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Third, it highlights the complex "agency problem" that has emerged during the process of China's economic development---"managerial class exploitation." Fourth, it highlights the important role of a concentrated ownership structure and state ownership in constraining and facilitating the "managerial class exploitation". The dissertation provides significant insights in the fields of transitional economy, corporate governance, and directorship interlock network.
This thesis explores reasons behind Chinese firms' formations of interlocking directorate network by examining the relationship between interlocking directorate network and firm performance. Using a sample of 1,703 firms listed on the Shanghai and Shenzhen Stock Exchange and 5,109 firm-years over the period from 2010 to 2012, this study analyzes how interlocking social capital and positions in the network affect future firm performance measured by return on assets (ROA). The results indicate that the formation of the interlocking directorate network improve firm performance by serving as a solution to overcome uncertainties and high transaction costs caused by the institutional voids in China's transitional economy.
The analysis is notable for its insistence that, for a corporate governance system to work, the principles and practicalities of that system must be derived from customary cultural norms. Experience shows that imported models, although they may be enshrined in law, lead to economic stagnation unless actual practice is monitored and reformed and the laws change to reflect these necessary adjustments. Thus the model proposed here begins with the Company Law of 1994, and proceeds to show how practical experience is already providing valuable data for the task of improving the law.
An insightful overview of the political, legal and social perspectives which inform corporate governance in China, this book examines the challenges of corporate governance faced by Chinese corporations and international corporations operating in China. Unlike other texts that tend to focus solely on the board of directors and the takeover market, Yu has enlarged the scope of this study to cover both market forces and contractual mechanisms, providing readers with an extended and comprehensive discussion of the pertinent issues. It explores a range of issues and their role in corporate governance models, including: executive compensation takeover markets the securities market insolvency issues venture capital market Examining the current climate and making the case that comparative corporate governance studies have significant policy implications for China’s transitional economy, Yu has put together a book that is a valuable resource for students and those working in Asian business, corporate governance and commercial law.
The nature of corporate governance is a key determinant of corporate performance and, therefore, of a country's overall economic power. This title examines key questions relating to corporate governance in China, exploring differences between private and state-owned companies.
This book examines the nature of the marketization of corporate boards following the introduction of the split share reform, corporate board and shareholder relations, corporate performance, and risk-taking conduct in China. The chapters cover topics such as determinants of corporate board size and independence, corporate risk-taking conduct under different controlling shareholder types. The book deepens our understanding of corporate governance mechanisms as most previous studies have limited their findings using mainstream perspectives grounded on neoclassical theory. It outlines that China’s corporate board composition is determined by the board’s scope of operation, monitoring, bargaining power, and other governance mechanisms and regulations. It also offers a comparison between China’s experience with other economies in general and other transition economies in particular. As such, the book represents an essential overview of the current concerns regarding corporate governance in China. It is of great interest to legal researchers, policymakers, and legal practitioners working with business investments in China.
The three papers in this dissertation investigate how institutional environment and firm characteristics influence Chinese firms' performance in the domestic market as well as in their international expansion process. I propose that institutional environment and firm specific characteristics influence Chinese firms' choices about corporate strategies, which lead to different outcome of performance including differences in foreign market entry attempts (chapter 1), foreign market expansion strategies and performance (chapter 2) and differences in the contribution of human capital to firms' financial performance (chapter 3). In Chapter 1, I utilize the concept of institutional distance to capture the gap between home and host country institutional settings and disaggregate institutional distance into political distance, economic distance and cultural distance. I empirically test the influence of these three institutional distances on the outcome of Chinese firms' foreign market entry attempt. The results show that political institution is negatively associated with the likelihood of Chinese firms successfully entering a foreign market and the effect is contingent on firm specific characteristics. In chapter 2, I focus on the quality of domestic institutional environment by measuring the unequal development among different dimensions of institutional environment. I use a step-wise approach to test how such inconsistency of development influence the propensity of Chinese small and medium sized firms (SMEs) to go abroad in their initial internationalization decisionmaking phase and their financial performance when they are seeking for international expansion. The results indicate SMEs are more likely to go to international market when their perception of the institutional quality is low but this low domestic institutional quality would hurt their firms' performance when they are seeking for international growth. Finally, in Chapter 3, I demonstrate the conditions under which firms could benefit from human capital. I find that the effect of human capital on firm performance is contingent upon the firm's position in the interlocking directorate network. Human capital is associated with superior performance only when network centrality is high. Together, this dissertation shows how institutional environment that facing Chinese firms influence firms' decisions on strategies, and thus how it influence firm performance in different situations.
As China continues in its evolution from a planned economy to a market economy, and from an agricultural to a manufacturing and service-oriented economy, issues arising from owner diversification, corporate governance, and labor resource allocation have come to the forefront. Most particularly, corporate governance is being focused on as the state continues its withdrawal from direct ownership. This study evaluates short- and medium- term corporate governance issues impacting companies involved in ownership diversification. It examines problems associated with governance such as cost and framework design and makes recommendations concerning the many facets of corporate governance.
China’s extraordinary economic growth is inspiring research from a wide spectrum of fields to explain the phenomenon: What are the primary drivers of China’s economic growth? Can it be sustained? Can the Chinese business model be emulated by other countries? What long-term effects will China’s economic growth have on the global economy? In this volume, Chun Liao explores these issues in the context of firms’ governance structures, arguing that China’s dual business system of state-owned enterprises and private enterprises is uniquely suited to the challenges of economic development in the twenty-first century. On the one hand, China’s state-owned enterprises are characterized by state coordination, bank financing, insulation from the stock market fluctuations, and incremental productivity-enhancing innovations, which are similar to the firms in the business systems of coordinated market economies (like Germany and Japan). On the other hand, China’s private enterprises are characterized by private (often family) ownership, hard budget constraints, profit maximization, and more risky radical innovation, which are similar to the firms in the business systems of liberal market economies (like the US and the UK). Based on the state controlling shareholding in the state sector, the boundary between the state sector business system and private sector business system is clear. This dual type system is contrasted with those in liberal market economies and those in coordinated market economies, where only one type system dominates. Drawing from empirical data and industry analysis over the past 15 years, Liao provides unparalleled access to the dynamics of the Chinese economy, including ownership structure, management design, labor-management relations, business infrastructure, capitalization (including role of banks and financial institutions, private investment, and FDI) in both the public and private sectors. In the process, she analyzes both opportunities and challenges that result from China’s dual business system, particularly in regard to innovation, core competitiveness, and sustainable growth in both state strategic technology-based industries and private high technology industries . The result is an approach that sheds new light on China’s economic performance and its rise as a player on the international stage.
rExamines how corporate governance has and should be developed in China to meet the challenges of enterprise and financial reform. It highlights economic, social and political issues that China needs to confront to transform state-owned industrial enterprises into a competitive corporate sector.