Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies. Issue 7 (15th July 2017)

• Record Type: Journal Article
• Authors: Dixon, Robert; Guariglia, Alessandra; Vijayakumaran, Ratnam
• Is Part Of: European journal of finance. Volume 23:Issue 7/9(2017)
• Page Start: 802
• Page End: 840
• Publication Date: 2017-07-15
• Subjects: managerial ownership -- corporate governance -- export propensity -- export intensity -- firm heterogeneity -- China; F14 -- G32 -- G34 -- L25; Finance -- Periodicals; Finance -- Europe -- Periodicals; International finance -- Periodicals; 332.094
• DOI: 10.1080/1351847X.2015.1025990
• Languages: English
• ISSNs: 1351-847X

Abstract

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 their board of directors, the lower firms' 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.