EconPapers    
Economics at your fingertips  
 

Corporate governance, product-market competition, and stock returns: evidence from the Korean market

Doowon Ryu, Doojin Ryu () and Joon Ho Hwang
Additional contact information
Doowon Ryu: Korea University Business School
Doojin Ryu: Sungkyunkwan University
Joon Ho Hwang: Korea University Business School

Asian Business & Management, 2017, vol. 16, issue 1, 50-91

Abstract: Abstract This study examines the relationship among market competition, corporate governance, and stock returns in Korea, a representative emerging market. We find that the relation between product-market competition and a firm’s stock return is insignificant, but that better corporate governance is associated with a lower adjusted stock return when market competition intensifies in more competitive industries; This relationship is not evident in less competitive industries. Thus, the effects of corporate governance on stock returns depend on market-competition levels. We offer important empirical evidence by showing that the effects of corporate governance and product-market competition on firms’ stock returns can vary by country and market environment.

Keywords: Market competition; Corporate governance; Stock returns; Chaebol; Korean market (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1057/s41291-017-0014-6 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:abaman:v:16:y:2017:i:1:d:10.1057_s41291-017-0014-6

Ordering information: This journal article can be ordered from
https://www.palgrave.com/gp/journal/41291

Access Statistics for this article

Asian Business & Management is currently edited by Fabian Jintae Froese

More articles in Asian Business & Management from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2020-01-08
Handle: RePEc:pal:abaman:v:16:y:2017:i:1:d:10.1057_s41291-017-0014-6