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Corporate governance and operating performance of Chinese listed firms

Heibatollah Sami, Justin Wang and Haiyan Zhou

Journal of International Accounting, Auditing and Taxation, 2011, vol. 20, issue 2, 106-114

Abstract: In this paper, we investigate the impact of corporate governance on firm performance and valuation in China. Our study introduces a composite measure of corporate governance to measure the association between corporate governance and Chinese firms’ performance and valuation. Because agency theory suggests that companies with better corporate governance standards perform better, we propose that better governed Chinese firms would have greater performance and higher valuation. We find that our composite measure of corporate governance is positively and significantly associated with firm performance and valuation. These findings have implications for policy makers, researchers, managers, and investors in general and those in emerging markets in particular.

Keywords: Corporate governance; Operating performance; Firm valuation; Ownership; Tobin's Q; Emerging markets (China) (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jiaata:v:20:y:2011:i:2:p:106-114

DOI: 10.1016/j.intaccaudtax.2011.06.005

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