Abstract
dc:description.abstractEconomic theory and empirical research suggests product market competition can result in both positive and negative capital market effects. Specifically, research suggests competition reduces agency costs, but also reduces profitability. I examine the relation between product market competition and firm value in an international setting, focusing on how the relation varies with firm- and country-specific characteristics. I document lower values for firms in more competitive industries. However, the negative relation between competition and firm value is less pronounced for firms with higher firm-level liquidation risk, stronger country-level investor protection mechanisms, and higher firm-level transparency. These findings are consistent with an agency cost benefit resulting from product market competition.
Degree
thesis:*- Name thesis:degree_name
- Ph. D.
- Level thesis:degree_level
- doctoral
- Discipline thesis:degree_discipline
- Accounting and Information Systems
- Department dc:contributor.department
- Accounting and Information Systems
- Grantor dc:publisher
- Virginia Tech
- Year dc:date.issued
- 2015
Author and committee
dc:creator, dc:contributor.*- Author dc:creator
-
- Rakestraw, Joseph Raymond
- Chair dc:contributor.committeechair
-
- Maher, John J.
- Committee members dc:contributor.committeemember
-
- Wolfe, Michael C.
- Brown, Robert M.
- Stein, Sarah E.
- Kumar, Raman
Subjects
dc:subject × 5Rights
dc:rights- Statement dc:rights
-
- In Copyright
- Licence dc:rights.uri
Identifiers
dc:identifier.*- Dc Identifier Other
- vt_gsexam:4738
- OAI identifier oai:identifier
- oai:vtechworks.lib.vt.edu:10919/73029