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Minority Shareholders’ Control Rights and the Quality of Corporate Decisions in Weak Investor Protection Countries : A Natural Experiment from China
Chen, Zhihong - 2012
Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions helps reduce value-decreasing corporate decisions for...
Persistent link: https://www.econbiz.de/10013116135
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Board Characteristics and Chinese Bank Performance
Liang, Qi - 2013
Using a sample of 50 largest Chinese banks during the period of 2003-2010, we explore a comprehensive set of board characteristics (size, composition and functioning of the board) and analyze their impacts on bank performance and bank asset quality in China. We find that the number of board...
Persistent link: https://www.econbiz.de/10013083271
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Board Independence, Ownership Concentration and Corporate Performance - Chinese Evidence
Li, Ke - 2014
This paper investigates two successive reforms in China -- 2001 board independence and 2005 share structure -- to study their joint effects on corporate performance as ownership concentration declines. We find that both independent directors and ownership concentration ratios are individually...
Persistent link: https://www.econbiz.de/10013067498
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Managerial Ownership, Corporate Governance, and Firms’ Exporting Decisions : Evidence from Chinese Listed Companies
Dixon, Robert - 2015
Using a large panel of Chinese listed companies over the period 2004-2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23%-27%, and decrease thereafter. In addition, we find a negative association between state ownership and...
Persistent link: https://www.econbiz.de/10013014387
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Does Ownership Structure Matter? Evidence from the Excess Cash in China
Sun, Zhenzhen - 2015
We examine the effect of corporate ownership structure on the market value of excess cash in Chinese listed firms. We find that state ownership has a positive effect, as the market value of excess cash is greater in state-owned firms than in privately controlled firms. Furthermore, we show that...
Persistent link: https://www.econbiz.de/10013038168
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The Impact of Ownership and Ownership Concentration on the Performance of China’s Listed Firms
Ma, Shiguang - 2009
shareholders and/or institutions dominate ownership among the top tradable shareholders. Our results support the theory that high …
Persistent link: https://www.econbiz.de/10013160286
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Agency Costs, Ownership, and Internal Governance Mechanisms : Evidence From Chinese Listed Companies
Vijayakumaran, Ratnam - 2019
In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and debt financing on agency costs making use of a large...
Persistent link: https://www.econbiz.de/10012894146
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Family Involvement, Political Connection and IPO Underpricing : Evidence from the Companies Listed on the SME Board of China
Cao, Zhen - 2018
Based on hand-collected information on private companies listed in the Chinese SME stock market, this paper studies how family involvement and political connection affect firms' IPO underpricing. Especially, we investigate how underpricing varies with higher- and ordinary level political...
Persistent link: https://www.econbiz.de/10012937030
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Institutional Ownership and Corporate Governance of Public Companies in China
Guo, Lin - 2019
-sensitive (or grey) institutions versus pressure-insensitive (or independent) institutions, and (2) state-owned versus privately …-owned institutions. We find that institutional ownership is positively associated with company Tobin's Q, and the effect is mainly driven … by the ownership of independent institutions, rather than driven by the ownership of privately-owned institutions …
Persistent link: https://www.econbiz.de/10012865418
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Ownership Reform, State Ownership, Corporate Governance, and Agency Costs : The Case of Chinese Listed Companies
Vijayakumaran, Ratnam - 2019
The aim of this paper is to examine the effect of 2005-ownership reform and state ownership on the linkages between corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we find that following the reform managerial ownership,...
Persistent link: https://www.econbiz.de/10012867655