Show simple item record  

dc.contributor.authorHess, Kurt
dc.contributor.authorGunasekarage, Abeyratna
dc.contributor.authorHovey, Martin
dc.identifier.citationHess, 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.en_NZ
dc.description.abstractPurpose – 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.en_NZ
dc.subjectbusiness performanceen_NZ
dc.subjectcorporate ownershipen_NZ
dc.subjectemerging marketsen_NZ
dc.titleState-dominant and non-state-dominant ownership concentration and firm performance: Evidence from Chinaen_NZ
dc.typeJournal Articleen_NZ
dc.relation.isPartOfInternational Journal of Managerial Financeen_NZ

Files in this item


There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record