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Managerial Ownership and Corporate Performances in China

CHEN BIN 1 Lee Ki-Seong 1

1건국대학교

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ABSTRACT

This paper empirically studies the relationship between the managerial ownership and corporate performances in China. Using the panel dataset of 958 companies across 12 industries in 2010-2014 (non-financial listed firms). The results indicate that First, the regression analysis taken from both exogenous and endogenous perspectives on the entire sample revealed that an inversed U-shaped curve, displaying non-linear relationship between the managerial ownership and two measures of corporate performance (ROA, ROE). Second, the regression analysis on each group divided according to the ownership type displayed that state-owned enterprises were not in line with the above conclusions (entire sample, private-owned enterprises), and there are only linear relationships between the managerial ownership and two measures of corporate performance. Third, we also find that corporate governance variables including concentration of ownership and the ratio of independent directors perform monitoring role to help to improve firm performance.

Citation status

* References for papers published after 2022 are currently being built.