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Article: Corporate governance in China: Current practices, economic effects and institutional determinants

TitleCorporate governance in China: Current practices, economic effects and institutional determinants
Authors
Issue Date2006
PublisherOxford University Press. The Journal's web site is located at http://cesifo.oxfordjournals.org/
Citation
CESifo Economic Studies, 2006, v. 52 n. 2, p. 415-453 How to Cite?
AbstractThis article provides a preliminary survey of the burgeoning literature on the Chinese listed firms' corporate governance. We structure the existing research around three themes: (1) What are the current corporate governance practices in China? (2) How do these corporate governance practices affect the Chinese listed firms' valuation and various corporate decisions? (3) How does China's unique institutional setting pre-determine the governance model adopted in China? The evidence indicates that the current governance practice adopted in China can be best described as a control-based model, which contrasts strikingly with the market-oriented model commonly used in the US and UK, and championed by most corporate governance advocates. The evidence also shows that Chinese firms, whose corporate governance practices deviate from the control-based model, demonstrate stronger performance, and tend to make decisions in line with the shareholders' interest. The evidence from the literature also suggests that the control-based model is rooted in the 'administrative governance' approach adopted by the Chinese regulatory authorities, and is tailed to China's specific institutional setting. © Copyright 2006 Oxford University Press.
Persistent Identifierhttp://hdl.handle.net/10722/85646
ISSN
2015 Impact Factor: 0.745
2015 SCImago Journal Rankings: 0.501
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLiu, Qen_HK
dc.date.accessioned2010-09-06T09:07:33Z-
dc.date.available2010-09-06T09:07:33Z-
dc.date.issued2006en_HK
dc.identifier.citationCESifo Economic Studies, 2006, v. 52 n. 2, p. 415-453en_HK
dc.identifier.issn1610-241Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/85646-
dc.description.abstractThis article provides a preliminary survey of the burgeoning literature on the Chinese listed firms' corporate governance. We structure the existing research around three themes: (1) What are the current corporate governance practices in China? (2) How do these corporate governance practices affect the Chinese listed firms' valuation and various corporate decisions? (3) How does China's unique institutional setting pre-determine the governance model adopted in China? The evidence indicates that the current governance practice adopted in China can be best described as a control-based model, which contrasts strikingly with the market-oriented model commonly used in the US and UK, and championed by most corporate governance advocates. The evidence also shows that Chinese firms, whose corporate governance practices deviate from the control-based model, demonstrate stronger performance, and tend to make decisions in line with the shareholders' interest. The evidence from the literature also suggests that the control-based model is rooted in the 'administrative governance' approach adopted by the Chinese regulatory authorities, and is tailed to China's specific institutional setting. © Copyright 2006 Oxford University Press.en_HK
dc.languageengen_HK
dc.publisherOxford University Press. The Journal's web site is located at http://cesifo.oxfordjournals.org/en_HK
dc.relation.ispartofCESifo Economic Studiesen_HK
dc.rightsCES-IFO Economic Studies. Copyright © Oxford University Press.en_HK
dc.titleCorporate governance in China: Current practices, economic effects and institutional determinantsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1610-241X&volume=52 &issue=2&spage=415&epage=453&date=2006&atitle=Corporate+Governance+In+China:+Current+Practices,+Economic+Effects,+And+Institutional+Determinanten_HK
dc.identifier.emailLiu, Q: qliu@hku.hken_HK
dc.identifier.authorityLiu, Q=rp01078en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1093/cesifo/ifl001en_HK
dc.identifier.scopuseid_2-s2.0-33750481208en_HK
dc.identifier.hkuros115528en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33750481208&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume52en_HK
dc.identifier.issue2en_HK
dc.identifier.spage415en_HK
dc.identifier.epage453en_HK
dc.identifier.isiWOS:000239297500007-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridLiu, Q=55429572300en_HK

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