How does product market competition affect corporate takeover in an emerging economy?

被引：22

作者：

Lee, Ji Hye ^{[1
]}

Byun, Hee Sub ^{[2
]}

Park, Kyung Suh ^{[3
]}

机构：

[1] Construct & Econ Res Inst Korea, 11F Construct Bldg 711, Seoul 06050, South Korea

[2] Hallym Univ, Coll Business, Dept Finance, 1 Hallymdaehak Gil, Chunchon 24252, Gangwon Do, South Korea

[3] Korea Univ, Sch Business, 145 Anam Ro, Seoul 02841, South Korea

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2019年 / 60卷

关键词：

Product market competition; Market for corporate control; Corporate takeover; Shareholder wealth; Korea; GOVERNANCE EVIDENCE; FIRM VALUE; DIVIDEND; TARGETS; MERGERS; COSTS;

D O I：

10.1016/j.iref.2018.12.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the effect of product market competition as an external control mechanism on the operation and efficiency of corporate takeovers in an emerging economy. Empirically, we find that firms in more competitive product markets are more likely to experience a change in control than those in less competitive markets after controlling for other firm and industry characteristics. Further, the positive effect of a change in control on shareholder wealth is observed in more competitive product markets but disappears in less competitive markets. The results imply that product market competition improves market efficiency for corporate control in an emerging economy with less developed capital markets and weak investor protection, supporting the complementary Hypothesis between product market competition and corporate takeover.

引用

页码：26 / 45

页数：20

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