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The Effects of Nonstate Shareholder on the Excess Perquisites: Evidence from Chinese Mixed Ownership Reform

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  • Duo Shang
  • Dongliang Yuan
  • Dehui Li
  • Libo Fan

Abstract

Excess perquisites have hindered the high-quality development of state-owned enterprises, while mixed ownership reform can improve corporate governance by acquiring shareholdings and appointing directors, supervisors, and managers. This paper empirically tests the impact of mixed ownership reform on excess perquisites and the path. The results show that mixed ownership reform can restrain excess perquisites, and this restraining effect is more significant in competitive industries and local SOEs. Further research shows that mixed ownership reforms can strengthen shareholders’ supervisory power and weaken executives’ control power. The relevant findings still hold after a series of robustness tests and endogeneity tests.

Suggested Citation

  • Duo Shang & Dongliang Yuan & Dehui Li & Libo Fan, 2022. "The Effects of Nonstate Shareholder on the Excess Perquisites: Evidence from Chinese Mixed Ownership Reform," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(14), pages 4001-4013, November.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:14:p:4001-4013
    DOI: 10.1080/1540496X.2022.2083496
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    Citations

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    Cited by:

    1. Chen Hu & Yanan Li & Penghao Ye, 2023. "The Halo Effect of Government: Does State-Owned Capital Promote the Green Innovation of Chinese Private Enterprises?," Sustainability, MDPI, vol. 15(11), pages 1-21, May.
    2. Hui Xia & Shixian Ling & Zhangxin (Frank) Liu, 2023. "Heterogeneous Blockholders and Enterprise Innovation: Evidence From the Mixed-Ownership Reform in China," SAGE Open, , vol. 13(4), pages 21582440231, November.
    3. Kun Luo & Yuanrui Huang & Yi Lv, 2024. "Non‐state shareholder governance and corporate sustainability: Evidence from environmental, social and governance ratings," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(1), pages 211-226, February.
    4. Tian, Zongtao & Chen, Zhibin & Chang, Xinxue, 2024. "Directors appointed by non-state shareholders and stock price synchronicity: Evidence from Chinese SOEs," Journal of Multinational Financial Management, Elsevier, vol. 76(C).
    5. Xiaoyang Zhao & Su Yu, 2024. "Does business strategy of the state‐owned enterprise affect the participation of non‐state‐owned capital?: Empirical evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(2), pages 795-808, March.
    6. Duo Shang & Dongliang Yuan & Libo Fan & Xinyue Yu, 2023. "The effect of major customers' geographical distance on enterprise technology innovation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(8), pages 4333-4349, December.

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