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An Empirical Study on the Endogeneity of Corporate Governance Mechanisms and Firm Performance

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Xiao-chun Lan

    (Harbin Engineering University
    Harbin University of Science and Technology)

  • Tie-nan Zhang

    (Harbin Engineering University
    Harbin University of Science and Technology)

Abstract

The relationship between governance mechanisms and firm performance is always a focus problem in the corporate governance. The existed studies ignored many mechanisms’ integrated effect and its endogeneity, only established one equation to study relationship between governance mechanisms and firm performance. Consider about endogeneity, simultaneous equations model were presented to capture the interrelationships between the six control mechanisms and firm performance. Then, ordinary least square and two-stage least square estimated the equations with data of two exchanges during the period 2002–2004 in a sample of 1,721 firm years. The results showed that there were endogeneity issue in the relationship between governance mechanisms and firm performance. In the end, the conclusion is applied to suggest policy implications of China’s economic reform.

Suggested Citation

  • Xiao-chun Lan & Tie-nan Zhang, 2013. "An Empirical Study on the Endogeneity of Corporate Governance Mechanisms and Firm Performance," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 485-495, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-38442-4_52
    DOI: 10.1007/978-3-642-38442-4_52
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    Cited by:

    1. Meng, Yijun & Clements, Michael P. & Padgett, Carol, 2018. "Independent directors, information costs and foreign ownership in Chinese companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 53(C), pages 139-157.
    2. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, February.

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