taylor & Francis Journals, vol. 36(16), pages 1797-1806.
    6. S. Deakin & R. Hobbs & S. Konzelmann & F. Wilkinson, 2001. "Partnership, Ownership and Control: The Impact of Corporate Governance on Employment Relations," Working Papers wp200, Centre for Business Research, University of Cambridge.
    7. Thomas Kirchmaier, 2003. "Corporate Restructuring and Firm Performance of British and German Non-Financial Firms," CEP Discussion Papers dp0582, Centre for Economic Performance, LSE.
    8. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
    9. Adam Samborski, 2011. "Financial crisis and corporate governance (Kryzys finansowy a nadzor korporacyjny)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 9(31), pages 233-256.
    10. Juan Manuel San Martín Reyna, 2012. "An Empirical Examination of Ownership Structure, Earnings Management and Growth Opportunities in Mexican Market," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 2(7), pages 103-123, December.
    11. Nicola Cetorelli, 1997. "The role of credit market competition on lending strategies and on capital accumulation," Working Paper Series, Issues in Financial Regulation WP-97-14, Federal Reserve Bank of Chicago.
    12. Amit Sachdeva, 2010. "Regulatory competition in European company law," European Journal of Law and Economics, Springer, vol. 30(2), pages 137-170, October.
    13. Eduardo Siandra, 1998. "Sistemas de pensiones, sus reformas y los mercados de capitales," Documentos de Trabajo (working papers) 0299, Department of Economics - dECON.
    14. Michel Goyer, 2001. "Corporate Governance And The Innovation System In France 1985-2000," Industry and Innovation, Taylor & Francis Journals, vol. 8(2), pages 135-158.

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