Corporate Governance and Firm Performance: the effects of regulation and competitiveness


*National University of Singapore, NUS Business School, Singapore, Business Policy, 02-04, BIZ 1, 1 Business Link, 117592 Singapore. Tel: +65 6516 3774; E-mail:


We propose that the extent to which regulation and competitiveness play a role in the country environment has a complex, interactive effect on the relationship between corporate governance and firm performance. Using an analytical method, we develop an algorithm to express these effects, and offer proofs to show that our algorithm meets central conditions that are identified based on extant research findings in this domain. An illustration traces the performance of firms with different corporate governance standards across various environmental conditions.