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An Empirical Examination of Endogenous Ownership in Chinese Private Enterprises

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  • Zhong Qin
  • Vinod Mishra
  • Russell Smyth

Abstract

There is debate over the relationship between ownership structure and firm performance. Most existing studies look at established listed companies in developed countries, in which the market mechanism is well developed. Meanwhile, the relationship between ownership structure and firm performance in small and medium enterprises (SMEs) in transition countries has been largely ignored. Drawing on endogenous ownership theory, this paper explores the impact of ownership structure on firm performance in SMEs in the context of an embryonic market environment. Using survey data for private firms in Shantou City, China, we find that ownership variables do not have a statistically significant relationship with firm performance. We examine the determinants of changing ownership shares and find that firm size and business instability are related to changes in ownership shares. Our findings support the central tenets of endogenous ownership theory and reveal factors that may lead to the change of ownership structure among SMEs in an emerging market.

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Bibliographic Info

Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 38-12.

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Length: 24 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:mos:moswps:2012-38

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Related research

Keywords: ownership structure; endogenous ownership; corporate governance; firm performance; SMEs; private enterprises in China;

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  1. James H. Stock & Motohiro Yogo, 2002. "Testing for Weak Instruments in Linear IV Regression," NBER Technical Working Papers 0284, National Bureau of Economic Research, Inc.
  2. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
  3. Barth, Erling & Gulbrandsen, Trygve & Schonea, Pal, 2005. "Family ownership and productivity: the role of owner-management," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 107-127, March.
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