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Article: The Financial and Operating Performance of Chinese Family-Owned Listed Firms

TitleThe Financial and Operating Performance of Chinese Family-Owned Listed Firms
Authors
KeywordsChina
Family-Owned Firms
Performance
State-Owned Firms
Issue Date2008
PublisherSpringer Gabler. The Journal's web site is located at http://www.mir-online.de
Citation
Management International Review, 2008, v. 48 n. 3, p. 297-318 How to Cite?
AbstractWhile existing studies often use sector-level data to explain the phenomenal growth of the Chinese private sector, this paper complements the literature by using firmlevel data to conduct a comparative study of performance between family-owned and state-owned firms in China. Taking a population comprising listed firms for the period 1999-2004, we analyze financial and operating performance with reference to five measures: (1) revenue per employee, (2) revenue per unit of cost, (3) net profit per employee, (4) return on assets, and (5) market-to-book ratio. Having controlled for other firm characteristics, such as size, leverage, firm age, sales volatility, innovation and marketing, institutional environment and industry, our results confirm that family-owned firms achieve significantly better performances than state-owned enterprises. These results support the general consensus that China is increasingly reliant on private companies as an engine for economic growth and an employment hub. © Gabler Verlag 2008.
Persistent Identifierhttp://hdl.handle.net/10722/177769
ISSN
2015 Impact Factor: 1.076
2015 SCImago Journal Rankings: 0.803
References

 

DC FieldValueLanguage
dc.contributor.authorDing, Yen_US
dc.contributor.authorZhang, Hen_US
dc.contributor.authorZhang, Jen_US
dc.date.accessioned2012-12-19T09:39:51Z-
dc.date.available2012-12-19T09:39:51Z-
dc.date.issued2008en_US
dc.identifier.citationManagement International Review, 2008, v. 48 n. 3, p. 297-318en_US
dc.identifier.issn0938-8249en_US
dc.identifier.urihttp://hdl.handle.net/10722/177769-
dc.description.abstractWhile existing studies often use sector-level data to explain the phenomenal growth of the Chinese private sector, this paper complements the literature by using firmlevel data to conduct a comparative study of performance between family-owned and state-owned firms in China. Taking a population comprising listed firms for the period 1999-2004, we analyze financial and operating performance with reference to five measures: (1) revenue per employee, (2) revenue per unit of cost, (3) net profit per employee, (4) return on assets, and (5) market-to-book ratio. Having controlled for other firm characteristics, such as size, leverage, firm age, sales volatility, innovation and marketing, institutional environment and industry, our results confirm that family-owned firms achieve significantly better performances than state-owned enterprises. These results support the general consensus that China is increasingly reliant on private companies as an engine for economic growth and an employment hub. © Gabler Verlag 2008.en_US
dc.languageengen_US
dc.publisherSpringer Gabler. The Journal's web site is located at http://www.mir-online.deen_US
dc.relation.ispartofManagement International Reviewen_US
dc.subjectChinaen_US
dc.subjectFamily-Owned Firmsen_US
dc.subjectPerformanceen_US
dc.subjectState-Owned Firmsen_US
dc.titleThe Financial and Operating Performance of Chinese Family-Owned Listed Firmsen_US
dc.typeArticleen_US
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_US
dc.identifier.authorityZhang, J=rp01124en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1007/s11575-008-0017-9en_US
dc.identifier.scopuseid_2-s2.0-70449111768en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70449111768&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume48en_US
dc.identifier.issue3en_US
dc.identifier.spage297en_US
dc.identifier.epage318en_US
dc.publisher.placeGermanyen_US
dc.identifier.scopusauthoridDing, Y=7404136394en_US
dc.identifier.scopusauthoridZhang, H=7409193741en_US
dc.identifier.scopusauthoridZhang, J=55367373100en_US
dc.identifier.citeulike3623532-

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