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https://hdl.handle.net/10419/20792
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Tian, Lihui | en |
dc.contributor.author | Estrin, Saul | en |
dc.date.accessioned | 2009-01-28T16:16:48Z | - |
dc.date.available | 2009-01-28T16:16:48Z | - |
dc.date.issued | 2005 | - |
dc.identifier.uri | http://hdl.handle.net/10419/20792 | - |
dc.description.abstract | The 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.iso | eng | en |
dc.publisher | |aInstitute for the Study of Labor (IZA) |cBonn | en |
dc.relation.ispartofseries | |aIZA Discussion Papers |x1493 | en |
dc.subject.jel | G32 | en |
dc.subject.jel | G34 | en |
dc.subject.jel | L33 | en |
dc.subject.jel | G15 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | government shareholding | en |
dc.subject.keyword | corporate governance | en |
dc.subject.keyword | China | en |
dc.subject.stw | Öffentliches Unternehmen | en |
dc.subject.stw | Privatisierung | en |
dc.subject.stw | Corporate Governance | en |
dc.subject.stw | Eigentümerstruktur | en |
dc.subject.stw | China | en |
dc.title | Retained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value? | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 480253234 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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