Empirical Study of the Dynamic Corporate Governance : New Evidence from Chinese Listed SME

• 발행기관: 한국유통과학회
• 저자명: Lin Shao Xiaohong Yu
• 간행물 정보: 『한국유통과학회 학술대회 논문집』2015년 동계 국제학술대회, 141~143쪽, 전체 3쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2015.12.24

영문 초록

This study explores the possible dynamic relationship between ownership and performance in a panel of 4900 Chinese listed SME over a period from 1999 to 2012. We address this issue by means of a dynamic panel model with a method of moments (GMM) through dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity and dynamic endogeneity. Under the framework of dynamic endogeneity, firm performance has significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged value respectively. Moreover, Inter temporal endogeneity exist between ownership, investment and performance by applying system dynamic equations, which implies that the relationship among them is dynamic by nature. This study also contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest market in the Asian region.

목차

1. Introduction

2. Literature Reviews and Hypothesis Development

References

키워드

Ownership Structure Investment Firm Performance Dynamic Endogeneity Dynamic Simultaneous Equation China.