| Title | State ownership and corporate performance: A quantile regression analysis of Chinese listed companies |
| Authors | Li, Tao Sun, Laixiang Zou, Liang |
| Affiliation | Univ London, SOAS, Dept Financial & Management Studies, London WC1H 0XG, England. Cent Univ Finance & Econ, Sch Econ, Beijing, Peoples R China. Int Inst Appl Syst Anal, A-2361 Laxenburg, Austria. Peking Univ, Guanghua Sch Management, Beijing 100871, Peoples R China. Amsterdam Business Sch, NL-1018 WB Amsterdam, Netherlands. Univ London, SOAS, Dept Financial & Management Studies, Thornhaugh St,Russell Sq, London WC1H 0XG, England. |
| Keywords | State ownership Corporate performance China Quantile regression LARGE SHAREHOLDERS GOVERNANCE FIRM PRIVATIZATION MODELS MARKET |
| Issue Date | 2009 |
| Publisher | china economic review |
| Citation | CHINA ECONOMIC REVIEW.2009,20,(4),703-716. |
| Abstract | This Study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed oil the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the method of quantile regression and report a robust and significant negative relation between government shareholding and corporate performance among, and only among, the more profitable firms. This new finding, which the conditional mean-focused regressions do not capture, suggests that while Chinese government still exerts influences oil the performance of these partially privatized firms, the relationship parameter changes across quantiles of the distribution of performance variables. (C) 2009 Elsevier Inc. All rights reserved. |
| URI | http://hdl.handle.net/20.500.11897/260314 |
| ISSN | 1043-951X |
| DOI | 10.1016/j.chieco.2009.05.006 |
| Indexed | SSCI |
| Appears in Collections: | 光华管理学院 |
