Corporate Governance, Product Market Competition, and Payout PolicyCorporate Governance, Product Market Competition, and Payout Policy
- Other Titles
- Corporate Governance, Product Market Competition, and Payout Policy
- Authors
- 변희섭; 이지혜; 박경서
- Issue Date
- 2014
- Publisher
- 서울대학교 경영연구소
- Keywords
- Corporate governance; Product market competition; Market concentration; Interaction effect; Payout policy
- Citation
- Seoul Journal of Business, v.20, no.1, pp.1 - 34
- Indexed
- KCI
- Journal Title
- Seoul Journal of Business
- Volume
- 20
- Number
- 1
- Start Page
- 1
- End Page
- 34
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/99864
- DOI
- 10.35152/snusjb.2014.20.1.001
- ISSN
- 1226-9816
- Abstract
- This paper investigates how the interaction between internal corporate governance and product market competition affects corporate payout. Empirically, existing papers demonstrate that corporate governance has a significantly negative effect on corporate payout; however, we observe that this negative relation is observed only in less competitive (concentrated) markets, and disappears or decreases in more competitive markets. The result suggests that the substitution effect between internal corporate governance and product market competition in the effect on firm value, as suggested in previous literatures, is also valid in payout policy. Our results will provide practical and institutional implications regarding the most efficient method of finding optimal internal corporate governance structure given market structures.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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