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This paper assesses the e¤ects of the competitive structure of a product market on a ...rm's corporate governance structure (i.e., the manager's stock ownership and his governance power over the ...rm). Our model shows the positive side of the manager's private bene...t of control in the product market competition. We ...nd that the manager's stock ownership would be lower and his governance power would be higher when the ...rm's product is more pro...table or when competition in the productdoi:10.1080/00036846.2015.1096009 fatcat:gcgl24xfpbf2vlyi4uxbya7h5i