Hovey, Martin and Li, Larry and Naughton, Tony (2003) The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11 (2). pp. 112-123. ISSN 1467-8683
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Identification Number or DOI: doi: 10.1111/1467-8683.00012
This paper investigates the relationship between firm performance and corporate governance in China. Firm performance is measured by Tobin's Q, while corporate governance is determined based on ownership structure and concentration. Prior research, in both China and elsewhere, indicates that ownership structure and concentration have a significant impact on firm performance. The paper builds on previous studies by investigating the complex structure of different share classes that are typical of Chinese listed firms. The paper reports the results of an empirical study of a sample of firms listed on the Shanghai and Shenzhen stock markets over the period 1997-1999. The sample of firms selected represents a cross-section of industries, share classification, ownership type and ownership concentration. The paper reports a series of regressions that account for different specifications of firm valuation and ownership characteristics. The results indicate that ownership concentration has little explanatory power but ownership structure does matter. Legal person's shareholdings are positively related to firm valuation. The findings of the study are discussed in the context of the current enterprise reform process in China.
|Item Type:||Article (Commonwealth Reporting Category C)|
|Additional Information:||Copyright 2003 Blackwell Publishing This is an electronic version of an article published in Corporate Governance: an International Review, as published in the print edition of the Journal. The published version is available via Blackwell Synergy.|
|Uncontrolled Keywords:||corporate governance, firm valuation, China|
|Fields of Research (FOR2008):||15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150303 Corporate Governance and Stakeholder Engagement|
|Subjects:||350000 Commerce, Management, Tourism and Services > 350300 Banking, Finance and Investment > 350399 Banking, Finance and Investment not elsewhere classified|
|Socio-Economic Objective (SEO2008):||UNSPECIFIED|
|Deposited On:||11 Oct 2007 10:16|
|Last Modified:||24 Mar 2011 10:41|
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