Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China's Listed Companies

Chen, Gongmeng; Firth, Michael; Yu, Xin; Xu, Liping

doi:10.1017/s0022109000002787

Cited by 186 publications

(101 citation statements)

References 35 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Consequently, ownership structures in China are highly concentrated. The largest shareholder usually controls the firm effectively (Chen et al, 2008). Because state and legal person shares are non-tradable, it makes the largest shareholder almost indifferent to stock price changes.…”

Section: China's Stock Marketmentioning

confidence: 99%

The Effect of Institutional Ownership on Firm Innovation: Evidence from Chinese Listed Firms

Rong

Boeing

2017

SSRN Journal

View full text Add to dashboard Cite

Die Dis cus si on Pape rs die nen einer mög lichst schnel len Ver brei tung von neue ren For schungs arbei ten des ZEW. Die Bei trä ge lie gen in allei ni ger Ver ant wor tung der Auto ren und stel len nicht not wen di ger wei se die Mei nung des ZEW dar.Dis cus si on Papers are inten ded to make results of ZEW research prompt ly avai la ble to other eco no mists in order to encou ra ge dis cus si on and sug gesti ons for revi si ons. The aut hors are sole ly respon si ble for the con tents which do not neces sa ri ly repre sent the opi ni on of the ZEW. and 2011, we find that the presence of institutional investors enhances firm innovation.Consistent with the monitoring view, we further find that (1) the effect of institutional investors on firm patenting mainly comes from mutual funds; (2) the effect is more pronounced when market competition is more intense; (3) the effect exists among private-and minor state-owned enterprises, but not among major state-owned enterprises.The above findings are robust when innovation quality is examined.

show abstract

Section: China's Stock Marketmentioning

confidence: 99%

The Effect of Institutional Ownership on Firm Innovation: Evidence from Chinese Listed Firms

Rong

Boeing

2017

SSRN Journal

View full text Add to dashboard Cite

show abstract

“…As more and more shares become tradable, the transferable control of Chinese PLC allows management to do more efficient acquisition and enhance corporate profitability (Chen et al (2008)). Management knows better information about acquisition market than owners and need a discretion right to manage the annual acquisition scale.…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Selection and institutional shareholder activism in Chinese acquisitions

Peng

Kang

Jun

2013

Management Decision

View full text Add to dashboard Cite

This paper aims to investigate the role that institutional shareholders play in acquisition decision using micro data in the Chinese stock market during [2003][2004][2005][2006][2007][2008]. Acquisition decision is the selection and coordination process of shareholders as strategic alliances, which is determined by corporate acquisition ability, composition of institutional shareholders and concentration of tradable share (TS) in China. We use Heckman selection model to surmount the selection biases in acquisition decision. We find that institutional shareholders including qualified foreign institutional investors (QFII), social security funds (SSF), security firms (SF) and security investment funds (SIF), as well as TS concentration affect acquisition probability rather than annual acquisition scale. SSF, SIF and TS concentration can increase acquisition probability while QFII decreases it. Our paper contributes to the published literature in three ways. First, we offer a model to understand the selection and coordination process of acquisition decision. Second, we investigate whether institutional shareholders could effectively monitor annual acquisition scale. Third, we identify Heckman selection problem that institutional shareholders could affect PLCs' acquisition decision on whether to acquire rather than how much to acquire.

show abstract

“…Interestingly, China controls almost eighty percent of the listed firms on its exchanges and actually owns half of them [18]. The influences of the state will stay strong in the area of financial and legal regulation.…”

Section: Other Financial Market Issues In Chinamentioning

confidence: 99%

Is China Playing Fair with Its Economic and Trade Policy?

Carrington¹,

Maniam²,

Subramaniam³

2015

IJTEF

View full text Add to dashboard Cite

Abstract-China is still progressing from a Marxist-planned economy towards a market-based capitalist economy. During its transition, China has enjoyed an incredible growth rate in GDP. In fact it has been estimated by various sources that its growth for decades has been at least 8%, and possibly up to 17%, and still rising. This paper attempts to firstly analyse if China can continue to retain these rates in the near future and more importantly, is China playing fair in the global market. Some argue that they are not, especially in three areas: international trade dumping, exporting inferior products, and currency manipulation. This paper will look at these three activities carefully to see if China is indeed cheating and not playing fair in the world stage.Index Terms-China trade policies. unfair trade practices, dumping, and currency manipulation.

show abstract

Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China's Listed Companies

Cited by 186 publications

References 35 publications

The Effect of Institutional Ownership on Firm Innovation: Evidence from Chinese Listed Firms

The Effect of Institutional Ownership on Firm Innovation: Evidence from Chinese Listed Firms

Selection and institutional shareholder activism in Chinese acquisitions

Is China Playing Fair with Its Economic and Trade Policy?

Contact Info

Product

Resources

About