| Author: | Au, Mo-cheung |
| Title: | The relationship between power concentration in firms and their financial performance : evidence from mainland China |
| Degree: | D.B.A. |
| Year: | 2008 |
| Subject: | Hong Kong Polytechnic University -- Dissertations. Corporate governance. Corporations -- China -- Management. Corporations -- China -- Finance. |
| Department: | Graduate School of Business |
| Pages: | vi, 183 leaves : ill. ; 30 cm. |
| Language: | English |
| Abstract: | This research is interesting as it introduces a new construct, power concentration in firms "PowCon" one of the corporate governance variables. The formation of this new construct was inspired by Premier Wen's statement showing his concern about the over-concentration of power in the Mainland which is the most important reason causing corruption. "PowCon", together with some other corporate governance variables, is applied to investigate their relationships with the financial performance of mainland listed firms. There are some previous corporate governance studies of CEO duality, concentrated shareholdings, board structures, INEDs and government influence but to the best of my knowledge, there is no prior research on power concentration in firms. It is therefore believed that this is the first investigation into power concentration in mainland listed firms. Some special characteristics of listed firms hi the Mainland are discussed in this thesis. The main investigation result meets my prediction but it contradicts agency theory and some other corporate governance research. My test result shows that power concentration in firms has a positive association with financial performance, which supports stewardship theory rather than agency theory. In many other research studies, CEO duality and concentrated shareholdings in firms have been criticized as causing a negative impact on financial performance. This study explains "PowCon" from another perspective and argues that it may not be a bad thing as it can help operational efficiency under stewards with "PowCon". |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b22405951.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 18.16 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/5329