Competition and Corporate Governance: Effects on Financial Position and Profitability
| Autor: | Bc. Jan Kurzeja |
|---|---|
| Rok: | 2016 - letní |
| Vedoucí: | Jiří Novák M.Sc., Ph.D., Deloitte Corporate Chair |
| Konzultant: | |
| Typ práce: | Bakalářská |
| Jazyk: | Anglicky |
| Stránky: | 48 |
| Ocenění: | |
| Odkaz: | https://is.cuni.cz/webapps/zzp/detail/151332/ |
| Abstrakt: | Using a novel approach towards competition and the Sarbanes Oxley Act (SOX) as a shock to internal governance we examine the interaction between product market competition and corporate governance mechanisms. Our results provide a support for notions of substitution model of dividends and firms’ financial policies being shaped by competition environment. We find evidence that companies facing higher competition threats experience a larger profitability improvement, a notion that is inconsistent with a traditional substitution relationship of governance and competition. |
