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This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …
Persistent link: https://www.econbiz.de/10005677675
We compare the change in ownership concentration in firms privatized through two different programs of mass privatization: the Czech voucher scheme and the Polish program of National Investment Funds. Despite important differences in ownership structure at the start of the process and in the...
Persistent link: https://www.econbiz.de/10005677549
The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...
Persistent link: https://www.econbiz.de/10005784634
This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds …
Persistent link: https://www.econbiz.de/10005784758
performance. On the one hand, concentration of ownership that, in turn, concentrates management control in the hands of a strategic investor, eliminates agency problems associated with dispersed ownership. On the other hand, it may lead to entrenchment of upper management which may be...
Persistent link: https://www.econbiz.de/10005677683
normal trade relations (PNTR) to China and China's anticipated membership in the World Trade Organization (WTO), the American … business community is apt to find more opportunity for investment in China. American investors are likely to be increasingly … their assets. The goal of this paper is to provide an analysis of the corporate governance system in China and offer some …
Persistent link: https://www.econbiz.de/10005652537
We study China's township-village enterprises (TVES) from an organizational perspective with a focus on governance …
Persistent link: https://www.econbiz.de/10005652587
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005784638
Business corporations seek profit. That is, after subtracting cost, they maximize net revenue. Spillovers (both costs and benefits) involve trade-offs governing boards should make. Spillovers, especially when coupled with clumsy applications of discounted present value, distort a business'...
Persistent link: https://www.econbiz.de/10005207895
Transition has entailed the introduction of policies to stimulate product market competition, to establish effective corporate governance and to harden enterprise budget constraints. How do these policies interact? Are they substitute policy instruments or does one policy reinforce the effect of...
Persistent link: https://www.econbiz.de/10005207902