지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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Purpose This study first explores ? the possible dynamic relationship between ownership structure and firm performance using a panel of 4,900 Chinese-listed small- and medium-sized enterprises (SMEs) from 1999 to 2012.
Research design, data, and methodology ? We address this issue through a dynamic panel model using a method of moments (GMM) technique and dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity, and dynamic endogeneity.
Results ? Under the framework of dynamic endogeneity, firm performance has a significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged values, respectively. Moreover, intertemporal endogeneity exists among ownership, investment, and performance through the application of system dynamic equations, which implies that the relationship among ownership structure, investment, and firm performance is dynamic by nature.
Conclusions ? This study also significantly contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest capital market in the Asian region.
목차
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참고문헌 (46)
참고문헌 신청
Arellano, M. / 1991 / Some tests of specification for panel data : Monte Carlo evidence and an application to employment equations / Review of Economic Studies 58:277~297
Arellano, M. / 1995 / Another Look at the Instrumental Variable Estimation of Error Component Models / Journal of Econometrics 68:29~51
Charkham, J. / 1994 / Keeping good company: a study of corporate governance in five countries / Clarendon Press
Cheung, W. K. A. / 2006 / Insider ownership and corporate performance: Evidence from the adjustment cost approach / Journal of Corporate Finance 12:906~925
Cho, M. / 1998 / Ownership structure, investment and the corporate value: An empirical analysis / Journal of Financial Economic 47:103~121
Arellano, M. / 1995 / Another Look at the Instrumental Variable Estimation of Error Component Models / Journal of Econometrics 68:29~51
Charkham, J. / 1994 / Keeping good company: a study of corporate governance in five countries / Clarendon Press
Cheung, W. K. A. / 2006 / Insider ownership and corporate performance: Evidence from the adjustment cost approach / Journal of Corporate Finance 12:906~925
Cho, M. / 1998 / Ownership structure, investment and the corporate value: An empirical analysis / Journal of Financial Economic 47:103~121
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