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State ownership and listed firm performance: a universally negative governance relationship?

  • Trien Le

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  • Trevor Buck
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    File URL: http://hdl.handle.net/10.1007/s10997-009-9098-5
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    Article provided by Springer in its journal Journal of Management & Governance.

    Volume (Year): 15 (2011)
    Issue (Month): 2 (May)
    Pages: 227-248

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    Handle: RePEc:kap:jmgtgv:v:15:y:2011:i:2:p:227-248
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102940

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    5. Sami, Heibatollah & Zhou, Haiyan, 2008. "Reply to discussant comments on "Do auditing standards improve the accounting disclosure and information environment of public companies? Evidence from the emerging markets in China"," The International Journal of Accounting, Elsevier, vol. 43(2), pages 178-183.
    6. Roger H. Gordon & Wei Li, 1999. "Government as a Discriminating Monopolist in the Financial Market: The Case of China," NBER Working Papers 7110, National Bureau of Economic Research, Inc.
    7. John Fernald & John H. Rogers, 2002. "Puzzles In The Chinese Stock Market," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 416-432, August.
    8. Xu, Xiaonian & Wang, Yan, 1999. "Ownership structure and corporate governance in Chinese stock companies," China Economic Review, Elsevier, vol. 10(1), pages 75-98.
    9. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    10. Takao Kato & Cheryl Long, 2006. "Executive Turnover and Firm Performance in China," American Economic Review, American Economic Association, vol. 96(2), pages 363-367, May.
    11. Wei Li, 1994. "The Impact of Economic Reform on the Performance of Chinese State Enterprises: 1980--1989," Development and Comp Systems 9410001, EconWPA.
    12. Haw, In-Mu, 2008. "Discussant comments for "Do auditing standards improve the accounting disclosure and information environment of public companies? Evidence from the emerging markets in China"," The International Journal of Accounting, Elsevier, vol. 43(2), pages 170-177.
    13. Lau, Chung-Ming & Fan, Dennis K.K. & Young, Michael N. & Wu, Shukun, 2007. "Corporate governance effectiveness during institutional transition," International Business Review, Elsevier, vol. 16(4), pages 425-448, August.
    14. Lehn, Kenneth & Poulsen, Annette, 1989. " Free Cash Flow and Stockholder Gains in Going Private Transactions," Journal of Finance, American Finance Association, vol. 44(3), pages 771-87, July.
    15. Lihui Tian & Saul Estrin, 2005. "Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?," William Davidson Institute Working Papers Series wp750, William Davidson Institute at the University of Michigan.
    16. Trevor Buck & Xiaohui Liu & Rodion Skovoroda, 2008. "Top executive pay and firm performance in China," Journal of International Business Studies, Palgrave Macmillan, vol. 39(5), pages 833-850, July.
    17. Mike Wright & Robert E. Hoskisson & Mike W. Peng, 2005. "Strategy Research in Emerging Economies: Challenging the Conventional Wisdom," Journal of Management Studies, Wiley Blackwell, vol. 42(1), pages 1-33, 01.
    18. Barberis, Nicholas & Boycko, Maxim & Shleifer, Andrei & Tsukanova, Natalia, 1996. "How Does Privatization Work? Evidence from the Russian Shops," Scholarly Articles 3451306, Harvard University Department of Economics.
    19. Chen, Xiaoying (Cindy) & Yur-Austin, Jasmine, 2007. "Re-measuring agency costs: The effectiveness of blockholders," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 588-601, December.
    20. Chow, Gregory C, 1997. "Challenges of China's Economic System for Economic Theory," American Economic Review, American Economic Association, vol. 87(2), pages 321-27, May.
    21. Franklin Allen & Jun Qian & Meijun Qian, 2002. "Law, Finance, and Economic Growth in China," Center for Financial Institutions Working Papers 02-44, Wharton School Center for Financial Institutions, University of Pennsylvania.
    22. Li, David D, 1998. "Changing Incentives of the Chinese Bureaucracy," American Economic Review, American Economic Association, vol. 88(2), pages 393-97, May.
    23. Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
    24. Shirley, Mary & Walsh, Patrick, 2000. "Public versus private ownership : the current state of the debate," Policy Research Working Paper Series 2420, The World Bank.
    25. James S. Ang & Rebel A. Cole & James Wuh Lin, 2000. "Agency Costs and Ownership Structure," Journal of Finance, American Finance Association, vol. 55(1), pages 81-106, 02.
    26. Sun, Qian & Tong, Wilson H. S., 2003. "China share issue privatization: the extent of its success," Journal of Financial Economics, Elsevier, vol. 70(2), pages 183-222, November.
    27. Qi, Daqing & Wu, Woody & Zhang, Hua, 2000. "Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese companies," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages 587-610, October.
    28. 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.
    29. Xiao-Ping Chen & Shu Li, 2005. "Cross-national differences in cooperative decision-making in mixed-motive business contexts: the mediating effect of vertical and horizontal individualism," Journal of International Business Studies, Palgrave Macmillan, vol. 36(6), pages 622-636, November.
    30. Singh, Manohar & Davidson III, Wallace N., 2003. "Agency costs, ownership structure and corporate governance mechanisms," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 793-816, May.
    31. Theodore Groves & Yongmiao Hong & John McMillan & Barry Naughton, 1994. "Autonomy and Incentives in Chinese State Enterprises," The Quarterly Journal of Economics, Oxford University Press, vol. 109(1), pages 183-209.
    32. Peng, Songlan & Tondkar, Rasoul H. & van der Laan Smith, Joyce & Harless, David W., 2008. "Does Convergence of Accounting Standards Lead to the Convergence of Accounting Practices?: A Study from China," The International Journal of Accounting, Elsevier, vol. 43(4), pages 448-468, December.
    33. David D. Li, 1998. "Changing Incentives of the Chinese Bureaucracy," William Davidson Institute Working Papers Series 130, William Davidson Institute at the University of Michigan.
    34. Sami, Heibatollah & Zhou, Haiyan, 2008. "Do auditing standards improve the accounting disclosure and information environment of public companies? Evidence from the emerging markets in China," The International Journal of Accounting, Elsevier, vol. 43(2), pages 139-169.
    35. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    36. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
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