市场竞争、管理层激励与股东权利对公司治理的影响: 基于零售行业上市公司的实证分析

The Effects of Market Competition, Managerial Incentives and Shareholders' Rights on Corporate Governance: Empirical Analysis Based on China's Listed Retail Firms

Qingtian Zhou

MPRA Paper from University Library of Munich, Germany

Abstract: This paper, using the total factor productivity in the Cobb-Douglas production function, empirically investigates into the effects of market competition, managerial incentives and shareholders' rights on corporate governance under the framework of pooled OLS and fixed effects regression method. In this paper, I find that (1) there exists a complementary relation between shareholders' rights and managerial incentives in terms of corporate governance and (2) the effect of shareholders' rights on corporate governance is dependent on market competition. The more intense the market competition, the less shareholders' rights contribute to better governance, and vice versa. These findings provide some new views to the study of corporate governance.

Keywords: market competition; managerial incentives; shareholders' rights; corporate governance; total factor productivity (search for similar items in EconPapers)
JEL-codes: D24 D4 G34 (search for similar items in EconPapers)
Date: 2012-04, Revised 2012-05
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