| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
|
|
タイトル |
The Impact of Product Market Competition on Private Benefits of Control |
|
言語 |
en |
| 作成者 |
Guadalupe, Maria
Pérez-González, Francisco
|
| 寄与者 |
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|
寄与者タイプ |
Editor |
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姓名 |
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences |
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言語 |
en |
| アクセス権 |
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アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
private benefits of control |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
competition |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
corporate governance |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
import penetration |
| 内容記述 |
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|
内容記述タイプ |
Other |
|
内容記述 |
Preliminary: Please do not quote without permission |
|
言語 |
en |
| 内容記述 |
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内容記述タイプ |
Other |
|
内容記述 |
October 2005 |
| 内容記述 |
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|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper investigates the impact of product market competition (PMC) on private benefits of control (PBC). We estimate PBC using the voting premium between shares with differential voting rights. We use two measures of the intensity of product market competition: an external competition measure based on industry-level import penetration, and an internal measure derived from domestic product market regulations. Using data for publicly-traded firms in 19 countries for which information on dual class shares is available we find that PMC is strongly negatively correlated with PBC. The evidence indicates that the effect is particularly strong for firms in industries that are likely to be concentrated and in countries with poor legal environments. We further examine the channels through which PMC enhances governance. We find evidence indicating that improvements in the availability of industry information and the higher default probability associated with tougher competition are two important forces in reducing the estimated price gap between dual class shares. Using exchange rates and terms of trade as instruments for import penetration, we find that the link between competition in product markets and private benefits of control is not spurious. Overall, our results suggest that product market competition can help in curbing private benefits of control. |
| 出版者 |
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|
出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
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|
日付 |
2006-03 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
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|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
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|
関連タイプ |
isPartOf |
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関連名称 |
Hi-Stat Discussion paper series ; No. d05-159 |
| 関連情報 |
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|
識別子タイプ |
URI |
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|
関連識別子 |
http://21coe.ier.hit-u.ac.jp/english/index.html |
| ページ数 |
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ページ数 |
40 |
| Sponsorship |
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|
値 |
21世紀COEプログラム = 21st-Century COE Program |
| JEL |
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|
値 |
G30 |
| JEL |
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|
値 |
G15 |
| JEL |
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|
値 |
D40 |
D05-159.pdf (269000 bytes)
