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

See all articles by Robert Dixon

Robert Dixon

Durham Business School

Alessandra Guariglia

University of Birmingham - Department of Economics

Ratnam Vijayakumaran

University of Jaffna

Date Written: 2015

Abstract

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

Suggested Citation

Dixon, Robert and Guariglia, Alessandra and Vijayakumaran, Ratnam, Managerial Ownership, Corporate Governance, and Firms’ Exporting Decisions: Evidence from Chinese Listed Companies (2015). 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, Available at SSRN: https://ssrn.com/abstract=2669117

Robert Dixon

Durham Business School ( email )

Mill Hill Lane
Durham, Durham DH1 3LB
United Kingdom
+44 191 334 5382 (Phone)
+44 191 334 5201 (Fax)

Alessandra Guariglia

University of Birmingham - Department of Economics ( email )

United States

Ratnam Vijayakumaran (Contact Author)

University of Jaffna ( email )

Thirunelvely
Jaffna, 40000
Sri Lanka

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