Shareholding structure, depoliticization and firm performance: Lessons from China's listed firms

Economics of Transition

Volumn 12, Issue 1, 2004, Pages 29-66

  Wong, Sonia M L ^a   Opper, Sonja ^b   Hu, Ruyin ^c  

^a UNIVERSITY OF HONG KONG   (Hong Kong)

^b UNIVERSITY OF TÜBINGEN   (Germany)

^c Shanghai Stock Exchange   (China)

Author keywords

China's listed firms; Corporate performance; Depoliticization; Political control; Transitional economy

Indexed keywords

DECISION MAKING; INDUSTRIAL PERFORMANCE; INDUSTRIAL PRACTICE; STOCK MARKET;

ASIA; CHINA; EURASIA; FAR EAST;

EID: 1842586829     PISSN: 09670750     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.0967-0750.2004.00171.x     Document Type: Article

References (43)

1. Aharony, J., Lee, J. and Wong, T. J. (2000). 'Financial packaging of IPO firms in China', Journal of Accounting Research, 138, pp. 103-27.
2. Boycko, M., Shleifer, A. and Vishny, R. W. (1996). 'A theory of privatisation', Economic Journal, 106, pp. 309-19.
3. Chang, C. and Wang, Y. (1994). 'The nature of the township village enterprise', Journal of Comparative Economics, 19(3), pp. 434-52.
4. Che, J. and Qian, Y. (1998a). 'Institutional environment, community government, and corporate governance: Understanding China's township-village enterprises', Journal of Law, Economics, and Organization, 14(1), pp. 1-23.
5. Che, J. and Qian, Y. (1998b). 'Insecure property rights and government ownership of firms', Quarterly Journal of Economics, 113(2), pp. 467-96.
6. Chen, J. P. C., Chen, S. and Su, X. (2001). 'Is accounting information value-relevant in the emerging Chinese stock market?', Journal of International Accounting, Auditing & Taxation, 10(1), pp. 1-22.
7. Chow, K. W. C. and Fung, K. Y. M. (1998). 'Ownership structure, lending bias, and liquidity constraints: Evidence from Shanghai's manufacturing sector', Journal of Comparative Economics, 26(2), pp. 301-16.
8. Denis, D. J. and Kruse, T. A. (2000). 'Managerial discipline and corporate restructuring following performance declines', Journal of Financial Economics, 55(3), pp. 391-424.
9. Djankov, S. and Murrell, P. (2002). 'Enterprise restructuring in transition: A quantitative survey', Journal of Economic Literature, 40(3), pp. 793-837.
10. Demsetz, H. (1967). 'Towards a theory of property rights', American Economic Review, Papers and Proceedings, 57(2), pp. 347-59.
11. Earle, J., Estrin, S. and Leshcenko, L. (1996). 'Ownership structure, patterns of control, and enterprise behavior in Russia', in Commander, S., Fan, Q. and Schaffer, M. E. Enterprise Restructuring and Economic Policy in Russia, Washington, DC: The World Bank.
12. Fama, E. F. and French, K. R. (1995). 'Size and book-to-market factors in earnings and returns', Journal of Finance, 50(1), pp. 131-55.
13. Gordon, R. H. and Li, W. (2003). 'Government as discriminating monopolist in the financial market: The case of China', Journal of Public Economics, 87(2), pp. 283-312.
14. Hellman, J. S. and Schankerman, M. (2000). 'Intervention, corruption and capture: The nexus between enterprises and the state', Economics of Transition, 8(3), pp. 545-76.
15. Hu, X. (2000). 'The state, enterprises and society in post-Deng China: Impact of the new round of SOE reform', Asian Survey, 40, pp. 641-57.
16. Jones, L. P. (1985), 'Public enterprise for whom: Perverse distributional consequences of public operational decisions', Economic Development and Cultural Change, 33, pp. 333-48.
17. Li, D. D. (1996). 'Ambiguous property rights in transition economies', Journal of Comparative Economics, 23, pp. 1-19.
18. Li, D. D. (2000). 'Insider control vs. government control: A study of China's state enterprise reform', Working Paper, Hong Kong: Hong Kong University of Science and Technology.
19. Lin, Z. J., Chen, F. and Tang, Q. (2001). 'An empirical evaluation of the new system of business accounting in China', Journal of International Accounting, Auditing & Taxation, 10(1), pp. 23-49.
20. Lioukas, S., Bourantas, D. and Papadakis, V. (1993). 'Managerial autonomy of state-owned enterprises determining factors', Organization Science, 4(4), pp. 645-66.
21. McGregor, R. (2001). 'The Little Red Book of Business in China', London: Financial Times, 8 July.
22. Nee, V. (1992). 'Organizational dynamics of market transition Hybrid forms, property rights and mixed economy in China', Administrative Science Quarterly, 37(1), pp. 1-27.
23. North, D. C. (1990). Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.
24. OECD (2002). China in the World Economy. The Domestic Policy Challenges, Paris: OECD.
25. Opper, S., Wong, M. L. S. and Hu, R. (2002). 'Party power, market and private power: CCP persistence in China's listed companies', Research in Social Stratification and Mobility, 19, pp. 103-36.
26. Peng, M. W. and Luo, Y. (2000). 'Managerial ties and firm performance in transition economy: The nature of a micro-macro link', Academy of Management Journal, 43(3), pp. 485-501.
27. Qian, Y. (1995). Reforming Corporate Governance and Finance in China, Corporate Governance in Transitional Economies: Insider Control and the Role of Banks. Washington, DC: The International Bank for Reconstruction and Development.
28. Qian, Y. (1996). 'Enterprise reform in China: Agency problems and political control', Economics of Transition, 4(2), pp. 427-47.
29. Qian, Y. (2001). (ed.) 'Government control in corporate governance as a transitional institution: Lessons from China', Rethinking the East Asian Miracle, pp. 295-321, Oxford University Press and the World Bank.
30. Qian, Y. (2002) 'How reform worked in China', http://elsa.berkeley.edu/~yqian/ how%20reform%20worked%20in%20china.pdf
31. Qi, D., Wu, W. and Zhang, H. (2000). 'Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese companies', Pacific-Basin Finance Journal, 8(5), pp. 587-610.
32. Sappington, D. E. and Stiglitz, J. E. (1987). 'Privatization, information, and incentives', Journal of Policy Analysis & Management, 6(4), pp. 567-81.
33. Shleifer, A. (1998). 'State versus private ownership', NBER Working Paper Series, Working Paper 6665, Cambridge, MA: NBER.
34. Shleifer, A. and Vishny, R. W. (1994). 'Politicians and firms', Quarterly Journal of Economics, 109(4), pp. 995-1025.
35. Shleifer, A. and Vishny, R. W. (1986). 'Large shareholders and corporate control', Journal of Political Economy, 94(3), pp. 461-88.
36. Tenev, S. and Zhang, C. (2002). Corporate Governance and Enterprise Reform in China. Building the Institutions of Modern Markets, Washington, DC: World Bank and the International Finance Corporation.
37. Tian, L. G. (2000). 'State shareholding and value of Chinese firms', IFA Working Paper No. 319, London: London Business School.
38. Walder, A. G. (1995). 'Local governments as industrial firms: An organizational analysis of China's transitional economy', American Journal of Sociology, 101(2), pp. 263-301.
39. Wong, C. (1992). 'Fiscal reform and local industrialization', Modern China, 18(2), pp. 197-227.
40. World Bank (1997). China's Management of Enterprise Assets: The State as Shareholder, Washington, DC: The World Bank.
41. Xin, K. R. and Pearce, J. L. (1996). 'Guanxi: Connections as substitutes for formal institutional support', Academy of Management Journal, 36(6), pp. 1641-58.
42. Xu, X. and Wang, Y. (1999). 'Ownership structure and corporate governance in Chinese stock companies', China Economic Review, 10(1), pp. 75-98.
43. You, J. (1998). China's Enterprise Reform: Changing State-Society Relations After Mao, London: Routledge.