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Corporate governance and corporate performance: some evidence from newly listed firms on Chinese stock markets

Author

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  • Langnan Chen
  • Steven Li
  • Weibin Lin

Abstract

This paper is concerned with some corporate governance issues related to newly listed firms in China, based on a sample of 329 firms commencing listing on Shanghai Stock Exchange (SHSE) and Shenzhen Stock exchange (SZSE) during the period from 1998 to 2000. We first investigate the impact of ownership change due to stock market listing on corporate performance measured in terms of profitability, sales, leverage and employee productivity. Our results indicate that, on average, profitability, sales and employee productivity have improved from pre-listing to post-listing. We further investigate the impacts of state majority control, foreign ownership and regulation effects on corporate performance. Overall, this paper provides some new evidence on the listing effect, ownership structure and regulation effect on Chinese firms which will be valuable to the future reform of state owned enterprises.

Suggested Citation

  • Langnan Chen & Steven Li & Weibin Lin, 2007. "Corporate governance and corporate performance: some evidence from newly listed firms on Chinese stock markets," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 4(2), pages 183-197.
  • Handle: RePEc:ids:ijaape:v:4:y:2007:i:2:p:183-197
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    Cited by:

    1. 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).

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