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dc.contributor.authorTian, Lihuien
dc.contributor.authorEstrin, Saulen
dc.date.accessioned2009-01-28T16:16:48Z-
dc.date.available2009-01-28T16:16:48Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/20792-
dc.description.abstractThe role of government shareholding in corporate performance is central to an understandingof China?s newly privatized large firms. In this paper, we analyze shareholders as agents thatcan both harm and benefit companies. We examine the ownership structure of 826 listedcorporations and find that government shareholding is surprisingly large. Its effect oncorporate value is found to be negative, but non-monotonic. Up to a certain threshold,corporate value decreases as government shareholding stakes increase, but beyond thiscorporate value begins to increase. We interpret this in terms of ownership concentration andthe advantages of government partiality.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x1493en
dc.subject.jelG32en
dc.subject.jelG34en
dc.subject.jelL33en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordgovernment shareholdingen
dc.subject.keywordcorporate governanceen
dc.subject.keywordChinaen
dc.subject.stwÖffentliches Unternehmenen
dc.subject.stwPrivatisierungen
dc.subject.stwCorporate Governanceen
dc.subject.stwEigentümerstrukturen
dc.subject.stwChinaen
dc.titleRetained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?-
dc.typeWorking Paperen
dc.identifier.ppn480253234en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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