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- Publisher Website: 10.1287/mnsc.2015.2409
- Scopus: eid_2-s2.0-85018072220
- WOS: WOS:000400607200008
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Article: Product market competition and internal governance: Evidence from the Sarbanes-Oxley Act
Title | Product market competition and internal governance: Evidence from the Sarbanes-Oxley Act |
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Authors | |
Keywords | Corporate governance Product market competition Sarbanes-Oxley Act of 2002 |
Issue Date | 2017 |
Citation | Management Science, 2017, v. 63, n. 5, p. 1405-1424 How to Cite? |
Abstract | We use the Sarbanes-Oxley Act of 2002 (SOX) as a quasi-natural experiment to examine the link between product market competition and internal governance mechanisms. Consistent with the notion that competition plays an important role in aligning incentives within the firm, SOX has led to a larger improvement in the operation of firms in concentrated industries than in nonconcentrated industries. Furthermore, within concentrated industries, the effect is especially pronounced among firms withweaker governance mechanisms prior to SOX. We corroborate these findings using two additional regulatory changes in the United States and abroad. Overall, our results indicate that corporate governance is more important when firms face less product market competition. |
Persistent Identifier | http://hdl.handle.net/10722/326121 |
ISSN | 2023 Impact Factor: 4.6 2023 SCImago Journal Rankings: 5.438 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chhaochharia, Vidhi | - |
dc.contributor.author | Grinstein, Yaniv | - |
dc.contributor.author | Grullon, Gustavo | - |
dc.contributor.author | Michaely, Roni | - |
dc.date.accessioned | 2023-03-09T09:58:11Z | - |
dc.date.available | 2023-03-09T09:58:11Z | - |
dc.date.issued | 2017 | - |
dc.identifier.citation | Management Science, 2017, v. 63, n. 5, p. 1405-1424 | - |
dc.identifier.issn | 0025-1909 | - |
dc.identifier.uri | http://hdl.handle.net/10722/326121 | - |
dc.description.abstract | We use the Sarbanes-Oxley Act of 2002 (SOX) as a quasi-natural experiment to examine the link between product market competition and internal governance mechanisms. Consistent with the notion that competition plays an important role in aligning incentives within the firm, SOX has led to a larger improvement in the operation of firms in concentrated industries than in nonconcentrated industries. Furthermore, within concentrated industries, the effect is especially pronounced among firms withweaker governance mechanisms prior to SOX. We corroborate these findings using two additional regulatory changes in the United States and abroad. Overall, our results indicate that corporate governance is more important when firms face less product market competition. | - |
dc.language | eng | - |
dc.relation.ispartof | Management Science | - |
dc.subject | Corporate governance | - |
dc.subject | Product market competition | - |
dc.subject | Sarbanes-Oxley Act of 2002 | - |
dc.title | Product market competition and internal governance: Evidence from the Sarbanes-Oxley Act | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1287/mnsc.2015.2409 | - |
dc.identifier.scopus | eid_2-s2.0-85018072220 | - |
dc.identifier.volume | 63 | - |
dc.identifier.issue | 5 | - |
dc.identifier.spage | 1405 | - |
dc.identifier.epage | 1424 | - |
dc.identifier.eissn | 1526-5501 | - |
dc.identifier.isi | WOS:000400607200008 | - |