| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
|
|
タイトル |
Politically-connected CEOs, Corporate Governance and Post-IPO Performance of China's Partially Privatized Firms |
|
言語 |
en |
| 作成者 |
Chen, Dong-Hua
Fan, Joseph P.H.
Wong, T.J.
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University |
|
|
言語 |
en |
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
Property rules of China's partial share issue privatization have created rent-seeking incentives for politicians that may hurt the performance and corporate governance of newly listed state enterprises. The study reports that 28% of the CEOs in the sample of 617 firms are ex- or current government bureaucrats. The three-year post-IPO stock returns of the full sample underperform the market by 23%. Much of the underperformance is attributable to the firms run by politically-connected CEOs: the underperformance of firms with politically-connected CEOs exceeds those without politically-connected CEOs by 37%. Firms with politically-connected CEOs are more likely to appoint other bureaucrats to the management teams and boards of directors, while they appoint fewer directors with relevant professional background or prior business experience, nor any representative of minority shareholders. The presence of politically-connected CEOs is related to the unemployment and fiscal conditions of the firms' regions while unrelated to most firm characteristics. Overall, the results indicate that the appointment of politically-connected CEOs does not enhance firm efficiency but rather fulfill political goals of politicians. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
|
|
日付 |
2004-03 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
関連名称 |
CEI Working Paper Series ; No. 2004-5 |
| 関連情報 |
|
|
|
識別子タイプ |
URI |
|
|
関連識別子 |
http://cei.ier.hit-u.ac.jp/index.html |
| 収録物識別子 |
|
|
収録物識別子タイプ |
NCID |
|
収録物識別子 |
AA11590659 |
| ページ数 |
|
|
ページ数 |
45 |
wp2004-5a.pdf (367274 bytes)
