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Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data*

Kato, Takao; Long, Cheryl - William Davidson Institute, University of Michigan - 2004

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

Financial Efficiency and the Ownership of Czech Firms

Kocenda, Evzen; Hanousek, Jan; Masika, Michal - William Davidson Institute, University of Michigan - 2011

In this paper we analyze the evolution of firm financial efficiency in the Czech Republic. Using a large panel of more than 400,000 Czech firm/years we study whether firms fully utilize their resources, how firm financial efficiency evolves over time, and how firm financial efficiency is...

Persistent link: https://www.econbiz.de/10010545914

Mass Privatisation, Corporate Governance and Endogenous Ownership Structure

Grosfeld, Irena; Hashi, Iraj - William Davidson Institute, University of Michigan - 2003

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

Capital Markets and Capital Allocation: Implications for Economies in Transition

Durnev, Artyom; Morck, Randall; Yeung, Bernard - William Davidson Institute, University of Michigan - 2001

Persistent link: https://www.econbiz.de/10005489863

FDI and the Consequences: Towards more complete capture of spillover effects

Schoors, Ken; Merlevede, Bruno - William Davidson Institute, University of Michigan - 2007

We analyze productivity spillovers of FDI on domestic companies, both within and across industries. In the identification of intraindustry spillovers, we separate out labor market effects from other effects. Interindustry spillovers are identified through upstream, downstream, and...

Persistent link: https://www.econbiz.de/10005652611

Ownership concentration & firm performance: Evidence from an emerging market

Grosfeld, Irena - William Davidson Institute, University of Michigan - 2006

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

Government Shareholding and the Value of China's Modern Firms

Tian, Lihui - William Davidson Institute, University of Michigan - 2001

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

DO INSIDER TRADING LAWS MATTER? SOME PRELIMINARY COMPARATIVE EVIDENCE

Beny, Laura Nyantung - William Davidson Institute, University of Michigan - 2005

Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...

Persistent link: https://www.econbiz.de/10005784800

STRUCTURAL REFORM AND FIRM PROFITABILITY IN DEVELOPING COUNTRIES

CUERVO-CAZURRA, Alvaro; DAU, Luis Alfonso - William Davidson Institute, University of Michigan - 2008

We extend agency theory to propose that structural reform positively impacts firm profitability in developing countries because the improvements in external monitoring that accompany structural reform decrease the agency costs faced by firms. However, we also argue that not all firms benefit...

Persistent link: https://www.econbiz.de/10008528995

Healthy Organizations and the Link to Peaceful Societies: Strategies for Implementing Organizational Change

Jackson, Jeannette; Coolican, Maria - William Davidson Institute, University of Michigan - 2002

When designing and implementing an organizational change process, we are intentionally and oftentimes significantly impacting the lives of the human beings who make up the organization. Individuals who work in organizations spend a majority of their time, usually at least five days each week, in...

Persistent link: https://www.econbiz.de/10005677574