International Evidence on Product Market Competition and Firm Value
dc.contributor.author | Rakestraw, Joseph Raymond | en |
dc.contributor.committeechair | Maher, John J. | en |
dc.contributor.committeemember | Wolfe, Michael C. | en |
dc.contributor.committeemember | Brown, Robert M. | en |
dc.contributor.committeemember | Stein, Sarah E. | en |
dc.contributor.committeemember | Kumar, Raman | en |
dc.contributor.department | Accounting and Information Systems | en |
dc.date.accessioned | 2016-09-23T06:00:20Z | en |
dc.date.available | 2016-09-23T06:00:20Z | en |
dc.date.issued | 2015-04-01 | en |
dc.description.abstract | Economic 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. | en |
dc.description.degree | Ph. D. | en |
dc.format.medium | ETD | en |
dc.identifier.other | vt_gsexam:4738 | en |
dc.identifier.uri | http://hdl.handle.net/10919/73029 | en |
dc.publisher | Virginia Tech | en |
dc.rights | In Copyright | en |
dc.rights.uri | http://rightsstatements.org/vocab/InC/1.0/ | en |
dc.subject | Product Market Competition | en |
dc.subject | Firm Value | en |
dc.subject | Liquidation Risk | en |
dc.subject | Agency Costs | en |
dc.subject | Transparency | en |
dc.title | International Evidence on Product Market Competition and Firm Value | en |
dc.type | Dissertation | en |
thesis.degree.discipline | Accounting and Information Systems | en |
thesis.degree.grantor | Virginia Polytechnic Institute and State University | en |
thesis.degree.level | doctoral | en |
thesis.degree.name | Ph. D. | en |
Files
Original bundle
1 - 1 of 1