Competition, corporate governance and selection in emerging markets

Economic Journal

Volumn 113, Issue 491, 2003, Pages

  Singh, Ajit ^a  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

COMPETITION (ECONOMICS); CORPORATE STRATEGY; ECONOMIC THEORY; GOVERNANCE APPROACH; MARKET CONDITIONS;

EID: 0345405449     PISSN: 00130133     EISSN: None     Source Type: Journal    
DOI: 10.1046/j.0013-0133.2003.00164.x     Document Type: Article

References (138)

1. Alchian, A. A. (1950). 'Uncertainty, evolution and economic theory', Journal of Political Economy, vol. 58(3), (June), pp. 211-21.
2. Alchian, A. A. and Kessel, R. A. (1962). Competition, monopoly and the pursuit of pecuniary gain', in Aspects of Labour Economics, Princeton: N.B.E.R.
3. Amsden, A. (1989). Asia's Next Giant: South Korea and Late Industrialization, New York: Oxford University Press.
4. Amsden, A. (2000). The Rise of 'The Rest': Challenges to the West from Late-Industrializing Economies, Oxford: Oxford University Press.
5. Amsden, A. and Singh, A. (1994). 'The optimal degree of competition and dynamic efficiency in Japan and Korea', European Economic Review, vol. 38(3/4), pp. 941-51.
6. Aoki, M. (1990). 'Towards an economic model of the Japanese firm', Journal of Economic Literature, vol. 28, (March), pp. 1-27.
7. Auerbach, A. (1988). 'Corporate Takeovers: Causes and Consequences', NBER Project Report. Chicago: University of Chicago Press.
8. Aw, B. Y., Chung, S. and Roberts, M. J. (2003). 'Productivity, output, and failure: a comparison of Taiwanese and Korean manufacturers', ECONOMIC JOURNAL, vol. 113 (November), pp. F485-510.
9. Baumol, W. (2001). 'When is inter-firm coordination beneficial? The case of innovation', International Journal of Industrial Organization, vol. 19, pp. 727-37.
10. Baumol, W. (2002). The Free-Market Innovation Machine, Princeton NJ: Princeton University Press.
11. Beck, T., Demirgüc-Kunt, A. and Levine, R. (2000). 'A new database on the structure and development of the financial sector', The World Bank Economic Review, vol. 14(3), (September), pp. 597-605.
12. Berle, A. and Means, G. (1933). The Modern Corporation and Private Property, New York: The Macmillan Company.
13. Best, M. (1990). The New Competition: Institutions of Industrial Restructuring, Cambridge, MA: Harvard University Press.
14. Boone, J. (2001). 'Intensity of competition and the incentive to innovate', International Journal of Industrial Organization, vol. 19, pp. 705-26.
15. Carlin, W., Haskel, J. and Seabright, P. (2001a). 'Understanding "the essential fact about capitalism": markets, competition and creative destruction', National Institute Economic Review, no. 175, (January), pp. 65-84.
16. Carlin, W., Fries, S., Schaffer, M. and Seabright, P. (2001b). Competition and enterprise performance in transition economies: evidence from a cross-country survey', CEPR Discussion Paper Series No. 2840.
17. Caves, R. E. (1998). 'Industrial organization and new findings on the turnover and mobility of firms', Journal of Economic Literature, vol. 36, pp. 1947-82.
18. Chang, H.-J. (2000). 'The hazard of moral hazard - untangling the Asian Crisis', World Development, vol. 28(4), pp. 775-88.
19. Chien-Hsun, C. and Hui-Tzu, S. (2001). 'Initial public offering and corporate governance in China's transitional economy', NBER Working Paper Series, (September), http://www.nber.org/~confer/2001/ease/chien.pdf.
20. Claessens, S., Djankov, S. and Lang, L. (2000). 'The separation of ownership and control in East Asian corporations', Journal of Financial Economics, vol. 58, pp. 81-112.
21. Cobham, D. and Subramaniam, R. (1998). 'Corporate finance in developing countries: new evidence for India', World Development, vol. 26(6), pp. 1033-47.
22. Cosh, A., Hughes, A. and Singh, A. (1980). 'The causes and effects of takeovers in the United Kingdom: an empirical investigation for the late 1960's at the microeconomic level', in Mueller D. C. (ed). The Determinants and Effects of Mergers an international comparison, Massachusetts, Oelgeschlager, Gunn & Hain. pp. 227-70.
23. Cosh, A., Hughes, A. and Singh, A. (1990). Takeovers and Short-termism in the United Kingdom: Analytical and Policy Issues in the UK Economy, London: Institute for Public Policy Research.
24. Cosh, A., Hughes, A., Lee, K. and Singh, A. (1989). 'Institutional investors, mergers and the market for corporate control', International Journal of Industrial Organization, vol. 7(1), (March), pp. 73-100.
25. Cosh, A., Hughes, A., Lee, K. and Singh, A. (1998). 'Takeovers, institutional investment and the persistence of profits', in (I. Begg and S. Henry, eds.), Applied Economics and Public Policy, pp. 107-44, Cambridge: Cambridge University Press.
26. De Soto, H. (1990). The Other Path, New York: Harper and Row.
27. Dickerson, A. P., Gibson, H. D. and Tsakalotos, E. (1997). 'The impact of acquisitions on company performance: evidence from a large panel of UK firms', Oxford Economic Papers, vol. 49, pp. 344-61.
28. Domowitz, I., Glen, J. and Madhavan, A. (2001). 'International evidence on aggregate corporate financing decisions', in (A. Demirguc-Kunt and R. Levine, eds.), Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development, Cambridge MA: MIT Press.
29. Dooley, M. and Frankel, J. A. (eds.) (2003). Managing Currency Crises in Emerging Markets, NBERC Report, Chicago: University of Chicago Press.
30. Edwards, S. and Frankel, J. A. (eds.) (2002). Preventing Currency Crises in Emerging Markets, NBERC Report, Chicago: University of Chicago Press.
31. Ericson, R. and Pakes, A. (1995). 'Markov-perfect industry dynamics: a framework for empirical work', Review of Economic Studies, vol. 62(1), pp. 53-82.
32. Feldstein, M. (2003). Economic and Financial Crisis in Emerging Market Countries, NBERC Report, Chicago: University of Chicago Press.
33. Frankel, J. A. (1998). 'The Asian model, the miracle, the crisis and the Fund', paper delivered at the U.S. International Trade Commission, April 16.
34. Franks, J. R. and Mayer, C. (1996). 'Hostile takeovers and the correction of managerial failure', Journal of Financial Economics, vol. 4(1), pp. 163-81.
35. Friedman, M. (1953). 'The methodology of positive economics', in Essays in Positive Economics, pp. 3-43, Chicago: University of Chicago Press.
36. Gabriele, A. (2001). 'Science and technology policies, industrial reform and technical progress in China', Discussion Paper 155, United Nations Conference on Trade and Development, Geneva.
37. Geroski, P. A. (1990). 'Modelling persistent profitability', in D.C. Mueller, (1990), pp. 15-34.
38. Geroski, P. A., Machin, S. J. and Walters, C. F. (1997). 'Corporate growth and profitability', Journal of Industrial Economics, vol. 45, pp. 171-89.
39. Glen, J., Lee, K. and Singh, A. (2003). 'Corporate profitability and the dynamics of competition in emerging markets: a time series analysis', ECONOMIC JOURNAL, vol. 113 (November), pp. F465-84.
40. Greenspan, A. (1998). Testimony before the Committee on Banking and Financial Services, US House of Representatives, January 30.
41. Greer, D. F. (1986). 'Acquiring in order to avoid acquisition', Antitrust Bulletin, Spring, pp. 155-85.
42. Grossman, J. and Hart, O. (1980). 'Takeover bids, the free rider problem, and the theory of the corporation', Bell Journal of Economics, vol. 11, pp. 42-64.
43. Gugler, K., Mueller, D. C. and Yurtoglu, B. B. (2002). 'The impact of corporate governance on investment returns in developed and developing countries', ECONOMIC JOURNAL, vol. 113 (November), pp. F511-39.
44. Hart, P. E. and Prais, S. J. (1956). 'The analysis of business concentration; a statistical approach', Journal of the Royal Statistical Society, series A, vol. 119(2), pp. 150-81.
45. Hopenhayn, H. (1992). 'Entry, exit and firm dynamics in long-run equilibrium', Econometrica, vol. 60, pp. 1127-50.
46. Howes, C. and Singh, A. (2000). Competitiveness Matters: Industry and Economic Performance in the U.S., Ann Arbor: University of Michigan Press.
47. Hughes, A. (1991). 'Mergers and economic performance in the UK: a survey of the empirical evidence 1950-1990', in (J. Fairburn and J. A. Kay, eds.), Mergers and Merger Policy, 2nd edition, Oxford: Oxford University Press.
48. IMF (1997). World Economic Outlook: Interim Assessment, Washington DC, December.
49. IMF (1998). World Economic Outlook, October, Washington DC.
50. Iskander, M. R. and Chamlou, N. (2000). Corporate Governance: A Framework for Implementation, Washington DC: The World Bank Group.
51. Jefferson, G., Mai L. and Zhao, Z. (1999). 'Reforming property rights in China's industry', in (G. Jefferson and I. Singh, eds.), Enterprise Reform in China - Ownership, Transition and Performance, pp. 107-26, World Bank Research Publication, New York: Oxford University Press.
52. Jensen, M. (1986). 'The agency costs of free cash flow, corporate finance and takeovers', American Economic Review, vol. 76, pp. 323-9.
53. Jensen, M. C. and Meckling, W. H. (1976). 'Theory of the firm: managerial behavior, agency costs and capital structure', Journal of Financial Economics, vol. 3, pp. 305-60.
54. Johnson, S., Boone, P., Breach, A. and Friedman, E. (2000). 'Corporate governance in the Asian financial crisis', Journal of Financial Economics, vol. 58, pp. 141-86.
55. Johnson, S., La Porta, R., Lopez-De-Silanes, F. and Shleifer, A. (2000). 'Tunneling', American Economic Review, vol. 90(2), pp. 22-7.
56. Jomo, K. S. (2001). 'Growth after the Asian crisis: what remains of the East Asian model?', G-24 Discussion Paper Series, No. 10, United Nation Conference on Trade and Development. Centre for International Development Harvard University. United Nations, New York and Geneva, March.
57. Jovanovic, B. (1982). 'Selection and the evolution of industry', Econometrica, vol. 50, pp. 649-70.
58. Khanna, T. (2000). 'Business groups and social welfare in emerging markets: existing evidence and unanswered questions', European Economic Review, vol. 44, pp. 748-61.
59. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1998). 'Law and finance', Journal of Political Economy, vol. 106, (December), pp. 1113-55.
60. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000a). 'Investor protection: corporate governance', Journal of Financial Economics, vol. 58(1-2), pp. 3-27.
61. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000b). 'Agency problems and dividend policies around the world', Journal of Finance.
62. Laffont, J.-J. (1998). 'Competition, information and development', Annual World Bank Conference on Development Economics, pp. 237-57.
63. Lancaster, K. J. (1987). 'Non-price competition', in (J. Eatwell, M. Milgate and P. Newman, eds.), The New Palgrave: A Dictionary of Economics, vol. 3, pp. 675-7.
64. Lardy, N. R. (1998). China's Unfinished Economic Revolution, Washington DC: Brookings Institution Press.
65. Levine, R. (1997). 'Financial development and economic growth: views and agendas', Journal of Economic Literature, vol. 35, (June), pp. 688-726.
66. Levine, R. and Zervos, S. (1998). 'Stock markets, banks and economic growth', American Economic Review, vol. 88, (June), pp. 537-58.
67. Manne, H. G. (1965). 'Mergers and the market for corporate control', Journal of Political Economy, vol. 73, pp. 693-706.
68. Marris, R. L. (1964). The Economic Theory of 'Managerial' Capitalism, London: Macmillan.
69. Meade, J. E. (1968). 'Is the "new industrial estate" inevitable?', ECONOMIC JOURNAL, vol. 78, (June), pp. 372-92.
70. Meeks, G. (1977). Disappointing Marriage: A Study of the Gains From Merger, Cambridge: Cambridge University Press.
71. Mueller, D. C. (ed.) (1980). The Determinants and Effects of Mergers - An International Comparison, Cambridge, MA: Oelgeschlager, Gunn & Hain.
72. Mueller, D. C. (ed.) (1990). The Dynamics of Company Profits: An International Comparison, Cambridge: Cambridge University Press.
73. Mueller, D. C. (1992). 'Mergers', in (P. Newman, M. Milgate and J. Eatwell, eds.), The New Palgrave Dictionary of Money and Finance, pp. 700-7, London: Macmillan.
74. Mueller, D. C. (1997). 'Merger policy in the United States: a reconsideration', Review of Industrial Organization, vol. 12(5-6), pp. 655-85.
75. Mueller, D. C. and Reardon, E. (1993). 'Rates of return on corporate investment', Southern Economic Journal, vol. 60, pp. 430-53.
76. Mueller, D. C. and Yurtoglu, B. B. (2000). 'Country legal environments and corporate investment performance', German Economic Review, vol. 1 (May), pp. 187-220.
77. Mullins, J. (1993). 'Emerging equity markets in the global economy', FRBNY Quarterly Review, (Summer), pp. 54-83.
78. Myers, Stewart C. (2001). 'Capital structure', Journal of Economic Perspectives, vol. 15, (Spring), pp. 81-102.
79. Myers, S. and Majluf, N. (1984). 'Corporate financing and investment decisions: when firms have information that investors do not have', Journal of Financial Economics, vol. 13, pp. 187-221.
80. Nalebuff, B. J. and Stiglitz, J. E. (1983). 'Prizes and incentives: towards a general theory of compensation and competition', Bell Journal of Economics, vol. 14(1), pp. 21-43.
81. Nelson, R. and Winter, S. (2002). 'Evolutionary theorizing in economics', Journal of Economic Perspectives, vol. 16(2), Spring, pp. 23-47.
82. Nickell, S. (1996). 'Competition and corporate performance', Journal of Political Economy, vol. 104, pp. 724-46.
83. Nolan, P. (2001). China and the Global Economy, Hampshire: Palgrave Publishers.
84. Okimoto, D. I. (1989). Between the MITI and the Market, California: Stanford University Press.
85. Olson, M. (1982) The Rise and Decline of Nations, New York: Yale University Press.
86. Pakes, A. and Ericson, R. (1998). 'Empirical implications of alternative models of firm dynamics', Journal of Economic, Theory, vol. 79(1), (March), pp. 1-45.
87. Phelps, E. S. (1999). 'The global crisis of corporatism', in Wall Street Journal, 25 March.
88. Piore, M. and Sabel, C. (1984). The Second Industrial Divide, New York: Basic Books.
89. Porter, M. E. (1990). The Competitive Advantage of Nations, Basingstoke: Macmillan.
90. Rajan, R. and Zingales, L. (1998). 'Financial dependence and growth', American Economic Review, vol. 58, (June), pp. 559-86.
91. Ravenscraft, D. J. and Scherer, F. M. (1989). 'The profitability of mergers', International Journal of Industrial Organisation, vol. 7(1), (March), pp. 101-16.
92. Rodrik, D. (1995). 'Getting interventions right: how South Korea and Taiwan grew rich', Economic Policy, vol. 20, pp. 53-108.
93. Rodrik, D. (2001). 'Development strategies for the 21st century', Annual World Bank Conference on Development Economics 2000, pp. 85-123, The International Bank Reconstruction and Development/The World Bank.
94. Sachs, J. and Radelet, S. (1998). 'The onset of East Asian financial crisis', National Bureau of Economic Research, Working Paper No. 6680, August.
95. Sakakibara, E. (2001). 'The East Asian crisis - two years later', Annual World Bank Conference on Development Economics 2000, pp. 243-55, The International Bank for Reconstruction and Development/The World Bank, Washington DC.
96. Scherer, F. M. and Ross, D. (1990). Industrial Market Structure and Economic Performance, Boston: Houghton Mifflin.
97. Shleifer, A. and Vishny, R. (1997). 'A survey of corporate governance', Journal of Finance, vol. 52, pp. 737-83.
98. Schwarz, S. (1982). 'Factors affecting the probability of being acquired: evidence for the United States', ECONOMIC JOURNAL, vol. 92, (June), pp. 391-98.
99. Singh, A. (1971). Take-overs, Their Relevance to the Stock Market and the Theory of the Firm, Cambridge: Cambridge University Press.
100. Singh, A. (1975). 'Takeovers, economic natural selection and the theory of the firm', ECONOMIC JOURNAL, vol. 85(339), pp. 497-515.
101. Singh, A. (1992). 'Corporate takeovers', in (J. Eatwell, M. Milgate and P. Newman, eds.), The New Palgrave Dictionary of Money and Finance, pp. 480-6, London: Macmillan.
102. Singh, A. (1993). 'Regulation of mergers: a new agenda', in (R. Sugden, ed.), Industrial Economic Regulation: A Framework and Exploration, pp. 141-58, London: Routledge.
103. Singh, A. (1994). 'How do large corporations in developing countries finance their growth?', in (R. O'Brien, ed.), The AMEX Bank Prize Essays: Finance and the International Economy, no. 8, pp. 121-35, New York: Oxford University Press.
104. Singh, A. (1995a). 'Corporate financial patterns in industrializing economies: a comparative international study', International Finance Corporation Technical Paper no. 2, Washington, DC.
105. Singh, A. (1995b). 'The causes of fast economic growth in East Asia', UNCTAD Review, pp. 91-127, Geneva.
106. Singh, A. (1996). 'The plan, the market and evolutionary economic reform in China' in (A. Abdullah and Rahman Khan A., eds.), State Market and Development, Essays in Honour of Rehman Sobhan Bangladesh: The University Press Ltd.
107. Singh, A. (1997). 'Financial liberalisation, stock markets and economic development', ECONOMIC JOURNAL, vol. 107, pp. 771-82.
108. Singh, A. (1998). 'Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?', in (I.J. Ahluwalia and I.M.D. Little, eds.), India's Economic Reforms and Development: Essays for Manmohan Singh, Oxford: Oxford University Press.
109. Singh, A. (1999a). '"Asian capitalism" and the financial crisis', in (J. Michie and J. Grieve Smith, eds.), Global Instability: The Political Economy of World Economic Governance, pp. 9-36, London: Routledge.
110. Singh, A. (1999b). 'Should Africa promote stock market capitalism?', Journal of International Development, vol. 11, pp. 343-65.
111. Singh, A. (2000). 'The Anglo-Saxon market for corporate control: the financial system and international competitiveness', in Howes and Singh, (2000), pp. 89-105.
112. Singh, A. (2002). 'Competition and competition policy in emerging markets: international and developmental dimensions', G-24 Discussion Paper, Centre for International Development, Harvard University and UNCTAD, Geneva.
113. Singh, A. (2003). 'Corporate governance, corporate finance and stock markets in emerging countries', Journal of Corporate Law Studies, vol. 3(1), pp. 41-72.
114. Singh, A. and Hamid, J. (1992). 'Corporate financial structures in developing countries', Technical Paper 1, Washington DC: International Finance Corporation.
115. Singh, A., Singh, A. and Weisse, B. (2003). 'Corporate governance, competition, the new international financial architecture and large corporations in emerging markets', in UNCTAD (ed.) Management of Capital Flows, Geneva, (UNCTAD/GDS/MDPB/2003), pp. 1-70.
116. Singh, A. and Weisse, B. (1998). 'Emerging stock markets, portfolio capital flows and long-term economic growth: micro and macro perspective', World Development, vol. 26(4), pp. 607-22.
117. Singh, A. and Weisse, B. (1999). 'The Asian model: a crisis foretold?', International Social Science Journal, no. 160, pp. 203-15.
118. Spence, A. M. (1977). 'Nonprice competition', American Economic Review, vol. 67, pp. 255-9.
119. Stigler, G. J. (1968). 'Price and nonprice competition', Journal of Political Economy, vol. 76, pp. 149-54.
120. Stiglitz, J. E. (1991). 'Symposium on organizations and economics', Journal of Economic Perspectives, vol. 5(2), pp. 15-24.
121. Stiglitz, J. E. (1999). 'Reforming the global financial architecture: lessons from recent crises', Journal of Finance, vol. 54(4), pp. 1508-21.
122. Summers, L. H. (1998). 'Opportunities out of crises: lessons From Asia', Remarks to the Overseas Development Council, from the Office of Public Affairs, March 19.
123. Summers, L. H. (2000). 'International financial crises: causes, prevention and cures', American Economics Review Papers and Proceedings, vol. 90(2), pp. 1-16.
124. Tirole, J. (1991). 'Privatisation in Eastern Europe: incentives and the economics of transition', in (O.J. Blanchard and S.S. Fischer, eds.), NBER Macroeconomics Annual 1991, Cambridge, MA: MIT Press.
125. Tybout, J. (2000). 'Manufacturing firms in developing countries: how well do they do and why?', Journal of Economics Literature, vol. 38(1) (March), pp. 11-44.
126. US Council for Economic Advisers (1998). Economic Report of the President, Washington DC: U.S. Government Printing Office.
127. US Council for Economic Advisers (1999). Economic Report of the President, Washington DC: U.S. Government Printing Office.
128. Vickers, J. (1994). 'Concepts of competition', an inaugural lecture delivered before the University of Oxford on 2nd November, 1993, Oxford: Oxford University Press.
129. Wade, R. (1990). Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization, Princeton NJ: Princeton University Press.
130. Wade, R. and Veneroso, F. (1998). 'The Asian financial crisis: the high debt model and the unrecognized risk of the IMF strategy', Working Paper No. 128, New York: Russell Sage Foundation.
131. Warshawsky, M. J. (1987). 'Determinants of corporate merger activity: a review of the literature', Staff Study no. 152, Board of Governors of the Federal Reserve System, Washington DC; summarised in Federal Reserve Bulletin, April, vol. 73(4) (April), pp. 270-1.
132. Whittington, G., Saporta, V. and Singh, A. (1997). 'The effects of hyper-inflation on accounting ratios: financing corporate growth in industrial economies', IFC Technical Paper no. 3, Washington DC: International Finance Corporation.
133. Willig, R. (1987). 'Corporate governance and market structure', in (A. Razin and E. Sadka, eds.), Economic Policy in Theory and Practice, London: Macmillan.
134. Winter, S. G. Jr. (1964). 'Economic "natural selection" and the theory of the Firm', Yale Economic Essays, Spring.
135. Winter, S. G. Jr. (1971), 'Satisfying, selection and the innovating remnant', Quarterly Journal of Economics, vol. 85, (May), pp. 237-61.
136. Winter, S. G. Jr. (1987). 'Competition and selection', in (J. Eatwell, M. Millgate and P. Newman, eds.), The New Palgrave Dictionary of Economics, pp. 545-8, New York, London: Macmillan.
137. World Bank (1993). The East Asian Miracle: Economic Growth and Public Policy, New York: Oxford University Press.
138. World Bank (2002). The World Development Report, Washington DC: The World Bank.