Corporate governance or governance by corporates? Testing governmentality in the context of China's national oil and petrochemical business groups

Tyler M. Rooker

Asia Pacific Business Review, 2015, vol. 21, issue 1, 60-76

Abstract: Like other industrial sectors with significant - 'pillar' - importance in China's overall economy and development, oil and petrochemicals are governed by state-owned business groups. In this context, 'corporate governance' of these groups is of fundamental interest. This study probes corporate governance of 31 national oil and petrochemical business groups by examining their structure, development and business activities in the period from 2007 to 2011. The post-1998 restructuring of China's qiyejituan business groups, their related party transactions and related party corporate finance all yield insight into how property rights are decisive in how corporate governance based on governmentality - or the interrelation of corporate, state and social relations - is structured. This study sheds light on how China's big business policy and governance of the state-business interface progresses in a socialist market economy. It has clear implications international trade and investment as well as multinational corporations doing business with China.

Date: 2015
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DOI: 10.1080/13602381.2014.939895

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