OECD Economics Department Working Papers
The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.
- ISSN : 18151973 (en ligne)
- https://doi.org/10.1787/18151973
Corporate Governance, Competition and Performance
The paper examines interrelations between corporate governance, competition and performance. Traditional theories emphasise the importance of managerial incentives and disciplining in corporate governance, and how institutional arrangements affect financing. The paper argues that ownership and control, rather than incentives, disciplining and corporate finance, are the distinguishing features of different financial systems. The insider systems of Continental Europe and Japan may be superior at implementing policies which involve relations with stakeholders. Outsider, Anglo-American, systems may be more responsive to change. Concentration of ownership may be required to establish relations between stakeholders, and this may impede product market competition ...
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