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Corporate governance, external market discipline and firm productivity

Tian, Gloria; Twite, Garry


Using a sample of Australian companies over the 2000-2005 period, we examine the impact of internal corporate governance on firm's total factor productivity, taking into account the interaction between internal governance and external market discipline. Our empirical findings point to a substitution effect between product market competitiveness and firm-level corporate governance. Overall, internal corporate governance mechanisms - more efficient boards and greater CEO stock-based compensation...[Show more]

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
Source: Journal of Corporate Finance
DOI: 10.1016/j.jcorpfin.2010.12.004


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