Does Competition Matter for Corporate Governance? The Role of Country Characteristics
研究了国家特征如何影响竞争与公司治理的关系，发现竞争在发展中国家与更高的公司治理评级相关，而公司治理在发达国家的低竞争行业和竞争行业的发展中国家更能提升企业价值。
We investigate the role of country characteristics on the competition-governance relation. We find that competition is associated with higher ratings in corporate governance, but only in developing countries. Further, corporate governance is associated with greater firm value, but only in less competitive industries from developed countries. For developing countries, the evidence suggests that corporate governance is valuable mostly in competitive industries. Additional tests show that corporate governance increases labor productivity and cost efficiency, mostly in less competitive industries in both developed and developing countries. Furthermore, in developing countries, corporate governance increases investment in capital, but primarily in competitive industries.