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Does One Size Fit All? A Study of the Simultaneous Relations Among Ownership, Corporate Governance Mechanisms, and the Financial Performance of Firms in China

In: Corporate Governance

Author

Listed:
  • Michael A. Firth

    (Lingnan University in Hong Kong)

  • Oliver M. Rui

    (China Europe International Business School (CEIBS))

Abstract

We draw on the many aspects of corporate governance examined in the developed economies and extend them to the Chinese environment. We find evidence of strong linkage and interdependence in the use of different control mechanisms. While there are significant relations between the governance control mechanisms and firm performance, these disappear when using simultaneous equation estimation. Our findings support the argument that governance control mechanisms are substitutes for one another and there is no one set of mechanisms that are optimal in maximizing firms’ performances.

Suggested Citation

  • Michael A. Firth & Oliver M. Rui, 2012. "Does One Size Fit All? A Study of the Simultaneous Relations Among Ownership, Corporate Governance Mechanisms, and the Financial Performance of Firms in China," Springer Books, in: Sabri Boubaker & Bang Dang Nguyen & Duc Khuong Nguyen (ed.), Corporate Governance, edition 127, pages 29-57, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-31579-4_2
    DOI: 10.1007/978-3-642-31579-4_2
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    Cited by:

    1. Alley Ibrahim S. & Adebayo Abimbola L. & Oligbi Blessing O., 2016. "Corporate Governance and Financial Performance Nexus: Any Bidirectional Causality?," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 50(1), pages 82-99, June.
    2. Belanès, Amel & Saihi, Malek, 2016. "Evidence on complementarity and substitution contingency in monitoring and bonding mechanisms," Research in International Business and Finance, Elsevier, vol. 38(C), pages 161-171.
    3. Uche Ignatius Ikechukwu & George Olusoji & Abiola Wuraola, 2017. "Counterproductive Work Behaviors: a Socio-Demographic Characteristic-Based Study among Employees in the Nigerian Maritime Sector," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 5(1), pages 117-138, November.

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