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市场竞争、管理层激励与股东权利对公司治理的影响: 基于零售行业上市公司的实证分析
[The Effects of Market Competition, Managerial Incentives and Shareholders' Rights on Corporate Governance: Empirical Analysis Based on China's Listed Retail Firms]

Author

Listed:
  • Zhou, Qingtian

Abstract

This paper, using the total factor productivity in the Cobb-Douglas production function, empirically investigates into the effects of market competition, managerial incentives and shareholders' rights on corporate governance under the framework of pooled OLS and fixed effects regression method. In this paper, I find that (1) there exists a complementary relation between shareholders' rights and managerial incentives in terms of corporate governance and (2) the effect of shareholders' rights on corporate governance is dependent on market competition. The more intense the market competition, the less shareholders' rights contribute to better governance, and vice versa. These findings provide some new views to the study of corporate governance.

Suggested Citation

  • Zhou, Qingtian, 2012. "市场竞争、管理层激励与股东权利对公司治理的影响: 基于零售行业上市公司的实证分析 [The Effects of Market Competition, Managerial Incentives and Shareholders' Rights on Corporate Governance: Empirical Analysis Based on China's Listed Retai," MPRA Paper 38598, University Library of Munich, Germany, revised May 2012.
    • Handle: RePEc:pra:mprapa:38598
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    References listed on IDEAS

    as
    1. Oliver D. Hart, 1983. "The Market Mechanism as an Incentive Scheme," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 366-382, Autumn.
    2. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-746, August.
    3. Klaus M. Schmidt, 1997. "Managerial Incentives and Product Market Competition," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 64(2), pages 191-213.
    4. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
    5. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
    6. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    market competition; managerial incentives; shareholders' rights; corporate governance; total factor productivity;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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