State ownership and listed firm performance: a universally negative governance relationship?

Le, T.V. and Buck, T. (2011) State ownership and listed firm performance: a universally negative governance relationship? Journal of Management and Governance, 15(2), pp. 227-248. (doi: 10.1007/s10997-009-9098-5)

Full text not currently available from Enlighten.

Abstract

Our analysis of more than 1,000 Chinese listed firms, 2003–2005, reveals a positive association between state ownership (SO) and firm performance. Arguably, if SO “causes” performance, it must be through the channel of agency cost. Therefore, our paper checks the robustness of this positive SO/performance finding by analyzing the role of agency cost as a mediator. It emerges that SO in the Chinese context may represent a strategic asset rather than an agency burden. However, it is not clear whether this is an outcome driven by efficiency or power.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Buck, Professor Trevor
Authors: Le, T.V., and Buck, T.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:Journal of Management and Governance
Publisher:Springer New York LLC
ISSN:1385-3457
Published Online:30 May 2009

University Staff: Request a correction | Enlighten Editors: Update this record