Product Market Competition and Shareholder Rights: International Evidence
研究了产品市场竞争与各国股东权利保护之间的互补关系，发现股东权利保护在竞争性行业中能提升企业绩效，但在集中行业中效果不显著。
Abstract This paper examines the interaction between product market competition and international differences in shareholder rights in relation to firm performance and corporate policies. In contrast to existing literature, we provide evidence of complementarities between product market competition and country shareholder rights protections. The benefits of shareholder rights protections for firm performance are conditional on the presence of a competitive industry environment. We find that stronger shareholder rights protections are associated with better firm performance in competitive industries. However, this relation is not significant in concentrated industries. Consistent results are obtained from the analysis of key corporate policies.