Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies

Robert Dixon · Alessandra Guariglia · Ratnam Vijayakumaran

59 citations0/0 files storedEuropean Journal of Finance

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Corporate Finance and Governance International Business and FDI Global trade and economics

Abstract

Using a large panel of Chinese listed companies over the period 2004–2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23–27% and decrease thereafter. In addition, we find a negative association between state ownership and export intensity. Finally, we observe that the larger their board of directors, the lower firms' export propensity and intensity, and that firms with a higher proportion of independent directors in the board are generally less likely to export. These findings are mainly driven by privately controlled firms during the post-2006 period.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1998Initial conditions and moment restrictions in dynamic panel data models 1995Another look at the instrumental variable estimation of error-components models 1983Separation of Ownership and Control 1997A Survey of Corporate Governance 1995Initial conditions and moment restrictions in dynamic panel data models 2003The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity

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