Explaining the Relationship between Product Market Competition and Corporate Governance

This paper examines the relationship between the degree of competition a firm faces and its corporate governance, given that product market competition acts as an external mechanism for corporate governance. The sample consists of 212 companies listed in the Tehran Stock Exchange (TSE) during the pe...

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Autores principales:	Mohammad Hosein Safarzadeh, Afsaneh Rafiee
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2014
Materias:	corporate governance procuct market competition multi-dimensional index herfindal index lerner index Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/1eb210f167854167b0543b1640e88061
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id	oai:doaj.org-article:1eb210f167854167b0543b1640e88061
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spelling	oai:doaj.org-article:1eb210f167854167b0543b1640e880612021-11-04T19:47:20ZExplaining the Relationship between Product Market Competition and Corporate Governance2008-89142476-292X10.22103/jak.2014.858https://doaj.org/article/1eb210f167854167b0543b1640e880612014-12-01T00:00:00Zhttps://jak.uk.ac.ir/article_858_0eaf1d3880cc025ced547addfebf7320.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThis paper examines the relationship between the degree of competition a firm faces and its corporate governance, given that product market competition acts as an external mechanism for corporate governance. The sample consists of 212 companies listed in the Tehran Stock Exchange (TSE) during the period of 1386-1391. A multi-dimensional approach has been taken to measure corporate governance, and two indicators are used to measure product market competition. The result shows that firms in competitive industries or with low market power have weak corporate governance structure. This result is robust after controlling firm-specific variables, and using various competition measures at firm level. The findings suggest that product market competition has a substantial effect on corporate governance, and that product market competition could be regarded as substitute for corporate governance quality. Furthermore, the result reveals that disaggregating the corporate governance measure into more components causes the explanatory power of the models decreasing and the results being insignificantMohammad Hosein SafarzadehAfsaneh RafieeShahid Bahonar University of Kermanarticlecorporate governanceprocuct market competitionmulti-dimensional indexherfindal indexlerner indexAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 5, Iss 18, Pp 25-48 (2014)
institution	DOAJ
collection	DOAJ
language	FA
topic	corporate governance procuct market competition multi-dimensional index herfindal index lerner index Accounting. Bookkeeping HF5601-5689
spellingShingle	corporate governance procuct market competition multi-dimensional index herfindal index lerner index Accounting. Bookkeeping HF5601-5689 Mohammad Hosein Safarzadeh Afsaneh Rafiee Explaining the Relationship between Product Market Competition and Corporate Governance
description	This paper examines the relationship between the degree of competition a firm faces and its corporate governance, given that product market competition acts as an external mechanism for corporate governance. The sample consists of 212 companies listed in the Tehran Stock Exchange (TSE) during the period of 1386-1391. A multi-dimensional approach has been taken to measure corporate governance, and two indicators are used to measure product market competition. The result shows that firms in competitive industries or with low market power have weak corporate governance structure. This result is robust after controlling firm-specific variables, and using various competition measures at firm level. The findings suggest that product market competition has a substantial effect on corporate governance, and that product market competition could be regarded as substitute for corporate governance quality. Furthermore, the result reveals that disaggregating the corporate governance measure into more components causes the explanatory power of the models decreasing and the results being insignificant
format	article
author	Mohammad Hosein Safarzadeh Afsaneh Rafiee
author_facet	Mohammad Hosein Safarzadeh Afsaneh Rafiee
author_sort	Mohammad Hosein Safarzadeh
title	Explaining the Relationship between Product Market Competition and Corporate Governance
title_short	Explaining the Relationship between Product Market Competition and Corporate Governance
title_full	Explaining the Relationship between Product Market Competition and Corporate Governance
title_fullStr	Explaining the Relationship between Product Market Competition and Corporate Governance
title_full_unstemmed	Explaining the Relationship between Product Market Competition and Corporate Governance
title_sort	explaining the relationship between product market competition and corporate governance
publisher	Shahid Bahonar University of Kerman
publishDate	2014
url	https://doaj.org/article/1eb210f167854167b0543b1640e88061
work_keys_str_mv	AT mohammadhoseinsafarzadeh explainingtherelationshipbetweenproductmarketcompetitionandcorporategovernance AT afsanehrafiee explainingtherelationshipbetweenproductmarketcompetitionandcorporategovernance
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Explaining the Relationship between Product Market Competition and Corporate Governance

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