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Managerial ownership and firm performance: Evidence from China's privatizations
16 references·16 citing·36 second hopsampled
Managerial ownership and firm performance: Evidence from China's privatizations (2007)Managerial ownership and firm performance…China share issue privatization: the extent of its success (2003)China share issue privatizati…State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity (2001)State-Owned and Privately Own…Ownership structure and corporate performance (2001)Ownership structure and corpo…From State to Market: A Survey of Empirical Studies on Privatization (2001)From State to Market: A Surve…Reform without Losers: An Interpretation of China's Dual‐Track Approach to Transition (2000)Reform without Losers: An Int…Understanding the determinants of managerial ownership and the link between ownership and performance (1999)Understanding the determinant…Ownership structure and corporate governance in Chinese stock companies (1999)Ownership structure and corpo…Detecting abnormal operating performance: The empirical power and specification of test statistics (1996)Detecting abnormal operating …A Theory of Privatisation (1996)A Theory of PrivatisationThe Post-Issue Operating Performance of IPO Firms (1994)The Post-Issue Operating Perf…The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis (1994)The Financial and Operating P…Economic Perspectives on Privatization (1991)Economic Perspectives on Priv…Additional evidence on equity ownership and corporate value (1990)Additional evidence on equity…Management entrenchment (1989)Management entrenchmentManagement ownership and market valuation (1988)Management ownership and mark…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Executive remuneration, corporate governance and corporate performance: Evidence from China (2021)Executive remuneration, corpo…How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? (2020)How Do Corporate Social Respo…The effect of gender diversity on the board of Spanish agricultural cooperatives on returns and debt: An empirical analysis (2019)The effect of gender diversit…Do CEO characteristics explain firm performance in India? (2019)Do CEO characteristics explai…Ownership structure, corporate governance and investment efficiency of Chinese listed firms (2017)Ownership structure, corporat…Ownership structure and investment decisions of Chinese SOEs (2017)Ownership structure and inves…Delayed Adoption of Rules: A Relational Theory of Firm Exposure and State Cooptation (2016)Delayed Adoption of Rules: A …Corporate governance in China: a review (2016)Corporate governance in China…The impact of corporate governance on state-owned and non-state-owned firms efficiency in China (2015)The impact of corporate gover…Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies (2015)Managerial ownership, corpora…Privatization, financial development, property rights and growth (2014)Privatization, financial deve…Determinants of Firm Performance: A Comparison of European Countries (2014)Determinants of Firm Performa…Busy CEOs and the performance of family firms (2014)Busy CEOs and the performance…The Relationship between Ownership Structure and Firm Performance: An Empirical Analysis over ?stanbul Stock Exchange (ISE) Listed Companies (2011)The Relationship between Owne…A review of corporate governance in China (2011)A review of corporate governa…Reforming China's SOEs: An Overview (2008)Reforming China's SOEs: An Ov…Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)Corporate Ownership Around the World (1999)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Higher market valuation of companies with a small board of directors (1996)Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)On the Existence of an Optimal Capital Structure: Theory and Evidence (1984)Politicians and Firms (1994)Political Connections and Corporate Bailouts (2006)Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms☆ (2007)Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions. (1998)International Corporate Governance (2003)Using daily stock returns (1985)The effects of management buyouts on operating performance and value (1989)Size and Book-to-Market Factors in Earnings and Returns (1995)Measuring long-horizon security price performance (1997)An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases (2004)Dumb money: Mutual fund flows and the cross-section of stock returns (2008)The Nature of the Firm (1937)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Specification Tests in Econometrics (1978)How do family ownership, control and management affect firm value? (2005)Boards: Does one size fit all☆ (2007)The Modern Corporation and Private Property (1933)The Structure of Corporate Ownership: Causes and Consequences (1985)Gender Diversity in the Boardroom and Firm Financial Performance (2007)The Problem of Social Cost (1960)A Survey of Corporate Governance (1997)Law and Finance (1998)World Investment Report (2017)A Brief History of Neoliberalism (2020)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Corporate Governance and Equity Prices (2003)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1990Additional evidence on equity ownership and corporate value4,311 cited
  • 2001From State to Market: A Survey of Empirical Studies on Privatization3,555 cited
  • 1999Understanding the determinants of managerial ownership and the link between ownership and performance2,502 cited
  • 2001Ownership structure and corporate performance2,379 cited
  • 1989Management entrenchment2,155 cited
  • 1996Detecting abnormal operating performance: The empirical power and specification of test statistics1,609 cited
  • 1994The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis1,416 cited
  • 2001State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity1,218 cited
  • 1996A Theory of Privatisation1,213 cited
  • 1994The Post-Issue Operating Performance of IPO Firms1,036 cited
  • 2003China share issue privatization: the extent of its success961 cited
  • 1991Economic Perspectives on Privatization834 cited
  • 2000Reform without Losers: An Interpretation of China's Dual‐Track Approach to Transition

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807 cited
  • 1999Ownership structure and corporate governance in Chinese stock companies787 cited
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    • 2011A review of corporate governance in China77 cited
    • 2014Privatization, financial development, property rights and growth61 cited
    • 2015Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies59 cited
    • 2008Reforming China's SOEs: An Overview59 cited
    • 2011The Relationship between Ownership Structure and Firm Performance: An Empirical Analysis over ?stanbul Stock Exchange (ISE) Listed Companies55 cited
    • 2015The impact of corporate governance on state-owned and non-state-owned firms efficiency in China54 cited
    • 2014Determinants of Firm Performance: A Comparison of European Countries40 cited
    • 2016Delayed Adoption of Rules: A Relational Theory of Firm Exposure and State Cooptation39 cited
    • 2021Executive remuneration, corporate governance and corporate performance: Evidence from China38 cited
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    • 2019The effect of gender diversity on the board of Spanish agricultural cooperatives on returns and debt: An empirical analysis33 cited
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