حاکمیت شرکتی شرکت های خصوصی چینی: شواهدی از یک نظرسنجی از شرکت های فهرست نشده
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|51864||2015||21 صفحه PDF||سفارش دهید||16040 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Comparative Economics, Volume 43, Issue 4, November 2015, Pages 1101–1121
By using a dataset containing over 1200 Chinese non-listed firms, this study examines the corporate governance of privatized firms. Based on the summary statistics for 22 governance structures, I find that privatized domestic private firms have set up stronger governance than domestic private firms that have not experienced privatization. I propose seven hypotheses to explain the leading performance of privatized firms on corporate governance. I find that while some differences are explained by the diversity of firm-level characteristics, privatized firms’ better performance on setting up a board of directors and providing the CEO with company shares is highly robust. Finally, I find strong correlations between local governments’ fiscal conditions in the privatization year and privatized firms’ governance, which suggests a significant role played by local governments in shaping corporate governance during the privatization process.