Effective corporate board structure and agency problems: Evidence from China’s economic transition
This study investigates the determinants of Chinese board structure during the economic transition from the year 2000 to 2012. It uses principal component analysis with fixed effects estimation to test three hypotheses – the scope of operation hypothesis, monitoring hypothesis and bargaining hypothe...
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Institute of China Studies
2016
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my.um.eprints.186722018-05-15T04:15:47Z http://eprints.um.edu.my/18672/ Effective corporate board structure and agency problems: Evidence from China’s economic transition Zhang, C. Cheong, K.C. Rasiah, R. Zhang, C. HB Economic Theory HC Economic History and Conditions This study investigates the determinants of Chinese board structure during the economic transition from the year 2000 to 2012. It uses principal component analysis with fixed effects estimation to test three hypotheses – the scope of operation hypothesis, monitoring hypothesis and bargaining hypothesis – using different subsamples. Explained without the use of mathematical rigor, the paper’s main findings are that Chinese stock market liberalization and the ultimate controlling shareholder are important factors when constituting board structure. After the split-share structure reform, China tends to have an outsider-dominated board structure. While private-controlled enterprises are more efficient in constituting board structure, CEOs of state-controlled enterprises have more bargaining power over board structure. Institute of China Studies 2016 Article PeerReviewed Zhang, C. and Cheong, K.C. and Rasiah, R. and Zhang, C. (2016) Effective corporate board structure and agency problems: Evidence from China’s economic transition. International Journal of China Studies, 7 (2). pp. 199-214. ISSN 2180-3250 https://www.um.edu.my/docs/default-source/ics/ics-ijcs/full-issue-7-2.pdf?sfvrsn=2 |
| institution |
Universiti Malaya |
| building |
UM Library |
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Institutional Repository |
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Asia |
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Malaysia |
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Universiti Malaya |
| content_source |
UM Research Repository |
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http://eprints.um.edu.my/ |
| topic |
HB Economic Theory HC Economic History and Conditions |
| spellingShingle |
HB Economic Theory HC Economic History and Conditions Zhang, C. Cheong, K.C. Rasiah, R. Zhang, C. Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| description |
This study investigates the determinants of Chinese board structure during the economic transition from the year 2000 to 2012. It uses principal component analysis with fixed effects estimation to test three hypotheses – the scope of operation hypothesis, monitoring hypothesis and bargaining hypothesis – using different subsamples. Explained without the use of mathematical rigor, the paper’s main findings are that Chinese stock market liberalization and the ultimate controlling shareholder are important factors when constituting board structure. After the split-share structure reform, China tends to have an outsider-dominated board structure. While private-controlled enterprises are more efficient in constituting board structure, CEOs of state-controlled enterprises have more bargaining power over board structure. |
| format |
Article |
| author |
Zhang, C. Cheong, K.C. Rasiah, R. Zhang, C. |
| author_facet |
Zhang, C. Cheong, K.C. Rasiah, R. Zhang, C. |
| author_sort |
Zhang, C. |
| title |
Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| title_short |
Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| title_full |
Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| title_fullStr |
Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| title_full_unstemmed |
Effective corporate board structure and agency problems: Evidence from China’s economic transition |
| title_sort |
effective corporate board structure and agency problems: evidence from china’s economic transition |
| publisher |
Institute of China Studies |
| publishDate |
2016 |
| url |
http://eprints.um.edu.my/18672/ https://www.um.edu.my/docs/default-source/ics/ics-ijcs/full-issue-7-2.pdf?sfvrsn=2 |
| _version_ |
1643690761362866176 |
| score |
13.251813 |