Research Commons
      • Browse 
        • Communities & Collections
        • Titles
        • Authors
        • By Issue Date
        • Subjects
        • Types
        • Series
      • Help 
        • About
        • Collection Policy
        • OA Mandate Guidelines
        • Guidelines FAQ
        • Contact Us
      • My Account 
        • Sign In
        • Register
      View Item 
      •   Research Commons
      • University of Waikato Research
      • Management
      • Management Papers
      • View Item
      •   Research Commons
      • University of Waikato Research
      • Management
      • Management Papers
      • View Item
      JavaScript is disabled for your browser. Some features of this site may not work without it.

      State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China

      Hess, Kurt; Gunasekarage, Abeyratna; Hovey, Martin
      DOI
       10.1108/17439131011074440
      Link
       www.emeraldinsight.com
      Find in your library  
      Citation
      Export citation
      Hess, K., Gunasekarage, A. & Hovey, M. (2010). State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China. International Journal of Managerial Finance, 6(4), 264-289.
      Permanent Research Commons link: https://hdl.handle.net/10289/4807
      Abstract
      Purpose – This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000-2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value.

      Design/methodology/approach – The paper tests the ownership-performance relationship for the state and for sub-samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two-stage least squares analysis, which treats ownership concentration as endogenous.

      Findings – The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value.

      Originality/value – The study contributes to the literature by presenting a more comprehensive treatment of the ownership-performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.
      Date
      2010
      Type
      Journal Article
      Publisher
      Emerald
      Collections
      • Management Papers [1135]
      Show full item record  

      Usage

       
       
       

      Usage Statistics

      For this itemFor all of Research Commons

      The University of Waikato - Te Whare Wānanga o WaikatoFeedback and RequestsCopyright and Legal Statement