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dc.contributor.authorHovey, Martinen
dc.identifier.citationPresented at the 15th Annual Australasian Finance and Banking Conferenceen
dc.description.abstractThe Chinese economy has undergone substantial and fundamental transformation as reforms are effected and the state monopoly is exchanged for more market oriented ownership structures. This research paper contributes to the ongoing body of work relating to corporate governance in China. The study investigates whether ownership changes, concentration or structure have significant influence on the performance of listed firms in China. The findings suggest that the market considers changes in ownership favourably, especially if the changes reduce state holdings. The market views the subsequent reduction in the influence of the state on enterprises in China positively. This then implies that legal person, tradable A or foreign holdings are considered superior to state ownership. It follows then that the structure of shareholdings is of importance and empirical evidence supports the notion. It is apparent that the function of legal persons is more highly regarded in the process of corporate governance in the market in China, as legal person blockholdings are found to be positively correlated with firm performance. Nevertheless, the study finds that ownership concentration per se, does not have explanatory power in relation to firm performance. Size is also found to be negatively correlated with performance, suggesting that the market identifies the unwieldy size of many of the large listed SOEs to be a hindrance to performance.en
dc.relation.ispartofPresented at the 15th Annual Australasian Finance and Banking Conferenceen
dc.titleCorporate Governance, Valuation and Ownership in China: An Empirical Study of Listed Firmsen
dc.typeConference Publicationen
dc.relation.conference15th Annual Australasian Finance and Banking Conference, Sydney, Australia, 16th - 18th December, 2002en
dc.subject.keywordsCorporate Governance and Stakeholder Engagementen
dc.subject.keywordsFinancial Institutions (incl Banking)en
dc.subject.keywordsInvestment and Risk Managementen
local.subject.for2008150203 Financial Institutions (incl Banking)en
local.subject.for2008150303 Corporate Governance and Stakeholder Engagementen
local.subject.for2008150205 Investment and Risk Managementen
local.subject.seo2008900201 Administration and Business Support Servicesen
local.subject.seo2008900102 Investment Services (excl. Superannuation)en
local.subject.seo2008919999 Economic Framework not elsewhere classifieden
local.profile.schoolUNE Business Schoolen
local.record.institutionUniversity of New Englanden
local.title.subtitleAn Empirical Study of Listed Firmsen
local.title.maintitleCorporate Governance, Valuation and Ownership in Chinaen
local.output.categorydescriptionE2 Non-Refereed Scholarly Conference Publicationen
local.conference.details15th Annual Australasian Finance and Banking Conference, Sydney, Australia, 16th - 18th December, 2002en
local.description.statisticsepubsVisitors: 59<br />Views: 63<br />Downloads: 0en, Martinen
Appears in Collections:Conference Publication
UNE Business School
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