Download or read book Does CEO Turnover Matter in China written by Pierre Pessarossi and published by . This book was released on 2012 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does CEO Turnover Matter in China Evidence from the Stock Market written by Pierre Pessarossi and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the consequences of CEO turnover announcements on the stock prices of firms in China, where most listed firms remain majority-owned by the state. Our proposition is that state ownership may affect stock market reaction to CEO replacement because state-owned firms often pursue multiple, potentially contradictory, objectives, i.e. economic performance and social objectives. Applying standard event study methodology to a sample of 1,094 announcements from 2002 to 2010, we find that CEO turnover typically produces a positive stock market reaction. The reaction is significantly positive, however, only for enterprises owned by the central government, and not significant for enterprises owned by local governments or privately owned enterprises. These results suggest that a CEO turnover in a central state-owned enterprise signals a renewed commitment to the economic performance objective by state officials. The small size of CEO labor market suggests that other shareholders have a relatively small pool of CEO talent to proceed to managerial improvement when a CEO turnover takes place.
Download or read book CEO Turnover in China written by Martin J. Conyon and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relation between CEO turnover and firm performance in China's publicly traded firms. We provide evidence on the use of accounting and market-based performance measures in CEO turnover decisions. We also investigate moderating roles of noise in performance measures, firm growth opportunities, State Owned Enterprises, and corporate governance reform on the weights attached to these performance measures. We find that Chinese listed firms rely more on accounting performance than on stock market performance when determining CEO turnover. Firms with noisier performance measures and firms with larger growth opportunities rely less on both accounting and stock market performance in CEO replacement decision. State-controlled firms are more likely to use accounting performance to determine CEO turnover. Finally, we find that the weight attached to the accounting performance measure is significantly reduced and the weight attached to the stock market performance is significantly increased after the governance reform. We also observe that the reform has different impacts on state owned firms and private firms in terms of sensitivity of CEO turnover to firm performance.
Download or read book CEO Turnover Firm Performance and Enterprise Reform in China written by Takao Kato and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Sustainable Entrepreneurship in China written by Douglas Cumming and published by Springer. This book was released on 2015-07-15 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable Entrepreneurship in China provides empirical evidence and cutting-edge research into topical business ethics issues relating to entrepreneurship, corporate governance, and institutional reforms in China.
Download or read book Shareholder Incentive Alignment and CEO Turnover written by Muhammad Usman and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we analyze the effect of split-share structure reforms on CEO turnover and performance relationship in Chinese listed firms. We use special dataset that manually categorizes a large number of CEO turnover events as either forced or non-forced. By employing logit regression and interaction effects we find that sensitivity of abnormal stock performance to probability of forced CEO turnover in Chinese SOEs was positive during 1999-2005 but negative during 2006-2011. Post-turnover abnormal stock returns were also higher during 2006-2011 compared to 1999-2005 for Chinese SOEs. The evidence shows that split-share structure reforms affected the CEO turnover-performance relationship through exposure effect, that exposure to stock price changes has forced the owners Chinese SOEs to evaluate the managers for the poor stock performance. This also shows that alignment in the incentives of the minority and majority shareholders helps protect the interests of the minority shareholders by changing the internal monitoring mechanisms of the managers.
Download or read book CEO Turnover Firm Performance and Corporate Governance in Chinese Listed Firms written by Takao Kato and published by . This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover and find that: (i) even if the firm is listed in Stock Exchanges, there is no significant and negative link between CEO turnover and firm performance unless the listing is accompanied by an ownership change from state to private; (ii) the presence of a large controlling shareholder makes CEO turnover more sensitive to firm performance; (iii) the appointment of independent directors enhances turnover-performance sensitivities; (iv) CEO turnover-performance sensitivities are weaker for listed firms with CEOs who also hold positions in the controlling shareholders; and (v) firm performance will improve significantly after the replacement of the CEO and the improvement will be greater for privately controlled firms than for state controlled firms. These findings have important implications for China's stock market development and SOE reform as well as more generally the law and finance approach to corporate governance. Consistent with the law and finance approach to corporate governance, the wholesale change of ownership and control from the state to private individuals and firms is found to be the most consistent and significant contributor to stronger CEO turnover-performance link and hence the higher quality of corporate governance. The positive effects of higher independence of board members on turnover-performance link are also consistent with the weak investor protection theory.
Download or read book Inside Or Outside Chief Executive Officer Succession and Firm Performance written by Rui Xiao and published by . This book was released on 2010 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does CEO Pay Dispersion Matter in an Emerging Market Evidence from China s Listed Firms written by Hu Fang and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how the institutional features of emerging economies (i.e., government ownership, political connections, and market reform) influence CEO pay-dispersion incentives. Consistent with our expectation, we find that CEO pay dispersion generally provides a tournament incentive in China's emerging market, as it is positively associated with firm performance. In addition, tournament incentives are weaker where firms are controlled by the government and where the CEO is politically connected, but it became stronger after the China's split-share structure reforms. Further, we find that in state controlled firms the satisfaction gained by meeting multiple economic and social goals largely reduces the effectiveness of tournament incentives, while the managerial agency problems inherent in private firms might mitigate them.
Download or read book The Chinese Stock Market written by Nicolaas Groenewold and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . this book succeeds in its mission of analysing the efficiency, predictability and profitability of the Chinese stock market. It is strongly recommended to scholars. It is additionally recommended to practitioners involved in the market, sharing its prosperity and avoiding the possible risk. This book is also recommended to the students who want to learn the systematic application of econometric modelling to market efficiency analysis.' - Shiguang Ma, Economic Record The emergence of a stock market in China only occurred a decade ago and it remains something of an unknown quantity to many observers and traders outside of the country. This book provides an extensive historical and empirical analysis of the Chinese stock-market, the development of which is an integral part of the process of economic modernization that began in China in the late 1970s.
Download or read book Capitalism from Below written by Victor Nee and published by Harvard University Press. This book was released on 2012-06-19 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over 630 million Chinese escaped poverty since the 1980s, the largest decrease in poverty in history. Studying 700 manufacturing firms in the Yangzi region, the authors argue that the engine of China’s economic miracle—private enterprise—did not originate at the top but bubbled up from below, overcoming initial obstacles set up by the government.
Download or read book Strategic Leadership written by Sydney Finkelstein and published by Strategic Management. This book was released on 2009 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that in order to understand why organizations do the things they do, or perform the way they do, we need to deeply comprehend the people at the top-- their experiences, abilities, values, social connections, aspirations, and other human features. The actions--or inactions--of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs); and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). Strategic Leadership synthesizes what is known about strategic leadership and indicates new research directions. The book is meant primarily for scholars who strive to assess and understand the phenomena of strategic leadership. It offers a considerable foundation on which professionals involved in executive search, compensation, appraisal and staffing, as well as board members who evaluate executive performance and potential, might build their tools and perspectives.
Download or read book A Primer on Corporate Governance written by Jean Chen and published by Business Expert Press. This book was released on 2015-06-30 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its opening up and economic reforms in 1979, China has undergone tremendous economic growth and social development, with a ten percent real gross domestic product growth per year on average through 2013. In spite of such an accomplishment, the current economic growth model in China, which is mainly triggered by the export-led policy and the huge government investment, has been challenged by potential external and internal risks, which do not support sustainable economic growth in the long run. In this book, the author comprehensively reviews the corporate governance practices in China, identifying the major problems within such practices. It is contended that these problems have been seen as the major challenges facing the Chinese economy, and further, that the current weakness of corporate governance practices in China can be ascribed, to a great extent, to the incompleteness and weakness of law enforcement.
Download or read book The Chinese Capital Markets written by Chris Adcock and published by Taylor & Francis. This book was released on 2020-12-17 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past China’s capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world’s second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China’s unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that promote the marketization of the stock markets, among others. These studies have important implications for other emerging economies, on the recent China-US trade conflicts and about the Trump administration's complaints about the role of the Chinese government in capital markets. This book selectively includes the most influential articles from two special issues of The European Journal of Finance, which were based on selections of papers presented at a series of conferences on the Chinese Capital Markets.
Download or read book Corporate Social Responsibility in Contemporary China written by Jingchen Zhao and published by Edward Elgar Publishing. This book was released on 2014-01-31 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: China�s recent economic transformation and integration into the world economy has coincided with increasing pressure for corporate law reform to make corporate social responsibility (CSR) integral to business and management strategy in China. This time
Download or read book Social Norms in Managerial Decision Making Psychological and or Neural Perspectives written by Xile Yin and published by Frontiers Media SA. This book was released on 2023-02-03 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Enterprise Reform in China written by Gary H. Jefferson and published by World Bank Publications. This book was released on 1999 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to document the impact of economic reforms on China's industrial sector and to explain why China's reforms have had such wide-reaching effects. The volume contains 11 coordinated studies that document and analyze changes in the governance and performance of China's industrial enterprises. Chapter 1 presents an overview of the structure of China's industrial enterprises. Chapter 2 extracts key aspects of the survey data to describe, compare, and contrast the systems of governance of key ownership types. Chapter 3 describes the special features of China's economic and institutional structure that create a kind of dynamic endogenous reform process, "an industrial innovation ladder." The ladder has two interactive dimensions. The first is technical innovation, modeled and empirically tested in chapter 4. The second is institutional change, or enterprise reform, viewed in chapter 5 as arising from both conditions within the industrial system and the efforts of central reformers. Chapters 6 and 7 assess the performance of Chinese industry. Chapters 8 through 11 present formal models and technical econometric work. Each of these chapters seeks to examine the behavior of one or more samples of enterprises with respect to a particular enterprise function.
