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Empirical Research on Corporate Governance in China: A Review and New Directions for the Future

Published online by Cambridge University Press:  29 July 2015

Wei Shen ,
Qiong Zhou  and
Chung-Ming Lau
Wei Shen
Affiliation:
Arizona State University, USA
Qiong Zhou
Affiliation:
Shanghai University of Finance and Economics, China
Chung-Ming Lau
Affiliation:
Chinese University of Hong Kong, China
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Abstract

The ownership structure of Chinese firms has experienced significant changes over the last three decades, including the development of a fast growing stock market through which a large number of domestic firms have become publicly traded corporations. These changes have drawn increasing attention from researchers of corporate governance. In this article, we review the empirical research on corporate governance in China, with a focus on the internal and external governance mechanisms that have been investigated and the findings about the effectiveness of these mechanisms. On the basis of our review of 132 studies, we summarize the major findings and discuss the limitation of agency theory in understanding the governance issue in Chinese firms. We offer several ideas (e.g., the importance of the social context, new conceptualization of governance, different outcomes of governance, and data/method issues) for a new agenda to guide future research in the corporate governance of firms operating in the Chinese and other emerging economy contexts.

摘要:

摘要:

中国企业的所有权结构在过去三十年发生了显著的变化, 其中数量可观的一批企业通过迅速发展的国内股票交易市场成为上市公司。这些变化吸引了研究公司治理的学者们越来越多的注意力。在这篇文章中我们回顾了有关中国公司治理的实证研究, 特别聚焦于被调查的各种内部和外部治理机制以及关于它们有效性的结果。基于对132篇论文的回顾, 我们总结了主要发现并探讨了代理理论在对理解中国企业公司治理这个问题上的局限性。我们还对未来在中国和其它新兴经济进行公司治理研究提出几点建议, 例如注重社会背景的影响, 对公司治理概念给予新的诠释, 考量不同的结果变量, 以及数据和方法问题。

Keywords

board of directionsChinese firmscorporate governancemanagerial incentivesownership structurestate ownership
Type
Articles
Information
Management and Organization Review , Volume 12 , Issue 1 , March 2016 , pp. 41 - 73
Copyright
Copyright © The International Association for Chinese Management Research 2015 

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