메뉴 건너뛰기




Volumn 15, Issue 2, 2009, Pages 230-244

Governance with multiple objectives: Evidence from top executive turnover in China

Author keywords

Firm performance; Managerial turnovers; Multiple firm objectives; State ownership

Indexed keywords


EID: 59649096422     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2008.10.003     Document Type: Article
Times cited : (139)

References (63)
  • 1
    • 0001332619 scopus 로고
    • Some economics of property rights
    • Alchian A. Some economics of property rights. II Politico 30 (1965) 816-829
    • (1965) II Politico , vol.30 , pp. 816-829
    • Alchian, A.1
  • 2
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • Andrade G., and Kaplan S. How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. Journal of Finance 53 (1998) 1443-1493
    • (1998) Journal of Finance , vol.53 , pp. 1443-1493
    • Andrade, G.1    Kaplan, S.2
  • 4
    • 33744534511 scopus 로고    scopus 로고
    • The multitask theory of state enterprise reform: empirical evidence from China
    • Bai C.E., Lu J.Y., and Tao Z.G. The multitask theory of state enterprise reform: empirical evidence from China. American Economic Review 96 (2006) 353-357
    • (2006) American Economic Review , vol.96 , pp. 353-357
    • Bai, C.E.1    Lu, J.Y.2    Tao, Z.G.3
  • 5
    • 34250628657 scopus 로고    scopus 로고
    • Regulation and state ownership: conflicts and complementarities in EU telecommunications
    • Bauer J.M. Regulation and state ownership: conflicts and complementarities in EU telecommunications. Annals of Public and Cooperative Economics 76 2 (2005) 151-177
    • (2005) Annals of Public and Cooperative Economics , vol.76 , Issue.2 , pp. 151-177
    • Bauer, J.M.1
  • 6
    • 0041672438 scopus 로고    scopus 로고
    • Managerial incentives in nonprofit organizations: evidence from hospitals
    • Brickley J., and Van Horn R.L. Managerial incentives in nonprofit organizations: evidence from hospitals. Journal of Law and Economics 95 1 (2002) 227-250
    • (2002) Journal of Law and Economics , vol.95 , Issue.1 , pp. 227-250
    • Brickley, J.1    Van Horn, R.L.2
  • 7
    • 59649112741 scopus 로고    scopus 로고
    • Political control and performance in China's listed firms
    • Chang E., and Wong S. Political control and performance in China's listed firms. Journal of Comparative Economics 20 (2004) 1-20
    • (2004) Journal of Comparative Economics , vol.20 , pp. 1-20
    • Chang, E.1    Wong, S.2
  • 12
    • 0032799933 scopus 로고    scopus 로고
    • Enterprise performance and management turnover in Czech Republic
    • Claessens S., and Djankov S. Enterprise performance and management turnover in Czech Republic. European Economic Review 43 4-6 (1999) 1115-1124
    • (1999) European Economic Review , vol.43 , Issue.4-6 , pp. 1115-1124
    • Claessens, S.1    Djankov, S.2
  • 13
    • 0001673134 scopus 로고
    • Inside/outside succession and organizational size: the pragmatics of executive replacement
    • Dalton D., and Kesner I. Inside/outside succession and organizational size: the pragmatics of executive replacement. Academy of Management Journal 26 (1983) 736-742
    • (1983) Academy of Management Journal , vol.26 , pp. 736-742
    • Dalton, D.1    Kesner, I.2
  • 14
    • 0346762522 scopus 로고    scopus 로고
    • Meta-analytic reviews of board composition, leadership structure, and financial performance
    • Dalton D., Daily C., Ellestrand A., and Johnson J. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19 (1998) 269-290
    • (1998) Strategic Management Journal , vol.19 , pp. 269-290
    • Dalton, D.1    Daily, C.2    Ellestrand, A.3    Johnson, J.4
  • 15
    • 84970685969 scopus 로고
    • Key executive succession and stockholder wealth: the influence of successor's origin, position, and age
    • Davidson W., Worrel D., and Cheng L. Key executive succession and stockholder wealth: the influence of successor's origin, position, and age. Journal of Management 16 3 (1990) 647-664
    • (1990) Journal of Management , vol.16 , Issue.3 , pp. 647-664
    • Davidson, W.1    Worrel, D.2    Cheng, L.3
  • 16
    • 34548485699 scopus 로고    scopus 로고
    • A new perspective on ownership identities in China's listed companies
    • Delios A., Zhi, Wu J., and Zhou N. A new perspective on ownership identities in China's listed companies. Management and Organization Review 2 3 (2006) 319-343
    • (2006) Management and Organization Review , vol.2 , Issue.3 , pp. 319-343
    • Delios, A.1    Zhi2    Wu, J.3    Zhou, N.4
  • 17
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • Denis D., and Denis D. Performance changes following top management dismissals. Journal of Finance 50 (1995) 1029-1057
    • (1995) Journal of Finance , vol.50 , pp. 1029-1057
    • Denis, D.1    Denis, D.2
  • 19
    • 0001043118 scopus 로고    scopus 로고
    • Power of incentives in private versus public organizations
    • Dixit A. Power of incentives in private versus public organizations. AEA Papers and Proceedings 87 2 (1997) 378-382
    • (1997) AEA Papers and Proceedings , vol.87 , Issue.2 , pp. 378-382
    • Dixit, A.1
  • 20
    • 0042429179 scopus 로고    scopus 로고
    • Public versus private governance: a study of incentives and operational performance
    • Eldenburg L., and Krishnan R. Public versus private governance: a study of incentives and operational performance. Journal of Accounting and Economics 35 3 (2003) 377-404
    • (2003) Journal of Accounting and Economics , vol.35 , Issue.3 , pp. 377-404
    • Eldenburg, L.1    Krishnan, R.2
  • 21
    • 10944232683 scopus 로고    scopus 로고
    • Decentralization and macroeconomic performance in China: regional autonomy has its costs
    • Feltenstein A., and Iwata S. Decentralization and macroeconomic performance in China: regional autonomy has its costs. Journal of Development Economics 76 (2005) 481-501
    • (2005) Journal of Development Economics , vol.76 , pp. 481-501
    • Feltenstein, A.1    Iwata, S.2
  • 22
    • 33748789046 scopus 로고    scopus 로고
    • Firm performance, governance structure, and top management turnover in a transitional economy
    • Firth M., Fung M.Y., and Rui M. Firm performance, governance structure, and top management turnover in a transitional economy. Journal of Management Studies, 43 6 (2006) 1289-1330
    • (2006) Journal of Management Studies , vol.43 , Issue.6 , pp. 1289-1330
    • Firth, M.1    Fung, M.Y.2    Rui, M.3
  • 23
    • 84936628618 scopus 로고
    • The intraorganizational power struggle: rise of finance personnel to top leadership in large corporations, 1919-1979
    • Fligstein N. The intraorganizational power struggle: rise of finance personnel to top leadership in large corporations, 1919-1979. American Sociological Review 52 (1987) 44-58
    • (1987) American Sociological Review , vol.52 , pp. 44-58
    • Fligstein, N.1
  • 24
    • 17544367152 scopus 로고    scopus 로고
    • Earnings and dividend informativeness: when cash flow rights are separated from voting rights
    • Francis J., Schipper K., and Vincent L. Earnings and dividend informativeness: when cash flow rights are separated from voting rights. Journal of Accounting and Economics 39 (2005) 329-360
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 329-360
    • Francis, J.1    Schipper, K.2    Vincent, L.3
  • 26
    • 0000579385 scopus 로고
    • CEO succession and stockholder reaction: the influence of organizational context and event context
    • Friedman S., and Singh H. CEO succession and stockholder reaction: the influence of organizational context and event context. Academy of Management Journal 32 (1989) 718-744
    • (1989) Academy of Management Journal , vol.32 , pp. 718-744
    • Friedman, S.1    Singh, H.2
  • 27
    • 0039486418 scopus 로고    scopus 로고
    • On the departure of a chief executive officer: scenarios and implications
    • Gibelman M., and Gelman S.R. On the departure of a chief executive officer: scenarios and implications. Administration in Social Work 26 (2002) 63-82
    • (2002) Administration in Social Work , vol.26 , pp. 63-82
    • Gibelman, M.1    Gelman, S.R.2
  • 28
    • 45249128199 scopus 로고
    • Management turnover and financial distress
    • Gilson S.C. Management turnover and financial distress. Journal of Financial Economics 25 (1989) 241-262
    • (1989) Journal of Financial Economics , vol.25 , pp. 241-262
    • Gilson, S.C.1
  • 30
    • 84993915039 scopus 로고
    • The post-emergence performance of firms emerging from Chapter 11
    • Hotchkiss E.S. The post-emergence performance of firms emerging from Chapter 11. Journal of Finance 50 (1995) 3-21
    • (1995) Journal of Finance , vol.50 , pp. 3-21
    • Hotchkiss, E.S.1
  • 31
    • 0040331678 scopus 로고    scopus 로고
    • Internal monitoring mechanisms and CEO turnover: a long-term perspective
    • Huson M., Parrino R., and Starks L. Internal monitoring mechanisms and CEO turnover: a long-term perspective. Journal of Finance 56 (2001) 2265-2298
    • (2001) Journal of Finance , vol.56 , pp. 2265-2298
    • Huson, M.1    Parrino, R.2    Starks, L.3
  • 33
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76 (1986) 323-339
    • (1986) American Economic Review , vol.76 , pp. 323-339
    • Jensen, M.1
  • 34
    • 84986271027 scopus 로고    scopus 로고
    • Value maximization, stakeholder theory, and the corporate objective function
    • Jensen M. Value maximization, stakeholder theory, and the corporate objective function. European Financial Management Review 7 3 (2001) 297-317
    • (2001) European Financial Management Review , vol.7 , Issue.3 , pp. 297-317
    • Jensen, M.1
  • 35
    • 84936016411 scopus 로고
    • Performance pay and top management incentives
    • Jensen M., and Murphy K. Performance pay and top management incentives. Journal of Political Economy 98 (1990) 225-264
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 36
    • 0022171242 scopus 로고
    • Public enterprise for whom? Perverse distributional consequences of public operational decisions
    • Jones L.P. Public enterprise for whom? Perverse distributional consequences of public operational decisions. Economic Development and Cultural Change 33 2 (1985) 333-348
    • (1985) Economic Development and Cultural Change , vol.33 , Issue.2 , pp. 333-348
    • Jones, L.P.1
  • 37
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • Kang J., and Shivdasani A. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38 (1995) 29-58
    • (1995) Journal of Financial Economics , vol.38 , pp. 29-58
    • Kang, J.1    Shivdasani, A.2
  • 38
    • 84937314069 scopus 로고
    • Top executive rewards and firm performance: a comparison of Japan and the U.S
    • Kaplan S. Top executive rewards and firm performance: a comparison of Japan and the U.S. Journal of Political Economy 102 (1994) 510-546
    • (1994) Journal of Political Economy , vol.102 , pp. 510-546
    • Kaplan, S.1
  • 39
    • 33750987304 scopus 로고    scopus 로고
    • CEO turnover, firm performance and enterprise reform in China: evidence from micro data
    • Kato T., and Long C. CEO turnover, firm performance and enterprise reform in China: evidence from micro data. Journal of Comparative Economics 34 (2006) 796-817
    • (2006) Journal of Comparative Economics , vol.34 , pp. 796-817
    • Kato, T.1    Long, C.2
  • 40
    • 84993907217 scopus 로고
    • Managers of financially distressed firms: villains or scapegoats?
    • Khanna N., and Poulsen A. Managers of financially distressed firms: villains or scapegoats?. Journal of Finance 50 3 (1995) 919-940
    • (1995) Journal of Finance , vol.50 , Issue.3 , pp. 919-940
    • Khanna, N.1    Poulsen, A.2
  • 41
    • 0031537060 scopus 로고    scopus 로고
    • The government as a shareholder: a case from the United States
    • Kole S., and Mulherin J. The government as a shareholder: a case from the United States. Journal of Law and Economics 40 (1997) 1-22
    • (1997) Journal of Law and Economics , vol.40 , pp. 1-22
    • Kole, S.1    Mulherin, J.2
  • 44
    • 23244435901 scopus 로고    scopus 로고
    • Political turnover and economic performance: the disciplinary role of personnel control in China
    • Li H., and Zhou L. Political turnover and economic performance: the disciplinary role of personnel control in China. Journal of Public Economics 89 9-10 (2005) 1743-1762
    • (2005) Journal of Public Economics , vol.89 , Issue.9-10 , pp. 1743-1762
    • Li, H.1    Zhou, L.2
  • 45
    • 12844288152 scopus 로고    scopus 로고
    • The class of shareholdings and its impacts on corporate performance: a case of state shareholding composition in Chinese public corporations
    • Liu G.S., and Sun P. The class of shareholdings and its impacts on corporate performance: a case of state shareholding composition in Chinese public corporations. Corporate Governance-An International Review 13 1 (2005) 46-59
    • (2005) Corporate Governance-An International Review , vol.13 , Issue.1 , pp. 46-59
    • Liu, G.S.1    Sun, P.2
  • 46
    • 84962994336 scopus 로고
    • Bureaucratic structure and personality
    • Merton R. Bureaucratic structure and personality. Social Forces 17 (1940) 560-568
    • (1940) Social Forces , vol.17 , pp. 560-568
    • Merton, R.1
  • 47
    • 1342280180 scopus 로고    scopus 로고
    • Management turnover in subsidiaries of conglomerates versus stand-alone firms
    • McNeil C., Niehaus G., and Powers E. Management turnover in subsidiaries of conglomerates versus stand-alone firms. Journal of Financial Economics 72 (2004) 63-69
    • (2004) Journal of Financial Economics , vol.72 , pp. 63-69
    • McNeil, C.1    Niehaus, G.2    Powers, E.3
  • 48
    • 0001373089 scopus 로고    scopus 로고
    • The information content of the stock market: why do emerging markets have synchronous stock price movement?
    • Morck R., Yueng B., and Yu W. The information content of the stock market: why do emerging markets have synchronous stock price movement?. Journal of Financial Economics 58 (2000) 215-260
    • (2000) Journal of Financial Economics , vol.58 , pp. 215-260
    • Morck, R.1    Yueng, B.2    Yu, W.3
  • 50
    • 20444477107 scopus 로고    scopus 로고
    • Interpreting logit regressions with interaction terms: an application to management turnover literature
    • Powers E.A. Interpreting logit regressions with interaction terms: an application to management turnover literature. Journal of Corporate Finance 11 (2005) 504-522
    • (2005) Journal of Corporate Finance , vol.11 , pp. 504-522
    • Powers, E.A.1
  • 51
    • 0000861448 scopus 로고    scopus 로고
    • Federalism and the soft budget constraint
    • Qian Y., and Roland G. Federalism and the soft budget constraint. The American Economic Review 88 (1998) 1143-1162
    • (1998) The American Economic Review , vol.88 , pp. 1143-1162
    • Qian, Y.1    Roland, G.2
  • 52
    • 0036961442 scopus 로고    scopus 로고
    • Political dynamics within top management and their impacts on CEO dismissal followed by inside succession
    • Shen W., and Cannella A.A. Political dynamics within top management and their impacts on CEO dismissal followed by inside succession. Academy of Management Journal 45 (2002) 1195-1208
    • (2002) Academy of Management Journal , vol.45 , pp. 1195-1208
    • Shen, W.1    Cannella, A.A.2
  • 54
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A., and Vishny R. A survey of corporate governance. Journal of Finance 52 (1997) 737-783
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 55
    • 0142056036 scopus 로고    scopus 로고
    • China share issue privatization: the extent of its success
    • Sun Q., and Tong W. China share issue privatization: the extent of its success. Journal of Financial Economics 70 (2003) 183-222
    • (2003) Journal of Financial Economics , vol.70 , pp. 183-222
    • Sun, Q.1    Tong, W.2
  • 56
    • 0036234941 scopus 로고    scopus 로고
    • Governance with poor investor protection: evidence from top executive turnover in Italy
    • Volpin P. Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics 64 1 (2002) 61-90
    • (2002) Journal of Financial Economics , vol.64 , Issue.1 , pp. 61-90
    • Volpin, P.1
  • 57
    • 4444348242 scopus 로고    scopus 로고
    • State-owned enterprises going public: the case of China
    • Wang X., Xu L., and Zhu T. State-owned enterprises going public: the case of China. Economics of Transition 12 3 (2004) 467-487
    • (2004) Economics of Transition , vol.12 , Issue.3 , pp. 467-487
    • Wang, X.1    Xu, L.2    Zhu, T.3
  • 58
    • 33750997030 scopus 로고    scopus 로고
    • China's stock market: a marriage of capitalism and socialism
    • Wong M.L.S. China's stock market: a marriage of capitalism and socialism. Cato Journal, 26 (2006) 1-35
    • (2006) Cato Journal , vol.26 , pp. 1-35
    • Wong, M.L.S.1
  • 59
    • 1842586829 scopus 로고    scopus 로고
    • Shareholding structure, depoliticization and enterprise performance: lessons from China's listed companies
    • Wong M.L.S., Opper S., and Hu R.Y. Shareholding structure, depoliticization and enterprise performance: lessons from China's listed companies. Economics of Transition 12 1 (2004) 29-66
    • (2004) Economics of Transition , vol.12 , Issue.1 , pp. 29-66
    • Wong, M.L.S.1    Opper, S.2    Hu, R.Y.3
  • 61
    • 0002880326 scopus 로고    scopus 로고
    • Ownership structure and corporate governance in Chinese stock companies
    • Xu X., and Wang Y. Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10 (1999) 75-98
    • (1999) China Economic Review , vol.10 , pp. 75-98
    • Xu, X.1    Wang, Y.2
  • 62
    • 33846555267 scopus 로고    scopus 로고
    • Market socialism revisited: the case of Chinese state-owned enterprises
    • Zhang L.Y. Market socialism revisited: the case of Chinese state-owned enterprises. Issues & Studies 42 3 (2006) 1-46
    • (2006) Issues & Studies , vol.42 , Issue.3 , pp. 1-46
    • Zhang, L.Y.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.