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학술저널

Empirical Study of the Dynamic Corporate Governance : New Evidence from Chinese Listed SME

This study explores the possible dynamic relationship between ownership and performance in a panel of 4900 Chinese listed SME over a period from 1999 to 2012. We address this issue by means of a dynamic panel model with a method of moments (GMM) through dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity and dynamic endogeneity. Under the framework of dynamic endogeneity, firm performance has significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged value respectively. Moreover, Inter temporal endogeneity exist between ownership, investment and performance by applying system dynamic equations, which implies that the relationship among them is dynamic by nature. This study also contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest market in the Asian region.

1. Introduction

2. Literature Reviews and Hypothesis Development

References

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