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Ultimate Control and Firm Performance An Empirical Analysis of Listed Firms in China
| Content Provider | Semantic Scholar |
|---|---|
| Author | Wang, Jiaxin Muradoglu, Gulnur |
| Copyright Year | 2019 |
| Abstract | This is the first paper, to our knowledge, that investigates the relationship between the state control and firm performance of the listed firms in China. We use a rich sample of 2,995 listed firms in China from 2003 to 2016. We develop a new scheme to classify ultimate controllers of Chinese listed firms. We identify fourteen different types of state control based on its administrative level, function and objective. We show some state controllers, such as Central SASACs, Local SOE and Municipal SASAC have negative impacts on profitability, while they increase employment. High administrative-level state controllers improve firm performance compared to lower administrative-level controllers. Our findings imply that separation of different types of state control is necessary and the governments should provide more financial and political supports for local and small SOEs. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.qmul.ac.uk/busman/media/sbm/research/researchcentres/behavioural-finance-working-group/Wang-et-al.pdf |
| Alternate Webpage(s) | https://openconf.s3.amazonaws.com/MFA2020/papers/330.pdf?AWSAccessKeyId=AKIAQY37HFC6IY5GEPRE&Expires=1582330569&Signature=aZv2FS0%2B9B81t5vFXD/rP2CHiUU%3D |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
