International Evidence on Product Market Competition and Firm Value

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dc.contributor.authorRakestraw, Joseph Raymonden
dc.contributor.committeechairMaher, John J.en
dc.contributor.committeememberWolfe, Michael C.en
dc.contributor.committeememberBrown, Robert M.en
dc.contributor.committeememberStein, Sarah E.en
dc.contributor.committeememberKumar, Ramanen
dc.contributor.departmentAccounting and Information Systemsen
dc.date.accessioned2016-09-23T06:00:20Zen
dc.date.available2016-09-23T06:00:20Zen
dc.date.issued2015-04-01en
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.en
dc.description.degreePh. D.en
dc.format.mediumETDen
dc.identifier.othervt_gsexam:4738en
dc.identifier.urihttp://hdl.handle.net/10919/73029en
dc.publisherVirginia Techen
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subjectProduct Market Competitionen
dc.subjectFirm Valueen
dc.subjectLiquidation Risken
dc.subjectAgency Costsen
dc.subjectTransparencyen
dc.titleInternational Evidence on Product Market Competition and Firm Valueen
dc.typeDissertationen
thesis.degree.disciplineAccounting and Information Systemsen
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen
thesis.degree.leveldoctoralen
thesis.degree.namePh. D.en
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