Ownership Structure, Corporate Governance and Corporate Performance in Chinese Listed Companies
SHE, Liping (2006) Ownership Structure, Corporate Governance and Corporate Performance in Chinese Listed Companies. [Dissertation (University of Nottingham only)] (Unpublished)
The aim of this paper is to examine whether the ownership structure affects the corporate performance of publicly listed companies in China within the framework of corporate governance. I will use a sample of 37 manufacturing firms and 35 retailing companies in the Chinese stock exchanges. Two tests are carried out to exam whether the relationships are positive or negative. One test is the regression analysis of the relationship between ownership concentration variables and corporate performance. The next test is the regression analysis of the relationship between different types of ownership variables and corporate performance. The corporate performance is measured by Tobin's Q. The ownership concentration variables are the fraction of the largest shareholdings (T1) and the fraction of the top 10 shareholdings (T10). The different types of ownership variables include the fraction of state agencies, state wholly controlled institutions, domestic legal persons, top management and tradable shares. Other control variables are also taken into account, such as ages of companies listed on the stock exchanges, the size of firms and etc. In this study, I will compare my findings in manufacturing industry with Chen's (2001). In addition, I will compare my findings in the manufacturing industry with those in the retailing industry which is considered as less state-controlled industry.
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