Managerial Ownership, Corporate Governance, and Firms’ Exporting Decisions: Evidence from Chinese Listed Companies
Dixon, R., Guariglia, A., & Vijayakumaran, R. (2015). Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies. The European Journal of Finance, (ahead-of-print), 1-39. DOI: 10.1080/1351847X.2015.1025990
Posted: 5 Oct 2015
Date Written: 2015
Using a large panel of Chinese listed companies over the period 2004-2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23%-27%, and decrease thereafter. In addition, we find a negative association between state ownership and export intensity. Finally, we observe that the larger the board size, the lower the firm’s export propensity and intensity, and that firms with a higher proportion of independent directors in the board are generally less likely to export. These findings are mainly driven by privately-controlled firms during the post-2006 period.
Keywords: Managerial ownership; corporate governance; export propensity; export intensity; firm heterogeneity; China
JEL Classification: F14; G32; G34; L25
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