메뉴 건너뛰기




Volumn 8, Issue 2, 2012, Pages 283-309

Control Modes and Outcomes of Transformed State-Owned Enterprises in China: An Empirical Test

Author keywords

Control mode; Organizational transformation; Performance; State owned enterprise

Indexed keywords


EID: 84863446435     PISSN: 17408776     EISSN: 17408784     Source Type: Journal    
DOI: 10.1111/j.1740-8784.2011.00232.x     Document Type: Article
Times cited : (31)

References (71)
  • 1
    • 0032166361 scopus 로고    scopus 로고
    • Explaining performance changes in newly privatized firms
    • Andrews, W., & Dowling, M. 1998. Explaining performance changes in newly privatized firms. Journal of Management Studies, 35: 601-617.
    • (1998) Journal of Management Studies , vol.35 , pp. 601-617
    • Andrews, W.1    Dowling, M.2
  • 2
    • 0013099398 scopus 로고    scopus 로고
    • Agency costs and ownership structure
    • Ang, J. S., Cole, R. A., & Lin, J. W. 2000. Agency costs and ownership structure. Journal of Finance, 55(1): 81-106.
    • (2000) Journal of Finance , vol.55 , Issue.1 , pp. 81-106
    • Ang, J.S.1    Cole, R.A.2    Lin, J.W.3
  • 3
    • 24344434219 scopus 로고    scopus 로고
    • Incentives for CEOs with multitasks: Evidence from Chinese state-owned enterprises
    • Bai, C. E., & Xu, L. C. 2005. Incentives for CEOs with multitasks: Evidence from Chinese state-owned enterprises. Journal of Comparative Economics, 33(3): 517-539.
    • (2005) Journal of Comparative Economics , vol.33 , Issue.3 , pp. 517-539
    • Bai, C.E.1    Xu, L.C.2
  • 4
    • 0030374765 scopus 로고    scopus 로고
    • From fiefs to clans and network capitalism: Explaining China's emerging economic order
    • Boisot, M., & Child, J. 1996. From fiefs to clans and network capitalism: Explaining China's emerging economic order. Administrative Science Quarterly, 41(4): 600-628.
    • (1996) Administrative Science Quarterly , vol.41 , Issue.4 , pp. 600-628
    • Boisot, M.1    Child, J.2
  • 6
    • 33747179094 scopus 로고    scopus 로고
    • Reform and restructuring in a Chinese state-owned enterprise: Sinotrans in the 1990s
    • Buckley, P. J., Clegg, J., & Tan, H. 2005. Reform and restructuring in a Chinese state-owned enterprise: Sinotrans in the 1990s. Management International Review, 45(2): 147-172.
    • (2005) Management International Review , vol.45 , Issue.2 , pp. 147-172
    • Buckley, P.J.1    Clegg, J.2    Tan, H.3
  • 7
    • 67651141410 scopus 로고    scopus 로고
    • On the association between changes in corporate ownership and changes in auditor quality in a transitional economy
    • Chan, H. K., Lin, K. Z., & Zhang, F. 2007. On the association between changes in corporate ownership and changes in auditor quality in a transitional economy. Journal of International Accounting Research, 6(1): 19-36.
    • (2007) Journal of International Accounting Research , vol.6 , Issue.1 , pp. 19-36
    • Chan, H.K.1    Lin, K.Z.2    Zhang, F.3
  • 8
    • 84863483621 scopus 로고    scopus 로고
    • Personal interview by authors in Taipei, Taiwan, May 6.
    • Cheng, C. 2010. Personal interview by authors in Taipei, Taiwan, May 6.
    • (2010)
    • Cheng, C.1
  • 9
    • 84863460396 scopus 로고
    • From reforming to transforming the economic system in Hungary: A survey
    • Csaba, L. 1992. From reforming to transforming the economic system in Hungary: A survey. Comparative Economic Studies, 34(3-4): 96-106.
    • (1992) Comparative Economic Studies , vol.34 , Issue.3-4 , pp. 96-106
    • Csaba, L.1
  • 11
    • 0000838266 scopus 로고    scopus 로고
    • Enterprise restructuring in transition: A quantitative survey
    • Djankov, S., & Murrell, P. 2002. Enterprise restructuring in transition: A quantitative survey. Journal of Economic Literature, 40(3): 739-792.
    • (2002) Journal of Economic Literature , vol.40 , Issue.3 , pp. 739-792
    • Djankov, S.1    Murrell, P.2
  • 12
    • 0001336426 scopus 로고
    • Agency theory: An assessment and review
    • Eisenhardt, K. M. 1989. Agency theory: An assessment and review. Academy of Management Review, 14(1): 57-74.
    • (1989) Academy of Management Review , vol.14 , Issue.1 , pp. 57-74
    • Eisenhardt, K.M.1
  • 13
  • 14
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy, 88(2): 288-307.
    • (1980) Journal of Political Economy , vol.88 , Issue.2 , pp. 288-307
    • Fama, E.F.1
  • 15
    • 5544301656 scopus 로고    scopus 로고
    • Fizz, froth, flat: The challenge of converting China's SOEs into shareholding corporations
    • Freund, E. M. 2001. Fizz, froth, flat: The challenge of converting China's SOEs into shareholding corporations. Policy Studies Review, 18(1): 96-111.
    • (2001) Policy Studies Review , vol.18 , Issue.1 , pp. 96-111
    • Freund, E.M.1
  • 16
    • 0002845606 scopus 로고
    • Horses for courses: Organizational forms for multinational corporations
    • Winter
    • Ghoshal, S., & Nohria, N. 1993. Horses for courses: Organizational forms for multinational corporations. Sloan Management Review, Winter: 23-35.
    • (1993) Sloan Management Review , pp. 23-35
    • Ghoshal, S.1    Nohria, N.2
  • 17
    • 84936194550 scopus 로고
    • The costs and benefits of ownership: A theory of vertical and lateral integration
    • Grossman, S. L., & Hart, O. D. 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4): 691-719.
    • (1986) Journal of Political Economy , vol.94 , Issue.4 , pp. 691-719
    • Grossman, S.L.1    Hart, O.D.2
  • 18
    • 0035093635 scopus 로고    scopus 로고
    • Beyond the property rights approach: Welfare policy and the reform of state-owned enterprises in China
    • Gu, E. X. 2001. Beyond the property rights approach: Welfare policy and the reform of state-owned enterprises in China. Development and Change, 32(1): 129-150.
    • (2001) Development and Change , vol.32 , Issue.1 , pp. 129-150
    • Gu, E.X.1
  • 19
    • 85013893625 scopus 로고    scopus 로고
    • Organizational learning and productivity: State structure and foreign investment in the rise of the Chinese corporation
    • Guthrie, D. 2005. Organizational learning and productivity: State structure and foreign investment in the rise of the Chinese corporation. Management and Organization Review, 1(2): 165-195.
    • (2005) Management and Organization Review , vol.1 , Issue.2 , pp. 165-195
    • Guthrie, D.1
  • 21
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman, J. A. 1978. Specification tests in econometrics. Econometrica, 46(6): 1251-1271.
    • (1978) Econometrica , vol.46 , Issue.6 , pp. 1251-1271
    • Hausman, J.A.1
  • 22
    • 0002682850 scopus 로고
    • Effect of ownership structure and control on corporate productivity
    • Hill, C. W. L., & Snell, S. A. 1989. Effect of ownership structure and control on corporate productivity. Academy of Management Journal, 32(1): 25-46.
    • (1989) Academy of Management Journal , vol.32 , Issue.1 , pp. 25-46
    • Hill, C.W.L.1    Snell, S.A.2
  • 25
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 26
    • 84863489932 scopus 로고    scopus 로고
    • Personal interview by authors conducted in Norfolk, VA, Dec. 16.
    • Jia, Y. 2009. Personal interview by authors conducted in Norfolk, VA, Dec. 16.
    • (2009)
    • Jia, Y.1
  • 29
    • 0001059711 scopus 로고    scopus 로고
    • Agency problems as antecedents to unrelated mergers and diversification: Amihud and Lev reconsidered
    • Lane, P. J., Cannella, A. A., & Lubatkin, M. H. 1998. Agency problems as antecedents to unrelated mergers and diversification: Amihud and Lev reconsidered. Strategic Management Journal, 19: 555-578.
    • (1998) Strategic Management Journal , vol.19 , pp. 555-578
    • Lane, P.J.1    Cannella, A.A.2    Lubatkin, M.H.3
  • 30
    • 84863489931 scopus 로고    scopus 로고
    • Improve state assets performance and accelerate economic structural adjustment. [Last accessed 20 October 2010.] Available from URL:
    • Li, B. 2009. Improve state assets performance and accelerate economic structural adjustment. [Last accessed 20 October 2010.] Available from URL:
    • (2009)
    • Li, B.1
  • 31
    • 0141902065 scopus 로고    scopus 로고
    • Privatizing rural China: Insider privatization, innovative contracts, and the performance of township enterprises
    • Li, H., & Rozelle, S. 2003. Privatizing rural China: Insider privatization, innovative contracts, and the performance of township enterprises. The China Quarterly, 176: 981-1105.
    • (2003) The China Quarterly , vol.176 , pp. 981-1105
    • Li, H.1    Rozelle, S.2
  • 32
    • 4444282705 scopus 로고    scopus 로고
    • Insider privatization with a tail: The screening contract and performance of privatized firms in rural China
    • Li, H., & Rozelle, S. 2004. Insider privatization with a tail: The screening contract and performance of privatized firms in rural China. Journal of Development Economics, 75(1): 1-26.
    • (2004) Journal of Development Economics , vol.75 , Issue.1 , pp. 1-26
    • Li, H.1    Rozelle, S.2
  • 33
    • 0000938160 scopus 로고    scopus 로고
    • The road to capitalism: Competition and institutional change in China
    • Li, S., Li, S., & Zhang, W. 2000. The road to capitalism: Competition and institutional change in China. Journal of Comparative Economics, 28(2): 269-292.
    • (2000) Journal of Comparative Economics , vol.28 , Issue.2 , pp. 269-292
    • Li, S.1    Li, S.2    Zhang, W.3
  • 34
    • 79952135153 scopus 로고    scopus 로고
    • Capitalism in China: A centrally managed capitalism (CMC) and its future
    • Lin, N. 2011. Capitalism in China: A centrally managed capitalism (CMC) and its future. Management and Organization Review, 7(1): 63-96.
    • (2011) Management and Organization Review , vol.7 , Issue.1 , pp. 63-96
    • Lin, N.1
  • 35
    • 0346072462 scopus 로고    scopus 로고
    • Competition, policy burdens, and state-owned enterprise reform
    • Lin, J. Y., Cai, F., & Li, Z. 1998. Competition, policy burdens, and state-owned enterprise reform. American Economic Review, 88: 422-427.
    • (1998) American Economic Review , vol.88 , pp. 422-427
    • Lin, J.Y.1    Cai, F.2    Li, Z.3
  • 36
    • 0041404006 scopus 로고    scopus 로고
    • Corporate governance in transition economies: A case study of two Chinese airlines
    • Mar, P., & Young, M. N. 2001. Corporate governance in transition economies: A case study of two Chinese airlines. Journal of World Business, 36(3): 280-302.
    • (2001) Journal of World Business , vol.36 , Issue.3 , pp. 280-302
    • Mar, P.1    Young, M.N.2
  • 37
    • 0027038736 scopus 로고
    • How to reform a planned economy: Lessons from China
    • McMillan, J., & Naughton, B. 1992. How to reform a planned economy: Lessons from China. Oxford Review of Economic Policy, 8(1): 130-143.
    • (1992) Oxford Review of Economic Policy , vol.8 , Issue.1 , pp. 130-143
    • McMillan, J.1    Naughton, B.2
  • 38
    • 0001759920 scopus 로고    scopus 로고
    • From state to market: A survey of empirical studies on privatization
    • Megginson, W. L., & Netter, J. M. 2001. From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2): 321-389.
    • (2001) Journal of Economic Literature , vol.39 , Issue.2 , pp. 321-389
    • Megginson, W.L.1    Netter, J.M.2
  • 39
    • 0000137997 scopus 로고
    • Relating Porter's business strategies to environment and structure: Analysis and performance implications
    • Miller, D. 1988. Relating Porter's business strategies to environment and structure: Analysis and performance implications. Academy of Management Journal, 31: 280-309.
    • (1988) Academy of Management Journal , vol.31 , pp. 280-309
    • Miller, D.1
  • 40
    • 84863483618 scopus 로고    scopus 로고
    • Nanfangwang. Five monopolistic industries account for 80% of new profits, encroaching other industries. [Last accessed 30 July 2009.] Available from URL:
    • Nanfangwang. 2006. Five monopolistic industries account for 80% of new profits, encroaching other industries. [Last accessed 30 July 2009.] Available from URL:
    • (2006)
  • 42
    • 84936824245 scopus 로고
    • Organizational dynamics of market transition: Hybrid forms, property rights, and mixed economy in China
    • Nee, V. 1992. Organizational dynamics of market transition: Hybrid forms, property rights, and mixed economy in China. Administrative Science Quarterly, 37(1): 1-27.
    • (1992) Administrative Science Quarterly , vol.37 , Issue.1 , pp. 1-27
    • Nee, V.1
  • 44
    • 1942430787 scopus 로고    scopus 로고
    • Ownership types and strategic groups in an emerging economy
    • Peng, M. W., Tan, J., & Tong, T. W. 2004. Ownership types and strategic groups in an emerging economy. Journal of Management Studies, 41(7): 1105-1129.
    • (2004) Journal of Management Studies , vol.41 , Issue.7 , pp. 1105-1129
    • Peng, M.W.1    Tan, J.2    Tong, T.W.3
  • 45
    • 0001435264 scopus 로고    scopus 로고
    • State-owned versus township and village enterprises in China
    • Perotti, E., Sun, L., & Zou, L. 1999. State-owned versus township and village enterprises in China. Comparative Economic Studies, 41(2/3): 151-179.
    • (1999) Comparative Economic Studies , vol.41 , Issue.2-3 , pp. 151-179
    • Perotti, E.1    Sun, L.2    Zou, L.3
  • 46
    • 0034339076 scopus 로고    scopus 로고
    • A multilevel model of privatization in emerging economies
    • Ramamurti, R. 2000. A multilevel model of privatization in emerging economies. Academy of Management Review, 25(3): 525-550.
    • (2000) Academy of Management Review , vol.25 , Issue.3 , pp. 525-550
    • Ramamurti, R.1
  • 47
    • 34247619311 scopus 로고    scopus 로고
    • Incentives management during privatization: An agency perspective
    • Rodriguez, G., Espejo, C., & Cabrera, R. 2007. Incentives management during privatization: An agency perspective. Journal of Management Studies, 44(4): 536-560.
    • (2007) Journal of Management Studies , vol.44 , Issue.4 , pp. 536-560
    • Rodriguez, G.1    Espejo, C.2    Cabrera, R.3
  • 48
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A., & Vishny, R. 1997. A survey of corporate governance. Journal of Finance, 52(2): 737-783.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 49
    • 0346758565 scopus 로고    scopus 로고
    • The legal structure of the Chinese socialist market enterprise
    • Simon, W. H. 1996. The legal structure of the Chinese socialist market enterprise. Journal of Corporate Law, 21(2): 267-306.
    • (1996) Journal of Corporate Law , vol.21 , Issue.2 , pp. 267-306
    • Simon, W.H.1
  • 50
    • 84863471143 scopus 로고    scopus 로고
    • State Administration for Industry and Commerce of China. Regulations regarding the registration of enterprise ownership type, August 28. [Last accessed 16 October 2010.] Available from URL:
    • State Administration for Industry and Commerce of China. 1998. Regulations regarding the registration of enterprise ownership type, August 28. [Last accessed 16 October 2010.] Available from URL:
    • (1998)
  • 51
    • 84990397327 scopus 로고    scopus 로고
    • The growth of entrepreneurial firms in a transitional economy: The case of a Chinese entrepreneur
    • Tan, J. 1999. The growth of entrepreneurial firms in a transitional economy: The case of a Chinese entrepreneur. Journal of Management Inquiry, 5(1): 83-89.
    • (1999) Journal of Management Inquiry , vol.5 , Issue.1 , pp. 83-89
    • Tan, J.1
  • 52
    • 0036588683 scopus 로고    scopus 로고
    • Impact of ownership type on environment-strategy linkage and performance: Evidence from a transitional economy
    • Tan, J. 2002. Impact of ownership type on environment-strategy linkage and performance: Evidence from a transitional economy. Journal of Management Studies, 39(3): 333-354.
    • (2002) Journal of Management Studies , vol.39 , Issue.3 , pp. 333-354
    • Tan, J.1
  • 53
    • 34248643747 scopus 로고    scopus 로고
    • When iron fist, visible hand, and invisible hand meet: Firm-level effects of varying institutional environments in China
    • Tan, J., Li, S., & Xia, J. 2007. When iron fist, visible hand, and invisible hand meet: Firm-level effects of varying institutional environments in China. Journal of Business Research, 60(7): 786-794.
    • (2007) Journal of Business Research , vol.60 , Issue.7 , pp. 786-794
    • Tan, J.1    Li, S.2    Xia, J.3
  • 54
    • 0001185456 scopus 로고
    • Organizational form, population dynamics, and institutional change: The founding patterns of voluntary organizations
    • Tucker, D., Singh, J. V., & Meinhard, A. G. 1990. Organizational form, population dynamics, and institutional change: The founding patterns of voluntary organizations. Academy of Management Journal, 33: 151-178.
    • (1990) Academy of Management Journal , vol.33 , pp. 151-178
    • Tucker, D.1    Singh, J.V.2    Meinhard, A.G.3
  • 55
    • 0029472898 scopus 로고
    • Local governments as industrial firms: An organizational analysis of China's transitional economy
    • Walder, A. G. 1995. Local governments as industrial firms: An organizational analysis of China's transitional economy. American Journal of Sociology, 101(2): 263-301.
    • (1995) American Journal of Sociology , vol.101 , Issue.2 , pp. 263-301
    • Walder, A.G.1
  • 56
    • 79952139006 scopus 로고    scopus 로고
    • From control to ownership: China's managerial revolution
    • Walder, A. G. 2011. From control to ownership: China's managerial revolution. Management and Organization Review, 7(1): 19-38.
    • (2011) Management and Organization Review , vol.7 , Issue.1 , pp. 19-38
    • Walder, A.G.1
  • 57
    • 69349105371 scopus 로고    scopus 로고
    • Corporate governance and financial distress
    • Wang, Z., & Deng, X. 2006. Corporate governance and financial distress. The Chinese Economy, 39(5): 5-27.
    • (2006) The Chinese Economy , vol.39 , Issue.5 , pp. 5-27
    • Wang, Z.1    Deng, X.2
  • 58
    • 84863478984 scopus 로고    scopus 로고
    • The rise of SASAC: Asset management, ownership concentration, and firm performance in China's capital markets
    • forthcoming.
    • Wang, J., Guthrie, D., & Xiao, Z. forthcoming. The rise of SASAC: Asset management, ownership concentration, and firm performance in China's capital markets. Management and Organization Review.
    • Management and Organization Review
    • Wang, J.1    Guthrie, D.2    Xiao, Z.3
  • 59
    • 15844374284 scopus 로고    scopus 로고
    • Ownership structure and firm value in China's privatized firms: 1991-2001
    • Wei, Z., Xie, F., & Zhang, S. 2005. Ownership structure and firm value in China's privatized firms: 1991-2001. Journal of Financial & Quantitative Analysis, 40(1): 87-108.
    • (2005) Journal of Financial & Quantitative Analysis , vol.40 , Issue.1 , pp. 87-108
    • Wei, Z.1    Xie, F.2    Zhang, S.3
  • 62
    • 0031391757 scopus 로고    scopus 로고
    • How successful has state-owned enterprise reform been in China?
    • Wu, Z. 1997. How successful has state-owned enterprise reform been in China? Europe-Asia Studies, 49(7): 1237-1262.
    • (1997) Europe-Asia Studies , vol.49 , Issue.7 , pp. 1237-1262
    • Wu, Z.1
  • 63
    • 0000061785 scopus 로고    scopus 로고
    • Institutional factors influencing China's accounting reforms and standards
    • Xiang, B. 1998. Institutional factors influencing China's accounting reforms and standards. Accounting Horizons, 12(2): 105-119.
    • (1998) Accounting Horizons , vol.12 , Issue.2 , pp. 105-119
    • Xiang, B.1
  • 64
    • 84863471141 scopus 로고    scopus 로고
    • Xinhuashe (New China News Agency). Our government will maintain absolute control over seven major industries. [Last accessed 22 June 2009.] Available from URL:
    • Xinhuashe (New China News Agency). 2006. Our government will maintain absolute control over seven major industries. [Last accessed 22 June 2009.] Available from URL:
    • (2006)
  • 65
    • 84863471140 scopus 로고    scopus 로고
    • Xinjingbao. Nanjing: Let unions tell firms when to give raises. Sept 25. [Last accessed 4 May 2010.] Available from URL:
    • Xinjingbao. 2007. Nanjing: Let unions tell firms when to give raises. Sept 25. [Last accessed 4 May 2010.] Available from URL:
    • (2007)
  • 66
    • 0034451316 scopus 로고    scopus 로고
    • State-assets depletion and economic reform in China
    • Xu, Y. 2000. State-assets depletion and economic reform in China. Studies in Comparative International Development, 35(1): 73-100.
    • (2000) Studies in Comparative International Development , vol.35 , Issue.1 , pp. 73-100
    • Xu, Y.1
  • 67
    • 0002880326 scopus 로고    scopus 로고
    • Ownership structure and corporate governance in Chinese stock companies
    • Xu, X. N., & Wang, Y. 1999. Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10(1): 75-89.
    • (1999) China Economic Review , vol.10 , Issue.1 , pp. 75-89
    • Xu, X.N.1    Wang, Y.2
  • 68
    • 79959869962 scopus 로고    scopus 로고
    • Multinational advantages of Chinese business groups: A theoretical exploration
    • Yiu, D. W. 2011. Multinational advantages of Chinese business groups: A theoretical exploration. Management and Organization Review, 7(2): 249-277.
    • (2011) Management and Organization Review , vol.7 , Issue.2 , pp. 249-277
    • Yiu, D.W.1
  • 69
    • 8844232744 scopus 로고    scopus 로고
    • The roles of corporatization and stock market listing in reforming China's state industry
    • Zhang, L. Y. 2004. The roles of corporatization and stock market listing in reforming China's state industry. World Development, 32(12): 2031-2047.
    • (2004) World Development , vol.32 , Issue.12 , pp. 2031-2047
    • Zhang, L.Y.1
  • 70
    • 77951964953 scopus 로고    scopus 로고
    • Interorganizational exchanges in China: Organizational forms and governance mechanisms
    • Zhang, J., & Keh, H. T. 2010. Interorganizational exchanges in China: Organizational forms and governance mechanisms. Management and Organization Review, 6(1): 123-147.
    • (2010) Management and Organization Review , vol.6 , Issue.1 , pp. 123-147
    • Zhang, J.1    Keh, H.T.2
  • 71
    • 22844455958 scopus 로고    scopus 로고
    • China's corporatization drive: An evaluation and policy implications
    • Zhu, T. 1999. China's corporatization drive: An evaluation and policy implications. Contemporary Economic Policy, 17(4): 530-539.
    • (1999) Contemporary Economic Policy , vol.17 , Issue.4 , pp. 530-539
    • Zhu, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.