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Published Paper

1572-963X

Journal of Management and Governance

Journal of Management and Governance

State ownership and listed firm performance: a universally negative governance relationship?

Trien Le Vinh and Trevor Buck

DOI:
Từ khoá:

Agency theory, China, Economic transition, Meditation, Performance, State ownership

Lê Vĩnh Triển

Triển Lê

Tóm tắt

Our analysis of more than 1,000 Chinese listed firms, 2003–2005, reveals a positive association between state ownership (SO) and firm performance. Arguably, if SO “causes” performance, it must be through the channel of agency cost. Therefore, our paper checks the robustness of this positive SO/performance finding by analyzing the role of agency cost as a mediator. It emerges that SO in the Chinese context may represent a strategic asset rather than an agency burden. However, it is not clear whether this is an outcome driven by efficiency or power.

Trien Le Vinh and Trevor Buck (2009), "State ownership and listed firm performance: a universally negative governance relationship?", Journal of Management and Governance, 15, (2), pp. 227-248, DOI: 10.1007/s10997-009-9098-5

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