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- Publisher Website: 10.1016/j.irle.2019.105853
- Scopus: eid_2-s2.0-85072545020
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Article: Ownership and Political Control: Evidence from Charter Amendments
Title | Ownership and Political Control: Evidence from Charter Amendments |
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Authors | |
Keywords | State-owned enterprises Mixed ownership Party building Corporate charter Amendment Communist party |
Issue Date | 2019 |
Publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/irle |
Citation | International Review of Law and Economics, 2019, v. 60, article no. 105853 How to Cite? |
Abstract | The latest debate about Chinese state owned enterprises (SOEs) revolves around whether there is a positive association between ownership and control, or whether all firms in China are similarly captured by the government. The recent Chinese Communist Party (Party)’s policy mandating all SOEs to amend their corporate charters to enhance the Party’s control has provided us with a rare opportunity to empirically investigate this question. We find that the state’s equity interest is positively correlated with an SOE’s responsiveness to the Party’s mandate, while the concentration level of nonstate owners and overseas listing are inversely related. These results show that ownership is important for the Party to exercise control over SOEs, but the Party also faces external constraints from other nonstate owners and overseas regulators and investors. |
Persistent Identifier | http://hdl.handle.net/10722/275038 |
ISSN | 2023 Impact Factor: 0.9 2023 SCImago Journal Rankings: 0.491 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Liu, JZ | - |
dc.contributor.author | Zhang, AH | - |
dc.date.accessioned | 2019-09-10T02:34:10Z | - |
dc.date.available | 2019-09-10T02:34:10Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | International Review of Law and Economics, 2019, v. 60, article no. 105853 | - |
dc.identifier.issn | 0144-8188 | - |
dc.identifier.uri | http://hdl.handle.net/10722/275038 | - |
dc.description.abstract | The latest debate about Chinese state owned enterprises (SOEs) revolves around whether there is a positive association between ownership and control, or whether all firms in China are similarly captured by the government. The recent Chinese Communist Party (Party)’s policy mandating all SOEs to amend their corporate charters to enhance the Party’s control has provided us with a rare opportunity to empirically investigate this question. We find that the state’s equity interest is positively correlated with an SOE’s responsiveness to the Party’s mandate, while the concentration level of nonstate owners and overseas listing are inversely related. These results show that ownership is important for the Party to exercise control over SOEs, but the Party also faces external constraints from other nonstate owners and overseas regulators and investors. | - |
dc.language | eng | - |
dc.publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/irle | - |
dc.relation.ispartof | International Review of Law and Economics | - |
dc.subject | State-owned enterprises | - |
dc.subject | Mixed ownership | - |
dc.subject | Party building | - |
dc.subject | Corporate charter | - |
dc.subject | Amendment | - |
dc.subject | Communist party | - |
dc.title | Ownership and Political Control: Evidence from Charter Amendments | - |
dc.type | Article | - |
dc.identifier.email | Zhang, AH: angelaz@hku.hk | - |
dc.identifier.authority | Zhang, AH=rp02279 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.irle.2019.105853 | - |
dc.identifier.scopus | eid_2-s2.0-85072545020 | - |
dc.identifier.hkuros | 303453 | - |
dc.identifier.volume | 60 | - |
dc.identifier.spage | article no. 105853 | - |
dc.identifier.epage | article no. 105853 | - |
dc.identifier.isi | WOS:000498756600006 | - |
dc.publisher.place | United States | - |
dc.identifier.ssrn | 3424079 | - |
dc.identifier.hkulrp | 2019/031 | - |
dc.identifier.issnl | 0144-8188 | - |