Corporate governance and manager turnover: An unusual social experiment

被引:16
作者
Aivazian, VA
Ge, Y
Qiu, JP
机构
[1] Univ Toronto, Dept Econ, Toronto, ON M5S 3G7, Canada
[2] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 3G7, Canada
[3] Univ Int Business & Econ, Sch Int Trade & Econ, Beijing, Peoples R China
[4] Wilfrid Laurier Univ, Sch Business & Econ, Finance Area, Waterloo, ON N2L 3C5, Canada
关键词
corporate governance; emerging markets; privatization;
D O I
10.1016/j.jbankfin.2004.05.038
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper examines empirically the quality of the governance mechanisms of Chinese state-owned enterprises from 1994-1999, a period marked by substantial changes in policies affecting the governance structure of these firms. It shows that the restructuring of these enterprises according to corporate law improved the effectiveness of their governance system. Specifically, restructuring strengthened the links between manager turnover and firm performance. The results indicate that firm performance was significantly and negatively related to manager demotion for incorporated state-owned enterprises, while this relationship was insignificant for unincorporated enterprises. They also indicate that manager turnover was a viable incentive mechanism for improving future enterprise performance. (c) 2004 Elsevier B.V. All rights reserved.
引用
收藏
页码:1459 / 1481
页数:23
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