메뉴 건너뛰기




Volumn 17, Issue 2, 2011, Pages 229-243

Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence

Author keywords

Emerging markets; M16; M48; O18; Political connections; Rent seeking incentives

Indexed keywords


EID: 78751704660     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2010.09.009     Document Type: Article
Times cited : (427)

References (41)
  • 2
    • 0001332619 scopus 로고
    • Some Economics of Property Rights
    • Liberty Press, Indianapolis, IN, Reprinted in Alchian, A., 1977, Economic Forces at Work
    • Alchian A. Some Economics of Property Rights. Il Politico 1965, 30:816-829. Liberty Press, Indianapolis, IN, Reprinted in Alchian, A., 1977, Economic Forces at Work.
    • (1965) Il Politico , vol.30 , pp. 816-829
    • Alchian, A.1
  • 3
    • 0000589044 scopus 로고
    • Production, Information Costs, and Economic Organization
    • Alchian A., Demsetz H. Production, Information Costs, and Economic Organization. Am. Econ. Rev. 1972, 62:777-795.
    • (1972) Am. Econ. Rev. , vol.62 , pp. 777-795
    • Alchian, A.1    Demsetz, H.2
  • 4
    • 85203868568 scopus 로고    scopus 로고
    • International Finance Corporation (IFC), The Emerging Private Firms in China
    • International Finance Corporation (IFC), 2000. The Emerging Private Firms in China.
    • (2000)
  • 5
    • 33744812200 scopus 로고    scopus 로고
    • A Theory of Pyramidal Ownership and Family Business Groups
    • Almeida H., Wolfenzon D. A Theory of Pyramidal Ownership and Family Business Groups. J. Finance 2006, 61:2637-2681.
    • (2006) J. Finance , vol.61 , pp. 2637-2681
    • Almeida, H.1    Wolfenzon, D.2
  • 6
    • 0000932935 scopus 로고    scopus 로고
    • The Balance of Power in Closely Held Corporations
    • Bennedsen M., Wolfenzon D. The Balance of Power in Closely Held Corporations. J. Financ. Econ. 2000, 58:113-139.
    • (2000) J. Financ. Econ. , vol.58 , pp. 113-139
    • Bennedsen, M.1    Wolfenzon, D.2
  • 7
    • 20144371752 scopus 로고    scopus 로고
    • Capital Markets and the Evolution of Family Businesses
    • Bhattacharya U., Ravikumar B. Capital Markets and the Evolution of Family Businesses. J. Bus. 2001, 74:187-219.
    • (2001) J. Bus. , vol.74 , pp. 187-219
    • Bhattacharya, U.1    Ravikumar, B.2
  • 9
    • 0001802171 scopus 로고
    • The Contractual Nature of the Firm
    • Cheung S. The Contractual Nature of the Firm. J. Law Econ. 1983, 26:1-21.
    • (1983) J. Law Econ. , vol.26 , pp. 1-21
    • Cheung, S.1
  • 10
    • 0037347554 scopus 로고    scopus 로고
    • Decentralization of the Firm: Theory and Evidence
    • Christie A., Joye M., Watts R.L. Decentralization of the Firm: Theory and Evidence. J. Corp. Finance 2003, 9:3-36.
    • (2003) J. Corp. Finance , vol.9 , pp. 3-36
    • Christie, A.1    Joye, M.2    Watts, R.L.3
  • 11
    • 0000200532 scopus 로고    scopus 로고
    • Disentangling the Incentive and Entrenchment Effects of Large Shareholdings
    • Claessens S., Djankov S., Fan J.P.H., Lang L.H.P. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. J. Finance 2002, 57:2741-2771.
    • (2002) J. Finance , vol.57 , pp. 2741-2771
    • Claessens, S.1    Djankov, S.2    Fan, J.P.H.3    Lang, L.H.P.4
  • 12
    • 84979188687 scopus 로고
    • The Nature of the Firm
    • Coase R.H. The Nature of the Firm. Economica 1937, 4:386-405.
    • (1937) Economica , vol.4 , pp. 386-405
    • Coase, R.H.1
  • 13
    • 0002071502 scopus 로고
    • The Problem of Social Cost
    • Coase R.H. The Problem of Social Cost. J. Law Econ. 1960, 3:1-44.
    • (1960) J. Law Econ. , vol.3 , pp. 1-44
    • Coase, R.H.1
  • 14
    • 20444461207 scopus 로고    scopus 로고
    • Institutions, Ownership, and Finance: The Determinants of Profit Reinvestment among Chinese Firms
    • Cull R., Xu L.C. Institutions, Ownership, and Finance: The Determinants of Profit Reinvestment among Chinese Firms. J. Financ. Econ. 2005, 77:117-146.
    • (2005) J. Financ. Econ. , vol.77 , pp. 117-146
    • Cull, R.1    Xu, L.C.2
  • 16
    • 84935941592 scopus 로고
    • The Structure of Corporate Ownership: Causes and Consequences
    • Demsetz H., Lehn K. The Structure of Corporate Ownership: Causes and Consequences. J. Polit. Econ. 1985, 93:1155-1177.
    • (1985) J. Polit. Econ. , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 17
    • 33645727687 scopus 로고    scopus 로고
    • Politically-connected Firms
    • Faccio M. Politically-connected Firms. Am. Econ. Rev. 2006, 96:369-386.
    • (2006) Am. Econ. Rev. , vol.96 , pp. 369-386
    • Faccio, M.1
  • 18
    • 85203871520 scopus 로고    scopus 로고
    • Succession: The Roles of Specialized Assets and Transfer Costs, working paper
    • Fan, J.P.H., Jian, M., Yeh, Y.H., 2007a. Succession: The Roles of Specialized Assets and Transfer Costs, working paper.
    • (2007)
    • Fan, J.P.H.1    Jian, M.2    Yeh, Y.H.3
  • 19
    • 34247262521 scopus 로고    scopus 로고
    • Politically Connected CEOs, Corporate Governance and Post-IPO Performance of China's Newly Partially Privatized Firms
    • Fan J.P.H., Wong T.J., Zhang T. Politically Connected CEOs, Corporate Governance and Post-IPO Performance of China's Newly Partially Privatized Firms. J. Financ. Econ. 2007, 84:330-357.
    • (2007) J. Financ. Econ. , vol.84 , pp. 330-357
    • Fan, J.P.H.1    Wong, T.J.2    Zhang, T.3
  • 21
    • 85203871900 scopus 로고    scopus 로고
    • Sharing of Control as a Corporate Governance Mechanism. PIER Working Paper No. 01-029; U of Penn, Inst for Law & Econ Research Paper 01-12. Available at SSRN: or
    • Gomes, A., Novaes, W., 2005. Sharing of Control as a Corporate Governance Mechanism. PIER Working Paper No. 01-029; U of Penn, Inst for Law & Econ Research Paper 01-12. Available at SSRN: or doi:10.2139/ssrn.277111.
    • (2005)
    • Gomes, A.1    Novaes, W.2
  • 22
    • 0347281675 scopus 로고    scopus 로고
    • Seize the State, Seize the Day: State Capture, Corruption, and Influence in Transition
    • Hellman J.S., Jones G., Kaufmann D. Seize the State, Seize the Day: State Capture, Corruption, and Influence in Transition. J. Comp. Econ. 2003, 31:751-773.
    • (2003) J. Comp. Econ. , vol.31 , pp. 751-773
    • Hellman, J.S.1    Jones, G.2    Kaufmann, D.3
  • 23
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance
    • Himmelberg C., Hubbard R., Palia D. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance. J. Financ. Econ. 1999, 53:353-384.
    • (1999) J. Financ. Econ. , vol.53 , pp. 353-384
    • Himmelberg, C.1    Hubbard, R.2    Palia, D.3
  • 24
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • Jensen M.C., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. J. Financ. Econ. 1976, 3:305-360.
    • (1976) J. Financ. Econ. , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 25
    • 0000366391 scopus 로고
    • Special and General Knowledge, and Organizational Structure
    • Blackwell, Oxford, L. Werin, H. Wijkander (Eds.)
    • Jensen M.C., Meckling W.H. Special and General Knowledge, and Organizational Structure. Contract Economics 1992, 251-274. Blackwell, Oxford. L. Werin, H. Wijkander (Eds.).
    • (1992) Contract Economics , pp. 251-274
    • Jensen, M.C.1    Meckling, W.H.2
  • 26
    • 77950459020 scopus 로고    scopus 로고
    • Propping through Related Party Transactions
    • Jian M., Wong T.J. Propping through Related Party Transactions. Rev. Acc. Stud. 2010, 15:70-105.
    • (2010) Rev. Acc. Stud. , vol.15 , pp. 70-105
    • Jian, M.1    Wong, T.J.2
  • 27
    • 77955308250 scopus 로고    scopus 로고
    • Tunneling through Inter Corporate Loans: The China Experience. Journal of Financial Economics 98
    • Jiang G., Lee C.M.C., Yue H., 2010. Tunneling through Inter Corporate Loans: The China Experience. Journal of Financial Economics 98 (1), 1-20.
    • (2010) , Issue.1 , pp. 1-20
    • Jiang, G.1    Lee, C.M.C.2    Yue, H.3
  • 29
    • 0000296028 scopus 로고
    • Rent Extraction and Rent Creation in the Economic Theory of Regulation
    • McChesney F.S. Rent Extraction and Rent Creation in the Economic Theory of Regulation. J. Leg. Stud. 1987, 16:101-118.
    • (1987) J. Leg. Stud. , vol.16 , pp. 101-118
    • McChesney, F.S.1
  • 30
    • 27744568017 scopus 로고    scopus 로고
    • Family Control and the Rent-Seeking Society
    • Morck R., Yeung B. Family Control and the Rent-Seeking Society. Entrepreneurship Theory Pract. 2004, 28:391-409.
    • (2004) Entrepreneurship Theory Pract. , vol.28 , pp. 391-409
    • Morck, R.1    Yeung, B.2
  • 31
    • 27744576401 scopus 로고    scopus 로고
    • Corporate Governance, Economic Entrenchment and Growth
    • Morck R., Wolfenzon D., Yeung B. Corporate Governance, Economic Entrenchment and Growth. J. Econ. Lit. 2005, 43:655-720.
    • (2005) J. Econ. Lit. , vol.43 , pp. 655-720
    • Morck, R.1    Wolfenzon, D.2    Yeung, B.3
  • 35
    • 0034420194 scopus 로고    scopus 로고
    • The Process of China's Market Transition (1978-1998): The Evolutionary, Historical, and Comparative Perspectives
    • Qian Y. The Process of China's Market Transition (1978-1998): The Evolutionary, Historical, and Comparative Perspectives. J. Institutional Theor. Econ. 2000, 156:151-171.
    • (2000) J. Institutional Theor. Econ. , vol.156 , pp. 151-171
    • Qian, Y.1
  • 36
    • 0002965561 scopus 로고    scopus 로고
    • Federalism as a Commitment to Preserving Market Incentives
    • Qian Y., Weingast B. Federalism as a Commitment to Preserving Market Incentives. J. Econ. Perspect. 1997, 11:83-92.
    • (1997) J. Econ. Perspect. , vol.11 , pp. 83-92
    • Qian, Y.1    Weingast, B.2
  • 37
    • 0034115244 scopus 로고    scopus 로고
    • Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition
    • Qian Y., Lau L., Roland G. Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition. J. Polit. Econ. 2000, 108:120-143.
    • (2000) J. Polit. Econ. , vol.108 , pp. 120-143
    • Qian, Y.1    Lau, L.2    Roland, G.3
  • 39
    • 84960604076 scopus 로고
    • Politicians and Firms
    • Shleifer A., Vishny R. Politicians and Firms. Q. J. Econ. 1994, 109:995-1025.
    • (1994) Q. J. Econ. , vol.109 , pp. 995-1025
    • Shleifer, A.1    Vishny, R.2
  • 41
    • 0000456233 scopus 로고
    • The Theory of Economic Regulation
    • Stigler G. The Theory of Economic Regulation. Bell J. Econ. 1971, 2:3-21.
    • (1971) Bell J. Econ. , vol.2 , pp. 3-21
    • Stigler, G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.