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Institutions, board structure, and corporate performance: Evidence from Chinese firms

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  • Chen, Tao

Abstract

This paper investigates how institutional environment like property rights protection influences the size and composition of corporate boards, and further, how board structure impacts firm performance in China. Using a World Bank survey of 2400 public and private firms across 18 Chinese cities, I find robust evidence that weaker helping hand from the government is associated with a higher number and proportion of outsiders on the board, after controlling for the effects of firm complexity, growth opportunities, CEO characteristics, ownership, and the potential endogeneity concern. Furthermore, the results show that when firms are operating in a weak property rights environment, more outsiders improve corporate performance.

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  • Chen, Tao, 2015. "Institutions, board structure, and corporate performance: Evidence from Chinese firms," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 217-237.
    • Handle: RePEc:eee:corfin:v:32:y:2015:i:c:p:217-237
    DOI: 10.1016/j.jcorpfin.2014.10.009
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    More about this item

    Keywords

    Corporate governance; Property rights; Institutions; Board size; Board composition; Corporate performance;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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