Impacts of Ownership Balance and Nonexecutive Directors on Bank Performance and Risk Taking: Evidence from City Commercial Banks in China

This paper investigates the impacts of nongovernmental stake, ownership balance, and nonexecutive directors on bank performance and risk taking in city commercial banks (CCBs) in China. We find that ownership balance can improve CCBs’ financial performance and reduce their bankruptcy risk as well as nonperforming loan level. Nonexecutive directors can help reduce bankruptcy risk, but have no significant effect on performance or nonperforming loans. The impacts of ownership balance and nonexecutive directors become more prominent when the nongovernmental stake is relatively high, suggesting that mixed ownership reform can promote bank performance and risk control via these two avenues.     

Control–ownership Disparity and Business Performance: A Study of Korean Firms

In Korea, there is a large disparity between voting and cash flow rights (control–ownership disparity). Using firm‐level data from Korea for the 2004–2009 period, the present study examines whether control–ownership disparity influenced firm performance. Specifically, the study analyzes whether the effects of control–ownership disparity on firm performance vary according to the type of firm (publicly traded vs private firms) and to the major shareholder's ownership stake (greater than 50 percent vs less than or equal to 50 percent). According to the results, the negative effect of control–ownership disparity on firm performance was weaker for publicly traded firms, and control–ownership disparity had a negative effect on firm performance when the major shareholder's ownership stake exceeded 50 percent.     

The impact of family ownership and capital structures on productivity performance of Korean manufacturing firms: Corporate governance and the “chaebol problem”

This paper examines the relationship between corporate governance and productivity performance, focusing on family ownership and capital structure. Paying particular attention to chaebols, or large business groups with entrenched family control, diversified business structure, and heavy debt-dependence, we find the positive relationship between family ownership concentration and productivity performance to be much stronger in chaebol firms than in non-chaebol firms. Moreover, high debt reliance (or low equity–asset ratio) is shown to be negatively related to productivity performance in non-chaebol firms but positively in chaebol firms. J. Japanese Int. Economies 20 (2) (2006) 209–233.     

我国上市公司业绩与高管薪酬相关性研究——基于高管持股视角

本文选取2010年度沪深两市去除金融企业,pt,st企业以及未公布财务报告的1645家上市公司为样本。按照样本公司高管持股比例的不同,将样本分为了两组。分别对两个样本进行线性与非线性的回归,并设置了股权集中度,公司规模等控制变量,用来检验货币型报酬与高管持股与上市公司业绩的相关性。发现相对于货币性报酬,高管持股比例在一定范围内,与上市公司业绩呈正相关,且相关程度超过货币性报酬,但超过一定的范围,则与上市公司业绩呈负相关的关系。     

Norway's Interwar Tanker Expansion – A Reappraisal

Abstract

This paper studies the ownership structure in the Finnish print media business in the 20^th century. It pays particular attention to the extent of family ownership in this branch, to the strategies of the owning families in order to keep control of their firms and to how the owners managed professionalisation. Finally, it asks whether media companies have had other goals (e.g. political, cultural, public service) beside pure economic ones and whether such goals have been connected to family ownership. This study shows that family ownership has been a persistent feature also in the largest Finnish media companies, although the ownership structure has undergone some transformations. For example, cultural foundations have become important owners in this branch. The owning families have also been active in top management until today. Family ownership and the cultural foundations appear to have been significant for preserving cultural goals, but, on the other hand, have to some extent restricted expansion, internationalisation and diversification. One important factor influencing the Finnish media business has been the bilingualism of the country, which is dealt with in detail.     

Independent directors and firm performance in family controlled firms: evidence from Indonesia

We analyse the relationship between board structure and firm performance in family‐controlled firms using a sample of Indonesian non‐financial companies. We find that the share of independent directors on the board has an insignificant relationship with firm performance. We suspect that the result is driven by the lack of institutional reforms in relation to the appointment of independent directors. Our analysis shows strong empirical support for the proposition that family control (family ownership and family involvement on the board) is negatively related to firm performance. However, the significant effect of family ownership disappears when family involvement on the board is taken into the model. This result indicates that family ownership is more detrimental to firm performance whenever the family is highly involved in control decisions. Our results suggest that Indonesia needs to implement governance reforms that prevent majority owners from exercising excessive control over firms.     

我国民营上市公司控制权特征的统计分析

本文从终极控制人视角,对我国民营上市公司控制权获取途径、实施控制方式以及现金流权和控制权分离程度进行了统计分析,结果表明我国民营上市公司三分之二以上的终极控制人选择通过买壳上市等途径来获得上市公司的控制权。在控制方式上,我国民营上市公司终极控制人普遍采用金字塔持股方式、指定管理者等方式来加强对上市公司的控制。这些控制方式的运用,使得我国民营上市公司的现金流权与控制权发生了较大程度的分离。     

Ownership structure, shareholder intervention, and success in takeovers

We consider a situation in which a raider attempts to seize corporate control from a leading large shareholder who chooses between undertaking intervention in the management of the firm and selling its stake to increase its expected payoff. A takeover is more likely to succeed the lower is the ownership concentration of the target firm. However, the higher are the costs of a takeover, the greater must the ownership concentration be for the raider to attempt a takeover. If there is a takeover, the value of the target firm is lower the greater is its ownership concentration.     

股权的家族化、家族高管与家族企业业绩

文章利用2004-2015年中国A股家族控股上市公司的相关年度数据,从家族企业股权家族化视角出发,实证检验了股权家族化对家族企业业绩以及对企业是否聘任家族成员担任公司高管的经验影响关系。结果发现：（1）同等条件下,控股家族股权分配的家族化水平越高,其经营业绩表现越差;（2）家族成员担任CEO或董事长等关键高管会加剧股权家族化对家族企业业绩的负向影响关系;（3）同等条件下,公司股权的家族化更可能促使家族企业聘请家族成员担任CEO或董事长。此外,文章进一步分析发现,非核心家族成员参股企业会降低股权家族化与聘请家族成员担任公司CEO之间的正向影响关系。     

股权结构特征对社会责任信息披露 质量的影响研究 ——基于我国家族上市公司的数据分析

论文以我国家族控股型上市公司2011-2014 年符合条件的556 家数据为样本,按照家族 控股型上市公司股权结构特征变量：股权集中度、股权制衡度、两权分离度、管理层持股比例等 四个变量考察其对社会责任信息披露质量的影响为研究逻辑进行了实证分析。研究结论表明与一 般意义上的公众上市公司相比,股权集中度高的家族控股型上市公司,其社会责任信息披露质量 更低;股权制衡度水平越高的家族控股型上市公司,其社会责任信息披露质量水平更高;两权分 离度高的家族上市公司,其社会责任信息披露质量更低;管理层持股比例对社会责任信息披露质 量的影响不显著。     

DO MARKETS PENALIZE AGENCY CONFLICTS BETWEEN CONTROLLING AND MINORITY SHAREHOLDERS? EVIDENCE FROM CHILE

Using a sample of Chilean listed firms with widespread presence of economic conglomerates that use pyramid structures to control affiliated companies, we find that firms where controlling shareholders have higher coincidence between cash and control rights are persistently more valued by the market. We carefully check that our results are not driven by omitted variable biases and control for reverse causation using a feature of Chilean Corporations Law that provides an exogenous instrument for ownership concentration.     

论家族资本对公司治理结构的影响——对“国美之争”的思考

国美是由家族企业发展而成的上市公司,在其内部爆发的股权和控制权之争中,家族资本起着决定性作用,并对公司治理产生重大的影响。本文对此从不同角度进行了探讨和分析,并就公司如何优化股权结构和治理结构改革提出了一些看法。     

均衡股权结构与松散的董事会治理机制研究——以厦门金龙股权纷争为例

国有股的股权比较集中,一股独大的股权结构成了严重治理问题的诟病,那么均衡的股权结构能够改善公司治理状况吗?在人们认为均衡股权结构可以改善公司治理状况时,厦门金龙的股权纷争案例却给出了相反的佐证。本文从对金龙股权纷争的案例来分析均衡股权机构治理存在的问题,结合公司治理理论对我国民营股权结构治理模式进行分析,以得到一些启示和思考,为我国的股权结构治理提供新的观点和思想。     

关于民营企业治理结构的家族化问题

以家族为基础成长起来的我国民营企业经过多年的发展,目前已处于产权革新阶段,由产权引发的治理结构问题在成为制约民营企业持续发展壮大的关键因素。文章首先对中国民营企业治理结构的现状归纳分析;然后基于委托代理论,对民营企业治理结构家族化的原因进行分析;最后,分析民营企业治理结构家族化面临的问题,说明企业成长的内在规定性要求家族企业沿着所有权和控制权的路径变迁,并最终过渡到由支薪经理所支配的现代股份公司。     

Competition policy in Indonesia: Conglomerates versus SMEs1

Since the currency crisis, Indonesia has undergone rapid economic and political changes. However, the IMF‐directed recovery program, such as decentralization, does not seem successful. Despite the improvised legal system, the implementation of the recovery program is very poor. Lack of consensus on the role of conglomerates and the direction of competition policy, has prevented Indonesia from recovery. Anti‐conglomerate sentiment of the post‐Suharto times has given rise to unbalanced competition law and inconsistency among related laws. Treatment of the banking sector including ownership is a critical factor in the recapitalization process. Due to the similarity between Indonesia and Korea, Korean experiences would help Indonesia to establish the principles on competition policy. The separation principle is strongly recommended for Indonesia at the current development stage, and it is urgent to establish a rule‐based, not a discretion‐based, economy. The problems of conglomerates should be resolved through comprehensive competition policies.     

Bureaucrats in business: The roles of privatization versus corporatization in state-owned enterprise reform

This article provides evidence from a sample of 12 developing countries that countries which improved state-owned enterprise performance the most followed a comprehensive strategy of reforms, including a combination of privatization and corporatization. Further evidence that corporatization works better in combination with ownership and other reforms is provided through an analysis of government contracts with public managers, private managers and private owners. Contracts with private managers and owners did better than contracts with public managers in part because the property rights of the former gave them a larger stake in the outcomes. The article analyzes the political economy of state enterprise reform and finds that privatization and corporation have similar political costs and tend to succeed or fail together. Where reform was politically desirable, politically feasible, and credible, countries privatized and corporatized successfully. When countries were not politically ready to reform, alternative ownership strategies were not successful in improving performance.     

Investment by Korean conglomerates before and after the crisis

This paper analyzes the investment behavior of the Korean corporate sector before and after the 1997 financial crisis. Using firm-level data, we find that after controlling for investment profitability and cash flows, Korean conglomerates (‘chaebol’)-affiliated firms, particularly ones with low-managerial ownership, made significantly higher investments than non-chaebol firms before the crisis. In contrast, this difference in investment volume between chaebol and non-chaebol firms is no longer existent in the period following the crisis. We find the sharp reduction in investment by chaebols in the post-crisis period can be attributed mainly to the need to moderate their debt burden. It is not clear, however, whether these changes indicate an improvement in investment efficiency.     

The innovation of family firms in China: New evidence from the China employer-employee survey

Drawing on China Employer-Employee Survey data collected in 2018, this study examines the effects of family ownership on firm innovation in China. Baseline regressions suggest that Chinese family firms have significantly lower R&D investment and number of patents than non-family firms, and the results are not sensitive to response quality, unobserved characteristics, and non-random assignment of family ownership. Furthermore, this gap can be effectively explained by the lower management quality of family firms. Heterogeneous analyses indicate that the low innovation of family firms appears only in more competitive environments. To improve innovation, we suggest that Chinese family firms should make increased efforts to upgrade their management.     

Clan culture and family ownership concentration: Evidence from China

This study explores a cultural determinant of family ownership concentration of a corporate. Using hand-collected Chinese genealogy information and a panel of Chinese listed family firms, we find robust evidence that clan culture influences are associated with a significantly higher family ownership concentration. By taking advantage of firm owner birthplace information, we are able to separate the impact of inherited clan culture from that of external environmental factors. To further establish causality, we also employ an instrumental variable (IV) regression strategy and explore the underlying mechanisms.     

中国新能源汽车企业股权结构与技术创新效率——基于24家上市公司的DEA测度

基于2015—2019年24家新能源汽车上市公司面板数据,运用DEA方法测算新能源汽车上市公司的技术创新效率值,并探讨股权结构与技术创新效率的相关性。结果表明：新能源汽车企业总体技术创新效率偏低,主要是纯技术效率较低所致;股权结构对技术创新效率存在显著影响,同时对主营整车制造业务、国有控股和东部地区的企业影响程度更大。基于此,建议重视股权结构对技术创新效率的影响,不断改善上市公司股权结构,同时大力提高技术创新效率。