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Corporate governance in the deregulated telecommunications industry: lessons from the airline industry

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  • Lehn, Kenneth

Abstract

Deregulation of the telecommunications industry is likely to result in significant changes in the governance structures of telecommunications firms. In particular, ownership structures of telecoms are expected to become more concentrated, the level of executive compensation is expected to increase, executive pay is expected to become more sensitive to performance, and board sizes are expected to become smaller. Evidence from the airline industry shows that these governance changes occurred after this industry was deregulated in the US in 1978. Preliminary evidence on telecommunications firms indicates that similar changes are beginning to occur in the governance structures of telecom firms.

Suggested Citation

  • Lehn, Kenneth, 0. "Corporate governance in the deregulated telecommunications industry: lessons from the airline industry," Telecommunications Policy, Elsevier, vol. 26(5-6), pages 225-242, June.
    • Handle: RePEc:eee:telpol:v:26:y::i:5-6:p:225-242
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    Cited by:

    1. Chen, I-Ju, 2014. "Financial crisis and the dynamics of corporate governance: Evidence from Taiwan's listed firms," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 3-28.
    2. Bel, Germà & Trillas, Francesc, 2005. "Privatization, corporate control and regulatory reform: the case of Telefonica," Telecommunications Policy, Elsevier, vol. 29(1), pages 25-51, February.
    3. Becher, David A. & Frye, Melissa B., 2011. "Does regulation substitute or complement governance?," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 736-751, March.
    4. Francesc Trillas, 2004. "The structure of corporate ownership in privatized utilities," Investigaciones Economicas, Fundación SEPI, vol. 28(2), pages 257-284, May.
    5. Iwasaki, Ichiro & 岩﨑, 一郎, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    6. Fumagalli, Elena & Garrone, Paola & Grilli, Luca, 2007. "Service quality in the electricity industry: The role of privatization and managerial behavior," Energy Policy, Elsevier, vol. 35(12), pages 6212-6224, December.
    7. Andrea Goldstein, 2003. "Privatization in Italy 1993-2002: Goals, Institutions, Outcomes, and Outstanding Issues," CESifo Working Paper Series 912, CESifo.

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