Corporate governance and manager turnover: An unusual social experiment

Journal of Banking and Finance

Volumn 29, Issue 6, 2005, Pages 1459-1481

  Aivazian, Varouj A ^a   Ge, Ying ^b   Qiu, Jiaping ^c  

^a UNIVERSITY OF TORONTO   (Canada)

^b UNIVERSITY OF INTERNATIONAL BUSINESS AND ECONOMICS   (China)

^c WILFRID LAURIER UNIVERSITY   (Canada)

Author keywords

Corporate governance; Emerging markets; Privatization

Indexed keywords

EID: 14944380493     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2004.05.038     Document Type: Article

References (33)

1. Y. Abe Chief executive turnover and firm performance in Japan Journal of the Japanese and International Economies 11 1997 2-26
2. Allen, F., Gale, D., 1999. Corporate governance and competition, Mimeo
3. M. Boycko A. Shleifer R.W. Vishny A theory of privatization Economic Journal 106 1996 309-319
4. Claessens, S., Djankov, S., Fan, J.P.H., Lang, L.H.P., 1999. Expropriation of minority shareholders: Evidence from East Asia. World Bank Policy Research Paper, 2088 (March)
5. R. Cull L. Xu Bureaucrats, state banks, and the efficiency of credit allocation: The experience of Chinese state-owned enterprises Journal of Comparative Economics 28 2000 1-31
6. D.J. Denis D.K. Denis A. Sarin Ownership structure and top executive turnover Journal of Financial Economics 45 1997 193-221
7. M.S. Gibson Is corporate governance ineffective in emerging markets Journal of Financial and Quantitative Analysis 38 1 2003 231-250
8. W.H. Greene Econometrics Analysis fourth ed. 2000 Prentice-Hall
9. T. Groves Y. Hong J. McMillan B. Naughton Autonomy and incentives in Chinese state enterprises Quarterly Journal of Economics 10 February 1994 184-209
10. T. Groves Y. Hong J. McMillan B. Naughton China's evolving managerial labor market Journal of Political Economy 103 1995 873-892
11. S. Grossman O. Hart Corporate financial structure and managerial incentives. In: J. McCall (Ed.) The Economics of Information and Uncertainty 1982 The University of Chicago Press Chicago
12. M. Huson R. Parrino L. Starks Internal monitoring mechanisms and CEO turnover, a long-term perspective Journal of Finance 56 2001 2265-2298
13. G.H. Jefferson T.G. Rawski Y. Zheng Chinese industrial productivity: Trends, measurement issues, and recent development Journal of Comparative Economics 23 1996 146-180
14. M. Jensen Agency costs of free cash flow, corporate finance, and takeovers American Economic Review 76 1986 323-329
15. J.K. Kang A. Shivdasani Firm performance, corporate governance, and top executive turnover in Japan Journal of Financial Economics 38 1995 29-58
16. S.N. Kaplan Top executive rewards and firm performance: A comparison of Japan and the United States Journal of Political Economy 102 1994 510-546
17. S.N. Kaplan Top executives, turnover and firm performance in Germany Journal of Law, Economics and Organization 10 1994 142-159
18. S.N. Kaplan Corporate governance and corporate performance: A comparison of Germany, Japan, and the US. In: D.H. Chew (Ed.) Studies in International Corporate Finance and Governance Systems 1997 Oxford University Press New York
19. Khanna, T., Palepu, K., 1999. Emerging market business groups, foreign investors, and corporate governance. NBER Working Paper 6955 (February)
20. R. La Porta F. Lopez-de-Silanes A. Shleifer R. Vishny Law and finance Journal of Political Economy 106 1998 1113-1155
21. R. La Porta F. Lopez-de-Silanes Benefits of privatization - Evidence from Mexico Quarterly Journal of Economics 114 1999 1193-1242
22. W. Li The impact of economic reform on the performance of Chinese state enterprises, 1980-1989 Journal of Political Economy 105 1997 1080-1106
23. Lins, K.V., 2000. Equity ownership and firm value in emerging markets. Working paper, Kenan-Flagler Business School, University of North Carolina at Chapel Hill (January)
24. Nellis, J., 1994. Is privatization necessary? World Bank Viewpoint Note 17, Washington, DC, World Bank
25. W. Megginson R. Nash M. Randenborgh The financial and operating performance of newly privatized firms: An international empirical analysis Journal of Finance 49 1994 403-452
26. R. Parrino CEO turnover and outside succession, a cross-section analysis Journal of Financial Economics 46 1997 165-197
27. M.M. Shirley L. Xu Information, incentives and commitment: An empirical analysis of contracts between government and state enterprises Journal of Law, Economics, and Organization 14 1998 358-378
28. M.M. Shirley L. Xu Empirical effects of performance contracts: Evidence from China Journal of Law, Economics, and Organization 17 2001 168-200
29. A. Shleifer State versus private ownership Journal of Economic Perspectives 12 1998 133-150
30. L. Xu Control, incentives and competition: The impact of reform on Chinese state-owned enterprises Economics of Transition 8 2000 151-173
31. W.P.M.M. Van de Ven B.M.S. Van Praag The demand for deductibles in private health insurance: A probit model with sample selection Journal of Econometrics 17 1981 229-252
32. J. Vickers G. Yarrow Economic perspectives on privatization Journal of Economic Perspectives 5 1991 111-132
33. G. Yarrow Privatization in theory and practice Economic Policy 2 1986 324-364