مقاله انگلیسی رقابت بازار محصول در حسابداری ، امور مالی و حاکمیت شرکتی
Abstract
Keywords
Introduction
Product market competition: theory and measurement
Review of the literature related to product market competition and financial reporting
Implications of product market competition research in finance
Product market competition and corporate governance
Discussion and conclusion
Declaration of Competing Interest
References
Abstract
Product market competition has been identified as one of the most powerful corporate governance tools for motivating managers to maximize firm value. Consistent with this view, a large body of theoretical and empirical research over the years has investigated the implications of product market competition. This paper synthesizes and critically evaluates the empirical literature on the consequences of product market competition in the accounting, finance, and corporate governance domains. Our review focuses on issues like financial reporting quality, analyst forecasting activities, asset pricing, investment, and financing decisions, and the substitutive versus complementary relationships between product market competition and other corporate governance tools. Our review suggests that, although market competition has profound implications for these issues, the empirical findings often provide conflicting results. We highlight such contradictory findings and offer suggestions for future research. Our review will help researchers intending to further investigate the implications of product market competition, both in the US and internationally.