Articlegold2012

Product market competition, ultimate controlling structure and related party transactions

Shenglan Chen · Kun Tracy Wang · Xiaoxue Li

42 citations0/0 files storedChina Journal of Accounting Research

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China’s listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders’ cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.

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References

1997A Survey of Corporate Governance 1987The Economic Institutions of Capitalism 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1986The Economic Institutions of Capitalism 1999Corporate Ownership Around the World 1986Large Shareholders and Corporate Control 1975Markets and Hierarchies 2002Investor Protection and Corporate Valuation

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