Work detail

Competition and Corporate Governance: Effects on Financial Position and Profitability

Author: Bc. Jan Kurzeja
Year: 2016 - summer
Leaders: Jiří Novák M.Sc., Ph.D., Deloitte Corporate Chair
Consultants:
Work type: Bachelors
Language: English
Pages: 48
Awards and prizes:
Link: https://is.cuni.cz/webapps/zzp/detail/151332/
Abstract: 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.
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