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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 October 2021

Rents and Ownership Concentration

Rents and Ownership Concentration

(p.142) Chapter 20 Rents and Ownership Concentration
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

When product market rents are higher, two key constraints on managers — product and capital market competition — weaken. When these constraints on managers weaken, managerial agency costs in the fully public firm and the demand for alternative means to reduce these costs rise. When product market rents are higher, all else being equal, ownership concentration also becomes higher. Meanwhile, as product increases, managerial agency costs inside the firm decrease.

Keywords:   product market rents, product competition, capital market competition, ownership concentration, national monopoly

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