Are both managerial morality and talent important to firm performance? Evidence from Chinese public firms
Author
Abstract
Suggested Citation
DOI: 10.1016/j.irfa.2020.101602
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Klapper, Leora F. & Love, Inessa, 2004.
"Corporate governance, investor protection, and performance in emerging markets,"
Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
- Klapper, Leora F. & Love, Inessa, 2002. "Corporate governance, investor protection, and performance in emerging markets," Policy Research Working Paper Series 2818, The World Bank.
- Waverly W. Ding, 2011. "The Impact of Founders' Professional-Education Background on the Adoption of Open Science by For-Profit Biotechnology Firms," Management Science, INFORMS, vol. 57(2), pages 257-273, February.
- La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997.
"Legal Determinants of External Finance,"
Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, "undated". "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
- Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
- Shleifer, Andrei & La Porta, Rafael & Lopez-De-Silanes, Florencio & Vishny, Robert W., 1997. "Legal Determinants of External Finance," Scholarly Articles 30728041, Harvard University Department of Economics.
- RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, "undated". "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Bruce E. Hansen, 2000.
"Sample Splitting and Threshold Estimation,"
Econometrica, Econometric Society, vol. 68(3), pages 575-604, May.
- Bruce E. Hansen, 1996. "Sample Splitting and Threshold Estimation," Boston College Working Papers in Economics 319., Boston College Department of Economics, revised 12 May 1998.
- Kun Tracy Wang & Greg Shailer, 2018. "Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership," Abacus, Accounting Foundation, University of Sydney, vol. 54(1), pages 1-35, March.
- Haugen, Robert A. & Senbet, Lemma W., 1979. "New Perspectives on Informational Asymmetry and Agency Relationships," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 14(4), pages 671-694, November.
- Xu, Nianhang & Li, Xiaorong & Yuan, Qingbo & Chan, Kam C., 2014. "Excess perks and stock price crash risk: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 419-434.
- Danny Miller & Xiaowei Xu & Vikas Mehrotra, 2015. "When is human capital a valuable resource? The performance effects of Ivy league selection among celebrated CEOs," Strategic Management Journal, Wiley Blackwell, vol. 36(6), pages 930-944, June.
- Ottorino Morresi, 2017. "How much is CEO education worth to a firm? Evidence from European firms," PSL Quarterly Review, Economia civile, vol. 70(282), pages 311-353.
- Wei, Zuobao & Varela, Oscar, 2003. "State equity ownership and firm market performance: evidence from China's newly privatized firms," Global Finance Journal, Elsevier, vol. 14(1), pages 65-82, May.
- Pedro Martins & Jim Jin, 2010.
"Firm-level social returns to education,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 23(2), pages 539-558, March.
- Martins, Pedro S., 2004. "Firm-Level Social Returns to Education," IZA Discussion Papers 1382, Institute of Labor Economics (IZA).
- Pedro S. Martins & Jim Jin, 2008. "Firm-Level Social Returns to Education," Working Papers 9, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
- Margiotta, Mary M & Miller, Robert A, 2000. "Managerial Compensation and the Cost of Moral Hazard," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(3), pages 669-719, August.
- Antonio Falato & Dan Li & Todd Milbourn, 2015. "Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials," Management Science, INFORMS, vol. 61(12), pages 2845-2869, December.
- Daniel A. Ackerberg & Maristella Botticini, 2002.
"Endogenous Matching and the Empirical Determinants of Contract Form,"
Journal of Political Economy, University of Chicago Press, vol. 110(3), pages 564-591, June.
- Ackerberg, D.A. & Botticini, M., 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Papers 96, Boston University - Department of Economics.
- Daniel A. Ackerberg & Maristella Botticini, 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Papers 0096, Boston University - Industry Studies Programme.
- Daniel A. Ackerberg & Maristella Botticini, 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Boston University - Institute for Economic Development 92, Boston University, Institute for Economic Development.
- Gunasekarage, Abeyratna & Hess, Kurt & Hu, Amity (Jie), 2007. "The influence of the degree of state ownership and the ownership concentration on the performance of listed Chinese companies," Research in International Business and Finance, Elsevier, vol. 21(3), pages 379-395, September.
- Lai Trung Hoang & Cuong Cao Nguyen & Baiding Hu, 2017. "Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?," Economic Papers, The Economic Society of Australia, vol. 36(4), pages 416-428, December.
- Berger, Allen N. & Clarke, George R.G. & Cull, Robert & Klapper, Leora & Udell, Gregory F., 2005.
"Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership,"
Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2179-2221, August.
- Berger, Allen N. & Clarke, George R. G. & Cull, Robert & Klapper, Leora & Udell, Gregory F., 2005. "Corporate governance and bank performance : a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership," Policy Research Working Paper Series 3632, The World Bank.
- Yuping Jia, 2013. "Meeting or Missing Earnings Benchmarks: The Role of CEO Integrity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 40(3-4), pages 373-398, April.
- Vizcaíno, Marcos & Chousa, Juan P., 2016. "Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA," Journal of Business Research, Elsevier, vol. 69(6), pages 2118-2124.
- Marquardt, Blair B. & Myers, Brett W. & Niu, Xu, 2018. "Strategic voting and insider ownership," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 50-71.
- Art Durnev & E. Han Kim, 2005.
"To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation,"
Journal of Finance, American Finance Association, vol. 60(3), pages 1461-1493, June.
- Durnev, Art & Kim, E. Han, 2004. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," CEI Working Paper Series 2004-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Mishra, Chandra S., 2020. "Are frequent acquirers more entrenched?," International Review of Financial Analysis, Elsevier, vol. 70(C).
- Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
- Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
- Shleifer, Andrei & Vishny, Robert W, 1986.
"Large Shareholders and Corporate Control,"
Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
- Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
- Carroll, Archie B., 2001. "Models of Management Morality for the New Millennium," Business Ethics Quarterly, Cambridge University Press, vol. 11(2), pages 365-371, April.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Marianne Bertrand & Antoinette Schoar, 2003.
"Managing with Style: The Effect of Managers on Firm Policies,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(4), pages 1169-1208.
- Bertrand, Marianne & Schoar, Antoinette, 2003. "Managing With Style: The Effect of Managers on Firm Policies," Working papers 4280-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Judith Chevalier & Glenn Ellison, 1999.
"Are Some Mutual Fund Managers Better Than Others? Cross‐Sectional Patterns in Behavior and Performance,"
Journal of Finance, American Finance Association, vol. 54(3), pages 875-899, June.
- Judith Chevalier & Glenn Ellison, 1996. "Are Some Mutual Funds Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance," NBER Working Papers 5852, National Bureau of Economic Research, Inc.
- Alessandri, Todd M. & Mammen, Jan & Eddleston, Kimberly, 2018. "Managerial incentives, myopic loss aversion, and firm risk: A comparison of family and non-family firms," Journal of Business Research, Elsevier, vol. 91(C), pages 19-27.
- Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2011. "Cross-border Mergers and Acquisitions in different legal environments," International Review of Law and Economics, Elsevier, vol. 31(3), pages 169-187, September.
- Steven N. Kaplan & Mark M. Klebanov & Morten Sorensen, 2012. "Which CEO Characteristics and Abilities Matter?," Journal of Finance, American Finance Association, vol. 67(3), pages 973-1007, June.
- Fuan Li & Mike Chen-ho Chao & Nancy Yi-feng Chen & Sixue Zhang, 2018. "Moral judgment in a business setting: The role of managers’ moral foundation, ideology, and level of moral development," Asia Pacific Journal of Management, Springer, vol. 35(1), pages 121-143, March.
- Gul, Ferdinand A. & Cheng, Louis T.W. & Leung, T.Y., 2011. "Perks and the informativeness of stock prices in the Chinese market," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1410-1429.
- Fernando, Guy D. & Jain, Shalini Sarin & Tripathy, Arindam, 2020. "This cloud has a silver lining: Gender diversity, managerial ability, and firm performance," Journal of Business Research, Elsevier, vol. 117(C), pages 484-496.
- Cathy Beaudoin & Anna Cianci & George Tsakumis, 2015. "The Impact of CFOs’ Incentives and Earnings Management Ethics on their Financial Reporting Decisions: The Mediating Role of Moral Disengagement," Journal of Business Ethics, Springer, vol. 128(3), pages 505-518, May.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Xiaozhen Pan & Gengxi Xu & Nina Zhu, 2022. "Spatial Peer Effect of Enterprises’ Digital Transformation: Empirical Evidence from Spatial Autoregressive Models," Sustainability, MDPI, vol. 14(19), pages 1-19, October.
- He, Yuhan & Yi, Yang, 2023. "Digitalization of tax administration and corporate performance: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- King, Timothy & Srivastav, Abhishek & Williams, Jonathan, 2016. "What's in an education? Implications of CEO education for bank performance," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 287-308.
- Peter-Jan Engelen & Marc van Essen, 2013. "Effects of firm-level corporate governance and country-level economic governance institutions on R&D curtailment during crisis times," Chapters, in: Mehmet Ugur (ed.), Governance, Regulation and Innovation, chapter 3, pages 58-85, Edward Elgar Publishing.
- Oriana Bandiera & Renata Lemos & Andrea Prat & Raffaella Sadun, 2018.
"Managing the Family Firm: Evidence from CEOs at Work,"
The Review of Financial Studies, Society for Financial Studies, vol. 31(5), pages 1605-1653.
- Bandiera, Oriana & Lemos, Renata & Prat, Andrea & Sadun, Raffaella, 2013. "Managing the family firm: evidence from CEOs at work," LSE Research Online Documents on Economics 121789, London School of Economics and Political Science, LSE Library.
- Prat, Andrea & Bandiera, Oriana & Sadun, Raffaella & Lemos, Renata, 2015. "Managing the Family Firm: Evidence from CEOs at Work," CEPR Discussion Papers 10379, C.E.P.R. Discussion Papers.
- Bandiera, Oriana & Prat, Andrea & Lemos, Renata & Sadun, Raffaella, 2017. "Managing the family firm: evidence from CEOs at work," LSE Research Online Documents on Economics 83391, London School of Economics and Political Science, LSE Library.
- Oriana Bandiera & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," STICERD - Economic Organisation and Public Policy Discussion Papers Series 049, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Oriana Bandiera & Renata Lemos & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," NBER Working Papers 19722, National Bureau of Economic Research, Inc.
- Bandiera, Oriana & Lemos, Renata & Prat, Andrea & Sadun, Raffaella, 2018. "Managing the family firm: evidence from CEOs at work," LSE Research Online Documents on Economics 84945, London School of Economics and Political Science, LSE Library.
- Bandiera, Oriana & Prat, Andrea & Sadun, Raffaella, 2013. "Managing the family firm: evidence from CEOs at work," LSE Research Online Documents on Economics 58162, London School of Economics and Political Science, LSE Library.
- Oriana Bandiera & Renata Lemos & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," CEP Discussion Papers dp1250, Centre for Economic Performance, LSE.
- Oriana Bandiera & Andrea Prat & Renata Lemos & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," Harvard Business School Working Papers 14-044, Harvard Business School, revised Jun 2017.
- Haroon ur Rashid Khan & Waqas Bin Khidmat & Osama Al Hares & Naeem Muhammad & Kashif Saleem, 2020. "Corporate Governance Quality, Ownership Structure, Agency Costs and Firm Performance. Evidence from an Emerging Economy," JRFM, MDPI, vol. 13(7), pages 1-35, July.
- Connelly, J. Thomas & Limpaphayom, Piman & Nagarajan, Nandu J., 2012. "Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1722-1743.
- Dimitrios Gounopoulos & Georgios Loukopoulos & Panagiotis Loukopoulos, 2021. "CEO education and the ability to raise capital," Corporate Governance: An International Review, Wiley Blackwell, vol. 29(1), pages 67-99, January.
- Ahmed Abousamak, 2016. "Principal-principal internal governance mechanisms and the firms' performance: evidence from an emerging market," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 11(2), pages 145-169.
- Henrik Cronqvist & Fredrik Heyman & Mattias Nilsson & Helena Svaleryd & Jonas Vlachos, 2009.
"Do Entrenched Managers Pay Their Workers More?,"
Journal of Finance, American Finance Association, vol. 64(1), pages 309-339, February.
- Vlachos, Jonas & Nilsson, Mattias & Svaleryd, Helena & Cronqvist, Henrik & Heyman, Fredrik, 2005. "Do Entrenched Managers Pay Their Workers More?," CEPR Discussion Papers 5371, C.E.P.R. Discussion Papers.
- Cronqvist, Henrik & Heyman, Fredrik & Nilsson, Mattias & Svaleryd, Helena & Vlachos, Jonas, 2006. "Do Entrenched Manager Pay Their Workers More?," SIFR Research Report Series 47, Institute for Financial Research.
- Cronqvist, Henrik & Heyman, Fredrik & Nilsson, Mattias & Svaleryd, Helena & Vlachos, Jonas, 2007. "Do Entrenched Managers Pay Their Workers More?," Working Paper Series 2007-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Cronqvist, Henrik & Heyman, Fredrik & Nilsson, Mattias & Svaleryd, Helena & Vlachos, Jonas, 2006. "Do Entrenched Managers Pay Their Workers More?," Working Paper Series 2005-23, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Alberto Chong & Florencio Lopez-de-Silanes, 2006.
"Corporate Governance and Firm Value in Mexico,"
Research Department Publications
4466, Inter-American Development Bank, Research Department.
- Chong, Alberto E. & López-de-Silanes, Florencio, 2006. "Corporate Governance and Firm Value in Mexico," IDB Publications (Working Papers) 1587, Inter-American Development Bank.
- Anderson, Anne & Gupta, Parveen P., 2009. "A cross-country comparison of corporate governance and firm performance: Do financial structure and the legal system matter?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 5(2), pages 61-79.
- Doan, Anh-Tuan & Lin, Kun-Li & Doong, Shuh-Chyi, 2020. "State-controlled banks and income smoothing. Do politics matter?," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
- Randall Morck, 2011.
"Finance and Governance in Developing Economies,"
Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 375-406, December.
- Randall Morck, 2011. "Finance and Governance in Developing Economies," NBER Working Papers 16870, National Bureau of Economic Research, Inc.
- Omar Farooque & Wonlop Buachoom & Nam Hoang, 2019. "Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market," Asia Pacific Journal of Management, Springer, vol. 36(4), pages 1111-1164, December.
- Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
- Franco Ernesto Rubino & Paolo Tenuta & Domenico Rocco Cambrea, 2017. "Board characteristics effects on performance in family and non-family business: a multi-theoretical approach," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(3), pages 623-658, September.
- Almaskati, Nawaf & Bird, Ron & Lu, Yue, 2020.
"Corporate governance, institutions, markets, and social factors,"
Research in International Business and Finance, Elsevier, vol. 51(C).
- Nawaf Almaskati & Ron Bird & Susanna Lu, 2019. "Corporate Governance, Institutions, Markets and Social Factors," Working Papers in Economics 19/09, University of Waikato.
- Richardson, Grant & Wang, Bei & Zhang, Xinmin, 2016. "Ownership structure and corporate tax avoidance: Evidence from publicly listed private firms in China," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(2), pages 141-158.
- Ahmed Aboud & Ahmed Diab, 2022. "Ownership Characteristics and Financial Performance: Evidence from Chinese Split-Share Structure Reform," Sustainability, MDPI, vol. 14(12), pages 1-18, June.
- Laura Rondi & Julie Ann Elston, 2009. "Corporate Governance And Capital Accumulation: Firm‐Level Evidence From Italy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(5), pages 634-661, November.
- Dan Yang & Linyin Cheng & Guojun Wang & Yuetang Wang & Lu Zhang, 2020. "Investor protection and cost of debt: Evidence from dividend commitment in firm bylaws," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(5), pages 294-308, September.
More about this item
Keywords
Managerial morality; Managerial talent; Firm performance; Chinese public firms;All these keywords.
JEL classification:
- G00 - Financial Economics - - General - - - General
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finana:v:73:y:2021:i:c:s1057521920302453. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620166 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.