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    Corporate Governance in China: A Meta-Analysis

    Access Status
    Fulltext not available
    Authors
    Mutlu, C.
    Van Essen, M.
    Peng, Mike
    Saleh, S.
    Duran, P.
    Date
    2018
    Type
    Journal Article
    
    Metadata
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    Citation
    Mutlu, C. and Van Essen, M. and Peng, M. and Saleh, S. and Duran, P. 2018. Corporate Governance in China: A Meta-Analysis. Journal of Management Studies. 55 (6): pp. 943-979.
    Source Title
    Journal of Management Studies
    DOI
    10.1111/joms.12331
    ISSN
    0022-2380
    School
    School of Management
    URI
    http://hdl.handle.net/20.500.11937/71514
    Collection
    • Curtin Research Publications
    Abstract

    © 2017 John Wiley & Sons Ltd and Society for the Advancement of Management Studies How has the impact of ‘good corporate governance’ principles on firm performance changed over time in China? Amassing a database of 84 studies, 684 effect sizes, and 547,622 firm observations, we explore this important question by conducting a meta-analysis on the corporate governance literature on China. The weight of evidence demonstrates that two major ‘good corporate governance’ principles advocating board independence and managerial incentives are indeed associated with better firm performance. However, we cannot find strong support for the criticisms against CEO duality. In addition, we go beyond a static perspective (such as certain governance mechanisms are effective or ineffective) by investigating the temporal hypotheses. We reveal that over time, with the improvement in the quality of market institutions and development of financial markets, the monitoring mechanisms of the board and state ownership become more strongly related to firm performance, whereas the incentive mechanisms lose their significance. Overall, our findings advance a dynamic institution-based view by substantiating the case that institutional transitions matter for the relationship between governance mechanisms and firm performance in the second largest economy in the world.

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