IDEAS home Printed from https://ideas.repec.org/a/kap/asiapa/v29y2012i2p479-498.html
   My bibliography  Save this article

Managerial ownership and the role of privatization in transition economies: The case of China

Author

Listed:
  • Liu Wang
  • William Judge

Abstract

No abstract is available for this item.

Suggested Citation

  • Liu Wang & William Judge, 2012. "Managerial ownership and the role of privatization in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 29(2), pages 479-498, June.
    • Handle: RePEc:kap:asiapa:v:29:y:2012:i:2:p:479-498
    DOI: 10.1007/s10490-010-9205-9
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10490-010-9205-9
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10490-010-9205-9?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 133-150, Fall.
    2. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    3. Mi, Zhou & Wang, Xiaoming, 2000. "Agency cost and the crisis of China's SOE," China Economic Review, Elsevier, vol. 11(3), pages 297-317.
    4. 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.
    5. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
    6. Cull, Robert & Xu, Lixin Colin, 2005. "Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms," Journal of Financial Economics, Elsevier, vol. 77(1), pages 117-146, July.
    7. Mike W. Peng & Justin Tan & Tony W. Tong, 2004. "Ownership Types and Strategic Groups in an Emerging Economy," Journal of Management Studies, Wiley Blackwell, vol. 41(7), pages 1105-1129, November.
    8. Tony Fang, 2010. "Asian management research needs more self-confidence: Reflection on Hofstede (2007) and beyond," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 155-170, March.
    9. Yingyi Qian, 1996. "Enterprise reform in China: agency problems and political control," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 427-447, October.
    10. Li, Shaomin & Ouyang, Ming & Zhou, Dongsheng, 2005. "Modeling privatization as a firm strategy in transition economies," Journal of Business Research, Elsevier, vol. 58(1), pages 37-44, January.
    11. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    12. Shirley, Mary M & Xu, Lixin Colin, 2001. "Empirical Effects of Performance Contracts: Evidence from China," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 17(1), pages 168-200, April.
    13. Zahra, Shaker A., 1995. "Corporate entrepreneurship and financial performance: The case of management leveraged buyouts," Journal of Business Venturing, Elsevier, vol. 10(3), pages 225-247, May.
    14. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation," Scholarly Articles 29407535, Harvard University Department of Economics.
    15. Jefferson, Gary H, 1998. "China's State Enterprises: Public Goods, Externalities, and Coase," American Economic Review, American Economic Association, vol. 88(2), pages 428-432, May.
    16. Paul H. Malatesta & Kathryn L. DeWenter, 2001. "State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity," American Economic Review, American Economic Association, vol. 91(1), pages 320-334, March.
    17. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. "The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-452, June.
    18. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    19. Tian Zhu, 1999. "China'S Corporatization Drive: An Evaluation And Policy Implications," Contemporary Economic Policy, Western Economic Association International, vol. 17(4), pages 530-539, October.
    20. Robert Gibbons & Kevin J. Murphy, 1990. "Relative Performance Evaluation for Chief Executive Officers," ILR Review, Cornell University, ILR School, vol. 43(3), pages 30, April.
    21. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    22. Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(1), pages 1-36, March.
    23. David E. M. Sappington, 1991. "Incentives in Principal-Agent Relationships," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 45-66, Spring.
    24. Xiaozu Wang & Lixin Colin Xu & Tian Zhu, 2004. "State‐owned enterprises going public The case of China," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(3), pages 467-487, September.
    25. Oliver Gottschalg & Maurizio Zollo, 2007. "Interest Alignment and Competitive Advantage," Post-Print hal-00459446, HAL.
    26. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
    27. Lubomir Lizal & Miroslav Singer & Jan Svejnar, 2001. "Enterprise Breakups And Performance During The Transition From Plan To Market," The Review of Economics and Statistics, MIT Press, vol. 83(1), pages 92-99, February.
    28. Julio O de Castro & Klaus Uhlenbruck, 1997. "Characteristics of Privatization: Evidence from Developed, Less-Developed and Former Communist Countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 28(1), pages 123-143, March.
    29. Qian Sun & Wilson H. S. Tong & Jing Tong, 2002. "How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(1‐2), pages 1-27.
    30. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    31. Seung Ho Park & Shaomin Li & David K Tse, 2006. "Market liberalization and firm performance during China's economic transition," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(1), pages 127-147, January.
    32. Lin, Justin Yifu & Cai, Fang & Li, Zhou, 1998. "Competition, Policy Burdens, and State-Owned Enterprise Reform," American Economic Review, American Economic Association, vol. 88(2), pages 422-427, May.
    33. repec:bla:jfinan:v:53:y:1998:i:3:p:1081-1110 is not listed on IDEAS
    34. Chow, Gregory C, 1997. "Challenges of China's Economic System for Economic Theory," American Economic Review, American Economic Association, vol. 87(2), pages 321-327, May.
    35. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    36. Klaus Uhlenbruck & Klaus E. Meyer & Michael A. Hitt, 2003. "Organizational Transformation in Transition Economies: Resource‐based and Organizational Learning Perspectives," Journal of Management Studies, Wiley Blackwell, vol. 40(2), pages 257-282, March.
    37. Michael Carney & Daniel Shapiro & Yao Tang, 2009. "Business Group Performance in China: Ownership and Temporal Considerations," Management and Organization Review, The International Association for Chinese Management Research, vol. 5(2), pages 167-193, July.
    38. Wendy Carlin & Philippe Aghion, 1996. "Restructuring outcomes and the evolution of ownership patterns in Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 371-388, October.
    39. Justin Tan, 2002. "Impact of Ownership Type on Environment–Strategy Linkage and Performance: Evidence from a Transitional Economy," Journal of Management Studies, Wiley Blackwell, vol. 39(3), pages 333-354, May.
    40. Roman Frydman & Cheryl Gray & Marek Hessel & Andrzej Rapaczynski, 1999. "When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(4), pages 1153-1191.
    41. Xiao-yuan Dong & Louis Putterman & Bulent Unel, 2004. "Enterprise Restructuring and Firm Performance: A Comparison of Rural and Urban Enterprises in Jiangsu Province," William Davidson Institute Working Papers Series 2004-668, William Davidson Institute at the University of Michigan.
    42. Fleisher, Belton M. & Wang, Xiaojun, 2001. "Efficiency Wages and Work Incentives in Urban and Rural China," Journal of Comparative Economics, Elsevier, vol. 29(4), pages 645-662, December.
    43. Theodore Groves & Yongmiao Hong & John McMillan & Barry Naughton, 1994. "Autonomy and Incentives in Chinese State Enterprises," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(1), pages 183-209.
    44. Rabi Bhagat & Annette McDevitt & Ian McDevitt, 2010. "On improving the robustness of Asian management theories: Theoretical anchors in the era of globalization," Asia Pacific Journal of Management, Springer, vol. 27(2), pages 179-192, June.
    45. Claessens, Stijn & Djankov, Simeon, 1999. "Enterprise performance and management turnover in the Czech Republic," European Economic Review, Elsevier, vol. 43(4-6), pages 1115-1124, April.
    46. Clarke, Donald C., 2003. "Corporate governance in China: An overview," China Economic Review, Elsevier, vol. 14(4), pages 494-507.
    47. Prowse, Stephen D, 1992. "The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, vol. 47(3), pages 1121-1140, July.
    48. David Coady & Limin Wang, 2000. "Incentives, allocation and labour-market reforms during transition: the case of urban China, 1986-1990," Applied Economics, Taylor & Francis Journals, vol. 32(4), pages 511-526.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Shan, Yuan George, 2019. "Do corporate governance and disclosure tone drive voluntary disclosure of related-party transactions in China?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 34(C), pages 30-48.
    2. Sylvia Maxfield & Liu Wang & Mariana Magaldi de Sousa, 2018. "The Effectiveness of Bank Governance Reforms in the Wake of the Financial Crisis: A Stakeholder Approach," Journal of Business Ethics, Springer, vol. 150(2), pages 485-503, June.
    3. Lee, Jeoung Yul & Xiao, Shufeng(Simon) & Choi, Byungchul, 2021. "Unpacking the drivers of emerging market firms’ international joint venture formation: The interplay between technological innovation strategies and home- and host-institutional pressures," Journal of Business Research, Elsevier, vol. 134(C), pages 378-392.
    4. A. Ashwin & Rishikesha Krishnan & Rejie George, 2015. "Family firms in India: family involvement, innovation and agency and stewardship behaviors," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 869-900, December.
    5. Ciprian Stan & Mike Peng & Garry Bruton, 2014. "Slack and the performance of state-owned enterprises," Asia Pacific Journal of Management, Springer, vol. 31(2), pages 473-495, June.
    6. Mike W. Peng & Garry D. Bruton & Ciprian V. Stan & Yuanyuan Huang, 2016. "Theories of the (state-owned) firm," Asia Pacific Journal of Management, Springer, vol. 33(2), pages 293-317, June.
    7. Ren, Monica & Manning, Stephan & Vavilov, Stanislav, 2019. "Does state ownership really matter? The dynamic alignment of China's resource environment and firm internationalization strategies," Journal of International Management, Elsevier, vol. 25(3), pages 1-1.
    8. Oleksandr Talavera & Shuxing Yin & Mao Zhang, 2022. "Political motives of excess leverage in state-owned firms," Discussion Papers 22-04, Department of Economics, University of Birmingham.
    9. Kyung Hwan Yun & Jiatao Li & Chenguang Hu, 2024. "State dominance over the market: Reexamining the survival of China’s state-owned enterprises," Asia Pacific Journal of Management, Springer, vol. 41(1), pages 437-474, March.
    10. Talavera, Oleksandr & Yin, Shuxing & Zhang, Mao, 2024. "Political motives of excess leverage in state firms," International Review of Financial Analysis, Elsevier, vol. 94(C).
    11. Shirley Daniel & Dongyoung Lee & Wolf Reitsperger, 2014. "Raising quality consciousness among Chinese manufacturing personnel: Testing the effectiveness of performance management tools," Asia Pacific Journal of Management, Springer, vol. 31(2), pages 549-573, June.
    12. Miroslav Nedelchev, 2017. "Corporate Governance and ‘Principal-Principal’ Conflicts: the Case of the Banking System in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 117-135.
    13. Chang, Yuyuan & Pan, Xiaofei & Wang, Jianling & Zhou, Qing, 2021. "Depoliticization and corporate cash holdings: Evidence from the mandated resignation of directors in China," Journal of Corporate Finance, Elsevier, vol. 69(C).
    14. Ming Chen & Jiao Wu, 2023. "State ownership may not be bad: Based on bibliometric research (2002–2021)," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1285-1304, March.

    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.
    1. Sun, Qian & Tong, Wilson H. S., 2003. "China share issue privatization: the extent of its success," Journal of Financial Economics, Elsevier, vol. 70(2), pages 183-222, November.
    2. Ratnam Vijayakumaran, 2019. "Agency Costs, Ownership, and Internal Governance Mechanisms: Evidence from Chinese Listed Companies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(1), pages 133-154, January.
    3. Filatotchev, Igor & Wright, Mike & Uhlenbruck, Klaus & Tihanyi, Laszlo & Hoskisson, Robert E., 2003. "Governance, organizational capabilities, and restructuring in transition economies," Journal of World Business, Elsevier, vol. 38(4), pages 331-347, November.
    4. Fuxiu Jiang & Kenneth A Kim, 2020. "Corporate Governance in China: A Survey [The role of boards of directors in corporate governance: a conceptual framework and survey]," Review of Finance, European Finance Association, vol. 24(4), pages 733-772.
    5. Phi, Nguyet Thi Minh & Taghizadeh-Hesary, Farhad & Tu, Chuc Anh & Yoshino, Naoyuki & Kim, Chul Ju, 2019. "Performance Differential Between Private and State-Owned Enterprises: An Analysis of Profitability and Leverage," ADBI Working Papers 950, Asian Development Bank Institute.
    6. Chen, Gongmeng & Firth, Michael & Rui, Oliver, 2006. "Have China's enterprise reforms led to improved efficiency and profitability?," Emerging Markets Review, Elsevier, vol. 7(1), pages 82-109, March.
    7. John S. Earle, 1999. "Post-Privatisation Ownership Structure and Productivity in Russian Industrial Enterprises," Working Papers 1999.19, Fondazione Eni Enrico Mattei.
    8. Beuselinck, Christof & Cao, Lihong & Deloof, Marc & Xia, Xinping, 2017. "The value of government ownership during the global financial crisis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 481-493.
    9. Henk Berkman & Rebel A. Cole & Lawrence J. Fu, 2014. "Improving corporate governance where the State is the controlling block holder: evidence from China," The European Journal of Finance, Taylor & Francis Journals, vol. 20(7-9), pages 752-777, September.
    10. Feng, Fang & Sun, Qian & Tong, Wilson H. S., 2004. "Do government-linked companies underperform?," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2461-2492, October.
    11. Chi, Wei & Wang, Yijiang, 2009. "Ownership, performance and executive turnover in China," Journal of Asian Economics, Elsevier, vol. 20(4), pages 465-478, September.
    12. Tian, Lihui & Estrin, Saul, 2008. "Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value?," Journal of Comparative Economics, Elsevier, vol. 36(1), pages 74-89, March.
    13. Choi, Suk Bong & Lee, Soo Hee & Williams, Christopher, 2011. "Ownership and firm innovation in a transition economy: Evidence from China," Research Policy, Elsevier, vol. 40(3), pages 441-452, April.
    14. Anna P. I. Vong & Duarte Trigueiros, 2014. "Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform," Applied Economics, Taylor & Francis Journals, vol. 46(15), pages 1728-1750, May.
    15. Lixin Colin Xu & Tian Zhu & Yi‐min Lin, 2005. "Politician control, agency problems and ownership reform," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 13(1), pages 1-24, January.
    16. Chi, Wei & Wang, Yijiang, 2007. "Ownership, Performance and Executive Turnover," MPRA Paper 15302, University Library of Munich, Germany, revised Apr 2009.
    17. Kubo, Katsuyuki & Phan, Huu Viet, 2019. "State ownership, sovereign wealth fund and their effects on firm performance: Empirical evidence from Vietnam," Pacific-Basin Finance Journal, Elsevier, vol. 58(C).
    18. Cabeza-García, Laura & Gómez-Ansón, Silvia, 2011. "Post-privatisation ownership concentration: Determinants and influence on firm efficiency," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 412-430, September.
    19. Lu, Susan Feng & Dranove, David, 2013. "Profiting from gaizhi: Management buyouts during China’s privatization," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 634-650.
    20. O'Toole, Conor M. & Morgenroth, Edgar L.W. & Ha, Thuy T., 2016. "Investment efficiency, state-owned enterprises and privatisation: Evidence from Viet Nam in Transition," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 93-108.

    Corrections

    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:kap:asiapa:v:29:y:2012:i:2:p:479-498. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.