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State equity ownership and firm market performance: evidence from China's newly privatized firms

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  • Wei, Zuobao
  • Varela, Oscar

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  • Wei, Zuobao & Varela, Oscar, 2003. "State equity ownership and firm market performance: evidence from China's newly privatized firms," Global Finance Journal, Elsevier, vol. 14(1), pages 65-82, May.
  • Handle: RePEc:eee:glofin:v:14:y:2003:i:1:p:65-82
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    References listed on IDEAS

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    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-319, March.
    3. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
    4. C. Goodhart & C. Xu, 1996. "The Rise of China as an Economic Power," National Institute Economic Review, National Institute of Economic and Social Research, vol. 155(1), pages 56-80, February.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Chen, Gongmeng & Kwok, Chuck C. Y. & Rui, Oliver M., 2001. "The day-of-the-week regularity in the stock markets of China," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 139-163, April.
    7. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    8. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation," Scholarly Articles 29407535, Harvard University Department of Economics.
    9. repec:sae:niesru:v:155:y::i:1:p:56-80 is not listed on IDEAS
    10. Goodhart, Charles & Xu, Cheng-Gang, 1996. "The rise of China as an economic power," LSE Research Online Documents on Economics 3753, London School of Economics and Political Science, LSE Library.
    11. Denis, David J. & Denis, Diane K., 1994. "Majority owner-managers and organizational efficiency," Journal of Corporate Finance, Elsevier, vol. 1(1), pages 91-118, March.
    12. Ma, Xianghai, 1996. "Capital controls, market segmentation and stock prices: Evidence from the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 4(2-3), pages 219-239, July.
    13. 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.
    14. Holderness, Clifford G. & Sheehan, Dennis P., 1988. "The role of majority shareholders in publicly held corporations : An exploratory analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 317-346, January.
    15. Barnhart, Scott W & Rosenstein, Stuart, 1998. "Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis," The Financial Review, Eastern Finance Association, vol. 33(4), pages 1-16, November.
    16. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    17. Chen, Gongmeng & Firth, Michael & Krishnan, Gopal V., 2001. "Earnings forecast errors in IPO prospectuses and their associations with initial stock returns," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 225-240, April.
    18. Robert McGuire & T. COTT, 1984. "Public versus private economic activity: A new look at school bus transportation," Public Choice, Springer, vol. 43(1), pages 25-43, January.
    19. Groves, Theodore & Yongmiao Hong & John McMillan & Barry Naughton, 1995. "China's Evolving Managerial Labor Market," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 873-892, August.
    20. Sjoo, Boo & Zhang, Jianhua, 2000. "Market segmentation and information diffusion in China's stock markets," Journal of Multinational Financial Management, Elsevier, vol. 10(3-4), pages 421-438, December.
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    Cited by:

    1. Ngo My Tran & Walter Nonneman & Ann Jorissen, 2014. "Government Ownership and Firm Performance: The Case of Vietnam," International Journal of Economics and Financial Issues, Econjournals, vol. 4(3).
    2. Georgeta Vintila & Þtefan Cristian Gherghina, 2015. "Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 501-514.
    3. Hovey, Martin & Naughton, Tony, 2007. "A survey of enterprise reforms in China: The way forward," Economic Systems, Elsevier, vol. 31(2), pages 138-156, June.
    4. Li, Shaomin & Selover, David D. & Stein, Michael, 2011. ""Keep silent and make money": Institutional patterns of earnings management in China," Journal of Asian Economics, Elsevier, vol. 22(5), pages 369-382, October.
    5. Jiang, Bing-Bing & LAURENCESON, James & Tang, Kam Ki, 2008. "Share reform and the performance of China's listed companies," China Economic Review, Elsevier, vol. 19(3), pages 489-501, September.
    6. James Laurenceson & Bing Bing Jiang & Kam Ki Tang, "undated". "Share reform and the performance of China�s listed companies," EAERG Discussion Paper Series 1005, School of Economics, University of Queensland, Australia.
    7. Mouna Mrad & Slaheddine Hallara, 2014. "The Relationship Between the Board of Directors and the Performance/Value Creation in a Context of Privatization: The Case of French Companies," Public Organization Review, Springer, vol. 14(1), pages 83-108, March.
    8. Ng, Alex & Yuce, Ayse & Chen, Eason, 2009. "Determinants of state equity ownership, and its effect on value/performance: China's privatized firms," Pacific-Basin Finance Journal, Elsevier, vol. 17(4), pages 413-443, September.
    9. repec:eee:riibaf:v:42:y:2017:i:c:p:745-768 is not listed on IDEAS
    10. Duc Nam Phung & Anil V. Mishra, 2016. "Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 63-98, March.
    11. repec:eee:iburev:v:26:y:2017:i:6:p:1100-1113 is not listed on IDEAS
    12. Rui Alpalhao & Paulo Alves, 2013. "States as LBO Specialists: Evidence from Portugal," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 4(2), pages 68-76, April.
    13. Keasey, Kevin & McGuinness, Paul B., 2008. "Firm value and its relation to equity retention levels, forecast earnings disclosures and underpricing in initial public offerings in Hong Kong," International Business Review, Elsevier, vol. 17(6), pages 642-662, December.
    14. Kurt Hess & Abeyratna Gunasekarage & Martin Hovey, 2010. "State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China," International Journal of Managerial Finance, Emerald Group Publishing, vol. 6(4), pages 264-289, September.
    15. repec:eee:reveco:v:56:y:2018:i:c:p:438-450 is not listed on IDEAS
    16. Nicholas Lee & Fu-Min Chang & Yale Wang & Duong Thu La & Hsiang-Jane Su, 2017. "Impacts of Macroeconomic News on Vietnamese SOEs' Performance," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 7(1), pages 1-5.
    17. repec:eee:quaeco:v:67:y:2018:i:c:p:100-112 is not listed on IDEAS
    18. Bradford, William & Chen, Chao & Zhu, Song, 2013. "Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 445-464.
    19. Helen Hu & On Tam & Monica Tan, 2010. "Internal governance mechanisms and firm performance in China," Asia Pacific Journal of Management, Springer, vol. 27(4), pages 727-749, December.
    20. Wan, Jiayong & Yuce, Ayse, 2007. "Listing regulations in China and their effect on the performance of IPOs and SOEs," Research in International Business and Finance, Elsevier, vol. 21(3), pages 366-378, September.
    21. Saeed, Abubakr & Belghitar, Yacine & Yousaf, Amna, 2016. "Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets," International Business Review, Elsevier, vol. 25(5), pages 1076-1088.
    22. Li, Donghui & Moshirian, Fariborz & Nguyen, Pascal & Tan, Li-Wen, 2007. "Managerial ownership and firm performance: Evidence from China's privatizations," Research in International Business and Finance, Elsevier, vol. 21(3), pages 396-413, September.
    23. Trien Le & Amon Chizema, 2011. "State ownership and firm performance: Evidence from the Chinese listed firms," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 2(2).
    24. Ahmed Abousamak, 2016. "Principal-principal internal governance mechanisms and the firms' performance: evidence from an emerging market," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 11(2), pages 145-169.

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