Corporate Governance, Performance and Management Turnover: An Empirical Analysis of Chinese Listed Companies
نویسندگان
چکیده
This paper provides an empirical analysis of corporate governance (CG) efficiencies among Chinese listed companies (CLCs) under different types of ownership. Employing the data of over 700 CLCs in 2006, this study looks specifically into the effects of separation of controlling and residual claim rights upon CG (specifically management turnover) and firm performance under different shareholding patterns. The results under two sample firms are different, suggesting that state-owned enterprises (SOEs) and non-SOEs are subject to dissimilar pressures for corporate performance and management changing. It suggests that owing to the separation of controlling rights and residual claim rights the agency problem between major shareholders and minority shareholders is more serious among non-SOEs.
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