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

共 50 条

[21] How does competition shape managerial decisions? Product market competition and financial statement comparability
Majeed, Muhammad Ansar
Yan, Chao
Tauni, Muhammad Zubair
MANAGEMENT DECISION, 2018, 56 (11) : 2437 - 2471
[22] Does product market competition affect the adoption of FinTech by non-financial firms?
Hong, Liu
Nikbakht, Ehsan
Zhou, Tianpeng
FINANCE RESEARCH LETTERS, 2023, 54
[23] How does information disclosure affect liquidity? Evidence from an emerging market
Arango, Ignacio
Agudelo, Diego A.
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2019, 50
[24] Product market competition, cash flow and corporate investments
Abdoh, Hussein Ali Ahmad
Varela, Oscar
MANAGERIAL FINANCE, 2018, 44 (02) : 207 - 221
[25] Product Market Competition, Equity Structure and Corporate Performance
Huang, Jun
Hu, Shanguo
PROCEEDINGS OF THE 2012 INTERNATIONAL CONFERENCE ON MANAGEMENT INNOVATION AND PUBLIC POLICY (ICMIPP 2012), VOLS 1-6, 2012, : 785 - 790
[26] Product market competition, oil uncertainty and corporate investment
Abdoh, Hussein
Maghyereh, Aktham
INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2020, 16 (05) : 645 - 671
[27] The impact of product market competition on corporate environmental responsibility
X. H. Meng
S. X. Zeng
X. M. Xie
G. Y. Qi
Asia Pacific Journal of Management, 2016, 33 : 267 - 291
[28] Product market competition and corporate investment: An empirical analysis
Amini, Shahram
Kumar, Raman
Shome, Dilip
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 94
[29] Product market competition and corporate governance: Complementary or substitute?
Niu, JB
Ran, FS
Proceedings of the 2005 International Conference on Management Science & Engineering (12th), Vols 1- 3, 2005, : 851 - 856
[30] Corporate risk management, product market competition, and disclosure
Hoang, Daniel
Ruckes, Martin
JOURNAL OF FINANCIAL INTERMEDIATION, 2017, 30 : 107 - 121

← 1 2 3 4 5 →