Does the type of ownership control matter? Evidence from China's listed companies

Journal of Banking and Finance

Volumn 33, Issue 1, 2009, Pages 171-181

  Chen, Gongmeng ^a   Firth, Michael ^b   Xu, Liping ^c  

^a Shanghai   (China)

^b LINGNAN UNIVERSITY   (Hong Kong)

^c SUN YAT SEN UNIVERSITY   (China)

Author keywords

Large shareholders; Ownership structure; State versus private ownership

Indexed keywords

EID: 56249123643     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2007.12.023     Document Type: Article

References (25)

1. Aivazian V.A., Ge Y., and Qiu J. Can corporatization improve the performance of state-owned enterprises even without privatization?. Journal of Corporate Finance 11 5 (2005) 791-808
2. Boycko M., Shleifer A., and Vishny R.W. A theory of privatization. The Economic Journal 106 435 (1996) 309-319
3. Chen, G., Firth, M., Rui, O., 1998. The economic performance of privatized firms in China, Working paper, The Hong Kong Polytechnic University.
4. Chen G., Firth M., and Rui O. Have China's enterprise reforms led to improved efficiency and profitability?. Emerging Markets Review 7 (2006) 82-109
5. Chen G., Firth M., Gao D.N., and Rui O. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12 (2006) 424-448
6. Chen, G., Firth, M., Xin, Y., Xu, L., 2008. Control transfers, privatization, and corporate performance: Efficiency gains in China's listed companies. Journal of Financial and Quantitative Analysis 43 (1), in press.
7. Deng, J., Gan, J., He, J., 2007. Privatization, large shareholders' incentive to expropriate, and firm performance, Working paper, Hong Kong University of Science and Technology.
8. Denis D.K., and McConnell J.J. International corporate governance. Journal of Financial and Quantitative Analysis 38 1 (2003) 1-36
9. Dewenter K.L., and Malatesta P.H. State-owned and privately owned firms: An empirical analysis of profitability, leverage and labor intensity. American Economic Review 91 (2001) 320-334
10. Fan G., and Wang X. NERI index of marketization of China's provinces (2004), Economics Science Press, Beijing
11. Green, S., 2004. The privatization two-step at China's listed firms, Working Paper, Chatham House.
12. Harris M., and Raviv A. Corporate governance: Voting rights and majority rules. Journal of Financial Economics 20 (1988) 203-235
13. Hutchinson M., and Gul F.A. Investment opportunity set, corporate governance practices and firm performance. Journal of Corporate Finance 9 (2003) 1-20
14. Megginson W.L., and Netter J.M. From state to market: A survey of empirical studies on privatization. Journal of Economic Literature 39 2 (2001) 321-389
15. Rogers W.H. Regression standard errors in clustered samples. Stata Technical Bulletin 13 (1993) 19-23
16. Schmidt P., and Strauss R.P. Estimation of models with jointly dependent qualitative variables: A simultaneous logit approach. Econometrica 43 4 (1975) 745-756
17. Shleifer A. State versus private ownership. Journal of Economic Perspectives 12 4 (1998) 133-150
18. Shleifer A., and Vishny R.W. Large shareholders and corporate control. Journal of Political Economy 94 (1986) 461-488
19. Shleifer A., and Vishny R.W. A survey of corporate governance. Journal of Finance 42 (1997) 737-783
20. Stiglitz, J.E., 1999. Wither reform? Ten years of transition, Keynote Address, Annual Bank Conference on Development Economics, the World Bank.
21. Sun Q., and Tong W.H.S. China share issue privatization: The extent of its success. Journal of Financial Economics 70 2 (2003) 183-222
22. Wang C. Ownership and operating performance of Chinese IPOs. Journal of Banking and Finance 29 (2005) 1835-1856
23. Wang, J., 2003. Governance role of different types of state-shareholders: Evidence from China's listed firms. Ph.D. thesis, Hong Kong University of Science and Technology.
24. Wei Z., Xie F., and Zhang S. Ownership structure and firm value in China's privatized firms: 1991-2001. Journal of Financial and Quantitative Analysis 40 1 (2005) 87-108
25. Zhang, W., 1998. China's SOE reform: A corporate governance perspective, Working paper series, Institute of Business Research, Peking University.