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Article: Corporate governance and market valuation in China

TitleCorporate governance and market valuation in China
Authors
KeywordsCorporate governance
Market for corporate control
Market valuation
Ownership
Issue Date2004
PublisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jce
Citation
Journal Of Comparative Economics, 2004, v. 32 n. 4, p. 599-616 How to Cite?
AbstractIn this paper, we investigate empirically the relationship between governance mechanisms and the market valuation of publicly listed firms in China. We construct measures of corporate governance and market valuation for all publicly listed firms on the two stock markets in China from the firm's annual reports between 1999 and 2001. Using this three-year panel, we examine the effect of corporate governance variables on market valuation after controlling for factors commonly considered in market-valuation analysis. Our empirical results support several theoretical predictions; for example, we find that both high concentration of non-controlling shareholding and issuing shares to foreign investors have positive effects on market valuation, while a large holding by the largest shareholder, the CEO being the chairman or vice chairman of the board of directors, and the largest shareholder being the government have negative effects. © 2004 Association for Comparative Economic Studies. Published by Elsevier Inc. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85633
ISSN
2015 Impact Factor: 1.38
2015 SCImago Journal Rankings: 1.066
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorBai, CEen_HK
dc.contributor.authorLiu, Qen_HK
dc.contributor.authorLu, Jen_HK
dc.contributor.authorSong, FMen_HK
dc.contributor.authorZhang, Jen_HK
dc.date.accessioned2010-09-06T09:07:24Z-
dc.date.available2010-09-06T09:07:24Z-
dc.date.issued2004en_HK
dc.identifier.citationJournal Of Comparative Economics, 2004, v. 32 n. 4, p. 599-616en_HK
dc.identifier.issn0147-5967en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85633-
dc.description.abstractIn this paper, we investigate empirically the relationship between governance mechanisms and the market valuation of publicly listed firms in China. We construct measures of corporate governance and market valuation for all publicly listed firms on the two stock markets in China from the firm's annual reports between 1999 and 2001. Using this three-year panel, we examine the effect of corporate governance variables on market valuation after controlling for factors commonly considered in market-valuation analysis. Our empirical results support several theoretical predictions; for example, we find that both high concentration of non-controlling shareholding and issuing shares to foreign investors have positive effects on market valuation, while a large holding by the largest shareholder, the CEO being the chairman or vice chairman of the board of directors, and the largest shareholder being the government have negative effects. © 2004 Association for Comparative Economic Studies. Published by Elsevier Inc. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jceen_HK
dc.relation.ispartofJournal of Comparative Economicsen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in <Journal of Comparative Economics>. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 32, ISSUE 4, (2004)] DOI 10.1016/j.jce.2004.07.002-
dc.subjectCorporate governanceen_HK
dc.subjectMarket for corporate controlen_HK
dc.subjectMarket valuationen_HK
dc.subjectOwnershipen_HK
dc.titleCorporate governance and market valuation in Chinaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0147-5967&volume=32&issue=4&spage=599&epage=616&date=2004&atitle=Corporate+governance+and+market+valuation+in+Chinaen_HK
dc.identifier.emailLiu, Q: qliu@hku.hken_HK
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_HK
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_HK
dc.identifier.authorityLiu, Q=rp01078en_HK
dc.identifier.authoritySong, FM=rp01095en_HK
dc.identifier.authorityZhang, J=rp01124en_HK
dc.description.naturepreprint-
dc.identifier.doi10.1016/j.jce.2004.07.002en_HK
dc.identifier.scopuseid_2-s2.0-10344256238en_HK
dc.identifier.hkuros105435en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-10344256238&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume32en_HK
dc.identifier.issue4en_HK
dc.identifier.spage599en_HK
dc.identifier.epage616en_HK
dc.identifier.isiWOS:000225844800001-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridBai, CE=13805990500en_HK
dc.identifier.scopusauthoridLiu, Q=55429572300en_HK
dc.identifier.scopusauthoridLu, J=7601562836en_HK
dc.identifier.scopusauthoridSong, FM=7203075605en_HK
dc.identifier.scopusauthoridZhang, J=55367373100en_HK

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