Corporate Governance, Competition and Performance.
The paper gives an overview of the interrelation between corporate governance, product market competition and performance across main "models" of corporate governance in OECD countries. The paper argues that managerial incentives, disciplining and corporate finance are not the fundamental...
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| Format: | Journal article |
| Langue: | English |
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Blackwell Publishing
1996
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| Résumé: | The paper gives an overview of the interrelation between corporate governance, product market competition and performance across main "models" of corporate governance in OECD countries. The paper argues that managerial incentives, disciplining and corporate finance are not the fundamental distinguishing features of different financial systems. Instead, differences in ownership and control emerge as important influences on the formulation, implementation and adaptation of corporate strategy. Ownership and control structures are interrelated with competition in product markets: concentration of ownership may be required to establish relations between stakeholders and may impede product market competition. |
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