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 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 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 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 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 Relation Between Corporate Social Responsibility and CEO Turnover Evidence from China written by and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book China CEO written by Juan Antonio Fernandez and published by John Wiley & Sons. This book was released on 2011-08-17 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: CHINA CEO: Voices of Experience From 20 International Business Leaders is based on interviews with 20 top executives and eight experienced consultants based in China. The book is packed with first-hand, front-line advice from veterans of the China market. Hear directly from the top executives heading up the China operations of Bayer, British Petroleum, Coca-Cola, General Electric, General Motors, Philips, Microsoft, Siemens, Sony and Unilever, plus expert China-based consultants at Boston Consulting Group, Korn/Ferry International, McKinsey & Company, and many more. Each chapter provides practical tips and easy to grasp models that will help new managers in China to be effective. In CHINA CEO, we deliver what other Western authors can't – first-hand reflections based on over 100 years' collective experience in China. The book presents this rich knowledge in a readable, conversational style suitable for time-constrained executives. Each chapter gives specific advice on how to manage Chinese employees, work with Chinese business partners, communicate with headquarters, face competitors, battle intellectual property rights infringers, win-over Chinese consumers, negotiate with the Chinese government, and adapt yourself (and your family) to life 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 and Audit Pricing Further Evidence from China written by and published by . This book was released on 2015 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Chief Executive Officer Turnover in Chinese Listed Companies written by Lili Pi and published by . This book was released on 2009 with total page 660 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This study focuses on the determinants of CEO turnover of listed companies in China, the largest transitional and developing economy in the world, where governance institutions and structures are evolving. Drawing on the strategic change, aspiration, and CEO power literature, a CEO turnover model and a set of hypotheses have been contructed." --Abstract.
Download or read book Political Capital Vs Constraint written by Jerry Cao and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous theoretical and empirical studies suggest that CEOs' political connections are valuable to firms. We examine whether such connections become constraints if the expected political capital fails to materialize and the firm lacks other type of political power in place. Using a sample of listed firms in China, we show that politically connected CEOs in privately controlled (i.e., not state-owned) firms have longer tenure, lower turnover, and weaker turnover-performance sensitivity than non-politically connected CEOs. Further identification tests show that these turnover patterns are not consistent with alternative explanations for turnover patterns such as superior managerial ability or reduction in managerial myopia. The turnover patterns are less pronounced in firms that have alternative political power, such as connected boards or state ownership. Following the turnover of politically connected CEOs, performance improves only for the state-owned firms. Our results call for new theories that comprehend both values and costs of political connection.
Download or read book Chief Executive Officer Turnovers and the Performance of China s Listed Enterprises written by Eric C. Chang and published by . This book was released on 2005 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relation between chief executive officer (CEO) turnovers and performance in China's listed enterprises where controlling shareholders are state-owned entities. We obtain three results. First, we offer evidence that the likelihood of forced CEO turnover is related to the incidence of negative earnings but not to industry-adjusted return on asset. Second, we document some improvement in accounting performance following CEO turnover, but the extent of the improvement is smaller and less significant than what has been documented for U.S. and Japanese enterprises. Third, we show that there is no significant relation between CEO turnovers and stock price performance.
Download or read book Banks as Corporate Monitors written by Qing He and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans does not increase the probability that a poorly performing CEO will be forced out and replaced. However, there is a positive and significant effect if the under-performing firm relies heavily on secured and short-term bank lending. Bank loans increase the likelihood of a forced CEO turnover in private firms, especially where joint-equity banks serve as the main lenders to the firm. There is no similar increase in the probability of a CEO turnover for state-owned firms or firms that borrow mainly from state-owned banks. Thus, where state ownership of banks and listed firms implies inefficiency or reluctance on monitoring borrower performance, there is an opportunity to improve loan contract arrangements to improve the monitoring role of lending banks.
Download or read book Leadership Style Business And Leadership In China written by Pedro Nueno and published by World Scientific. This book was released on 2020-07-17 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past 40 years, the remarkable growth of China has caught the world's attention. In this groundbreaking book, two presidents of CEIBS, the top business school in China, dissect the leadership styles of top industry figures in contemporary China.This book uses real stories, real experiences, and real research from Chinese companies to show how businesses are actually run in China. Global readers will gain an invaluable understanding of Chinese leadership and how to work with Chinese businesses.
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 Superstar Chinese CEOs written by Martin J. Conyon and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates costs and benefits of hiring a star CEO. Using a sample of Chinese listed firms between 2000 and 2010, we find that the appointment of a star CEO is associated with significantly positive cumulative abnormal returns surrounding the announcement day. These findings remain after controlling for other confounding factors that influence the market response to CEO turnover. In addition, we find that star CEOs receive significantly higher executive compensation than their non-star counterparts. Star CEOs also receive more equity incentives compared to non-stars. Our empirical results are robust to controls for other firm and CEO characteristics as well as the endogenous determination of CEO star status. Moreover, we find that firms hiring a star CEO are associated with significantly better short-term market performance than their counterparts in the first year of CEO tenure, while the performance effect gradually attenuates over time. Overall, our results indicate that it is economically rational for Chinese firms to hire a star CEO and the star CEO effect is on top of the CEO's other measurable human capital and social capital.
