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- Publisher Website: 10.1080/23812346.2019.1676537
- Scopus: eid_2-s2.0-85082406538
- WOS: WOS:000494442900001
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Article: The Value of the Corporate Governance Canon on Chinese Companies
Title | The Value of the Corporate Governance Canon on Chinese Companies |
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Authors | |
Keywords | Chinese corporate governance Differences-in-differences Post-crisis economics |
Issue Date | 2021 |
Publisher | Taylor & Francis. The Journal's web site is located at http://www.tandfonline.com/toc/rgov20/current |
Citation | Journal of Chinese Governance, 2021, v. 6 n. 1, p. 20-42 How to Cite? |
Abstract | China has yet to import the corporate governance ‘canon’ (generally accepted rules as promoting share-holder value as well as minority shareholder and other stakeholders’ rights) into its Code of Corporate Governance. What effect would Chinese companies’ simply adopting such a canon—as defined by Hong Kong or other foreign corporate governance practices—have on their share prices? We look at Mainland Chinese companies listed in Hong Kong, looking at the way their share prices react to economic fluctuations when they have better or worse corporate governance practices. Using a differences-in-differences methodology, that such share prices could/would increase by around 7%—increasing profits by about $330 billion. Yet, a significant part of the distribution of these companies lose money in the short-run. These results provide yet another confirmation that adopting the corporate governance canon can profit companies’ investors, but not all of them. |
Persistent Identifier | http://hdl.handle.net/10722/278176 |
ISSN | 2023 Impact Factor: 2.4 2023 SCImago Journal Rankings: 0.796 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Michael, B | - |
dc.contributor.author | Goo, SH | - |
dc.date.accessioned | 2019-10-04T08:08:56Z | - |
dc.date.available | 2019-10-04T08:08:56Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of Chinese Governance, 2021, v. 6 n. 1, p. 20-42 | - |
dc.identifier.issn | 2381-2346 | - |
dc.identifier.uri | http://hdl.handle.net/10722/278176 | - |
dc.description.abstract | China has yet to import the corporate governance ‘canon’ (generally accepted rules as promoting share-holder value as well as minority shareholder and other stakeholders’ rights) into its Code of Corporate Governance. What effect would Chinese companies’ simply adopting such a canon—as defined by Hong Kong or other foreign corporate governance practices—have on their share prices? We look at Mainland Chinese companies listed in Hong Kong, looking at the way their share prices react to economic fluctuations when they have better or worse corporate governance practices. Using a differences-in-differences methodology, that such share prices could/would increase by around 7%—increasing profits by about $330 billion. Yet, a significant part of the distribution of these companies lose money in the short-run. These results provide yet another confirmation that adopting the corporate governance canon can profit companies’ investors, but not all of them. | - |
dc.language | eng | - |
dc.publisher | Taylor & Francis. The Journal's web site is located at http://www.tandfonline.com/toc/rgov20/current | - |
dc.relation.ispartof | Journal of Chinese Governance | - |
dc.subject | Chinese corporate governance | - |
dc.subject | Differences-in-differences | - |
dc.subject | Post-crisis economics | - |
dc.title | The Value of the Corporate Governance Canon on Chinese Companies | - |
dc.type | Article | - |
dc.identifier.email | Michael, B: bmichael@hku.hk | - |
dc.identifier.email | Goo, SH: shgoo@hku.hk | - |
dc.identifier.authority | Goo, SH=rp01248 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1080/23812346.2019.1676537 | - |
dc.identifier.scopus | eid_2-s2.0-85082406538 | - |
dc.identifier.hkuros | 306156 | - |
dc.identifier.volume | 6 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 20 | - |
dc.identifier.epage | 42 | - |
dc.identifier.isi | WOS:000494442900001 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 2381-2346 | - |