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Comments on Will Deregulation Affect the Structure of Corporate Governance? Evidence form the Deregulation of US Trucking and Telecommunication Industries. Discussant: Hsiangping Tsai College of Management Yuan Ze University. Main Idea and Contributions. Main idea

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discussant hsiangping tsai college of management yuan ze university

Comments onWill Deregulation Affect the Structure of Corporate Governance? Evidence form the Deregulation of US Trucking and Telecommunication Industries

Discussant: Hsiangping Tsai

College of Management

Yuan Ze University

main idea and contributions
Main Idea and Contributions
  • Main idea
    • Do deregulation affects the market competition and the corporate governance structure?
      • Deregulation → shareholders no longer rely on the regulators to monitor the firm (agency problem)
      • Deregulation → change in market competition (substitute or complement to takeover defenses (i.e., CG structure)
  • Contribution
    • Deregulation does not promise ‘increased competition’
      • Trucking (lower) vs. telecommunication (higher)
    • Deregulation may not help improve overall CG structure
      • Trucking: ownership concentration
      • Telecommunication: increased CEO pay, reduced anti-takeover provision
comments and suggestions
Comments and Suggestions
  • Anti-take over provision
    • Bebchuk et al. (RFS,2009)-What Matters in Corporate Governance
      • The G-index has noisy information
      • Six anti-takeover amendments are used to form the entrenchment index (E index):
        • (1) staggered board,
        • (2) limitation on amending by laws,
        • (3) limitation on amending the charter,
        • (4) supermajority to approve a merger,
        • (5) Golden parachute,
        • (6) Poison pill
comments and suggestions1
Comments and Suggestions
  • Info about the overall governance factor score
    • Summary statistics
    • the relations between it and other governance variables
    • Maybe a correlation between it and firm performance help convince readers that this score is a good proxy for a firm’s overall governance structure.
comments and suggestions2
Comments and Suggestions
  • The effect of HHI on GOV after deregulation
    • How about adding HHI*Dummde*Truck/Telecom
a question
A Question
  • Do these two industries have regulation change around 2003-2004?