Взаємозв’язок між корпоративним управлінням і фінансовою результативністю діяльності в китайських логістичних компаніях
DOI:
https://doi.org/10.26661/2522-1566/2020-4/14-01Ключові слова:
корпоративне управління, фінансові результати, логістична галузь, панельні даніАнотація
Метою цього дослідження є вивчення взаємозв’язку між корпоративним управлінням та фінансовими показниками китайських публічних логістичних компаній. Ми використовуємо Stata 16.0 як інструмент аналізу даних, беручи дані 53 компаній за період 2013-2019 рр. При багаторазовому регресійному аналізі ROA є залежною змінною, шість факторів корпоративного управління, пов’язані зі структурою власності, радою директорів та структурою управління, є незалежними змінними, а розмір компанії, коефіцієнт активів і зобов’язань та співвідношення ринкової до балансової вартості - це контрольні змінні. З метою перевірки тесту надійності результатів ми використовували ROE замість ROA. Результати показують, що власність з боку менеджменту, частка інституційних інвесторів та частка найбільшого акціонера суттєво позитивно корелюють з результатами діяльності. Існує нелінійна залежність між розміром ради директорів та фінансовими показниками, тоді як не існує значної залежності між часткою незалежних директорів та фінансовими показниками. У великих компаніях подвійність ролі виконавчого директора суттєво негативно корелює з фінансовими показниками. Попередні дослідження зазвичай використовували певну галузь як об’єкт дослідження для аналізу, і рідко проводили міжгалузевий аналіз. Це дослідження використовує компанії, що перелічені в усьому ланцюгу логістичної галузі, як об’єкт дослідження. Результати дослідження також можуть бути застосовні до публічних логістичних компаній в інших країнах.
JEL Classification: G34, R41
Посилання
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Arora, A. and Sharma, C. (2016), “Corporate governance and firm performance in developing countries: evidence from India”, Corporate Governance: The international journal of business in society, 16(2), pp.420-436. Available at: http://dx.doi.org/10.1108/cg-01-2016-0018.
Bai, C.-E. et al. (2004), “Corporate governance and market valuation in China”, Journal of Comparative Economics, 32(4), pp.599-616. Available at: http://dx.doi.org/10.1016/j.jce.2004.07.002.
Ballantine, H.W., Berle, A.A. and Means, G.C. (1932), “The Modern Corporation and Private Property”, California Law Review, 21(1), p.78. Available at: http://dx.doi.org/10.2307/3475545.
Bhagat, S. and Black, B.S. (1998), “The Non-Correlation Between Board Independence and Long-Term Firm Performance”, SSRN Electronic Journal. Available at: http://dx.doi.org/10.2139/ssrn.133808.
Bhagat, S. and Bolton, B. (2019), “Corporate governance and firm performance: The sequel”, Journal of Corporate Finance, 58, pp.142-168. Available at: http://dx.doi.org/10.1016/j.jcorpfin.2019.04.006.
Borokhovich, K.A., Parrino, R. and Trapani, T. (1996), “Outside Directors and CEO Selection”, The Journal of Financial and Quantitative Analysis, 31(3), p.337. Available at: http://dx.doi.org/10.2307/2331395.
Chen, C.H. and Al-Najjar, B. (2012), “The determinants of board size and independence: Evidence from China”, International Business Review, 21(5), pp.831-846. Available at: http://dx.doi.org/10.1016/j.ibusrev.2011.09.008.
China Securities Regulatory Commission (2020), “Industry Classification Results of Listed Companies in the Second Quarter of 2020”. Available at: http://www.csrc.gov.cn/pub/csrc_en/ (Accessed 10 September 2020).
Clarke, D. C. (2006), “The Independent Director in Chinese Corporate Governance”, Delaware Journal of Corporate Law, 31(1), pp. 125-228. Available at SSRN: https://ssrn.com/abstract=895588 (Accessed 10 September 2020).
Dian, Y. (2014), “Corporate Governance and Firm Performance: A Sociological Analysis Based on Chinese Experience”, Social Sciences in China, 35(1), pp.44-67. Available at: http://dx.doi.org/10.1080/02529203.2013.875662.
Elsayed, K. (2007), “Does CEO Duality Really Affect Corporate Performance?”, Corporate Governance: An International Review, 15(6), pp.1203-1214. Available at: http://dx.doi.org/10.1111/j.1467-8683.2007.00641.x.
Fishman, J., Gannon, G. and Vinning, R. (2008), “Ownership structure and corporate performance: Australian evidence”, Corporate Ownership and Control, 6(2), pp.114-131. Available at: http://dx.doi.org/10.22495/cocv6i2p10.
Freihat, Farah, A., Farhan, A. and Shanikat, M. (2019), “Do Board of Directors’ Characteristics Influence Firm Performance? Evidence from the Emerging Market”, Journal of Management Information and Decision Science, 22(2). Available at: https://www.questia.com/library/journal/1G1-602004740/do-board-of-directors-characteristics-influence-firm (Accessed 12 September 2020).
Huang, W. and Boateng, A. (2013), “The role of the state, ownership structure, and the performance of real estate firms in China”, Applied Financial Economics, 23(10), pp.847-859. Available at: http://dx.doi.org/10.1080/09603107.2013.770121.
Jackling, B. and Johl, S. (2009), “Board Structure and Firm Performance: Evidence from India’s Top Companies.” Corporate Governance: An International Review, 14(4), pp. 492-509. Available at: https://doi.org/10.1111/j.1467-8683.2009.00760.x.
Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), pp.305-360. Available at: http://dx.doi.org/10.1016/0304-405x(76)90026-x.
Kao, M.-F., Hodgkinson, L. and Jaafar, A. (2019), “Ownership structure, board of directors and firm performance: evidence from Taiwan”, Corporate Governance: The International Journal of Business in Society, 19(1), pp.189-216. Available at: http://dx.doi.org/10.1108/cg-04-2018-0144.
Kyereboah-Coleman, A. (2007), “Corporate Governance and Shareholder Value Maximization: An African Perspective”, African Development Review, 19(2), pp.350-367. Available at: http://dx.doi.org/10.1111/j.1467-8268.2007.00165.x.
Li, L. and Naughton, T. (2007), “Going Public with Good Governance: evidence from China”, Corporate Governance: An International Review, 15(6), pp.1190-1202. Available at: http://dx.doi.org/10.1111/j.1467-8683.2007.00640.x.
Li, P., Parsa, S., Tang, G. and Xiao, J.Z. (2011), “Is there an Expectations Gap in the Roles of Independent Directors? An Explorative Study of Listed Chinese Companies”, British Journal of Management, 23(2), pp.206-222. Available at: http://dx.doi.org/10.1111/j.1467-8551.2010.00727.x.
Lin, Y.R. and Fu, X.M. (2017), “Does institutional ownership influence firm performance? Evidence from China”, International Review of Economics & Finance, 49, pp.17-57. Available at: http://dx.doi.org/10.1016/j.iref.2017.01.021.
Lipton, M. and Lorsch, J. W. (1992), “A Modest Proposal for Improved Corporate Governance: Business Source”, Business Lawyer, 48(1), pp.59-77. Available at: https://www.jstor.org/stable/40687360?seq=1 (Accessed 15 September 2020).
Merendino, A. and Melville, R. (2019), “The board of directors and firm performance: empirical evidence from listed companies”, Corporate Governance: The International Journal of Business in Society, 19(3), pp.508-551. Available at: http://dx.doi.org/10.1108/cg-06-2018-0211.
Panda, B. and Leepsa, N.M. (2017), “Agency theory: Review of Theory and Evidence on Problems and Perspectives”, Indian Journal of Corporate Governance, 10(1), pp.74-95. Available at: http://dx.doi.org/10.1177/0974686217701467.
Peng, M. W., Zhang, S. and Li, X. (2007), “CEO Duality and Firm Performance during China’s Institutional Transitions”, Management and Organization Review, 3(2), pp.205-225. Available at: https://doi.org/10.1111/j.1740-8784.2007.00069.x.
Pound, J. (1991), “Proxy voting and the SEC”, Journal of Financial Economics, 29(2), pp.241-285. Available at: http://dx.doi.org/10.1016/0304-405x(91)90003-3.
Pucheta-Martínez, M.C. and Gallego-Álvarez, I. (2019), “Do board characteristics drive firm performance? An international perspective”, Review of Managerial Science, 14(6), pp.1251-1297. Available at: http://dx.doi.org/10.1007/s11846-019-00330-x.
Rathnayake, D. N., Kassi, D.F., Louembe, P.A., Sun, G. and Ning, D. (2019), “Does Corporate Ownership Matter for Firm Performance? Evidence from Chinese Stock Exchanges”, International Journal of Economics and Financial Issues, 9(1). Available at: https://www.econjournals.com/index.php/ijefi/article/view/7336 (Accessed 15 September 2020).
Rechner, P.L. and Dalton, D.R. (1991), “CEO duality and organizational performance: A longitudinal analysis”, Strategic Management Journal, 12(2), pp.155-160. Available at: http://dx.doi.org/10.1002/smj.4250120206.
Saidat, Z., Silva, M. and Seaman, C. (2019), “The relationship between corporate governance and financial performance”, Journal of Family Business Management, 9(1), pp.54-78. Available at: http://dx.doi.org/10.1108/jfbm-11-2017-0036.
Shao, L. (2019), “Dynamic study of corporate governance structure and firm performance in China”, Chinese Management Studies, 13(2), pp.299-317. Available at: http://dx.doi.org/10.1108/cms-08-2017-0217.
Shukeri, S.N., Shin, O.W. and Shaari, M.S. (2012), “Does Board of Director’s Characteristics Affect Firm Performance? Evidence from Malaysian Public Listed Companies”, International Business Research, 5(9). Available at: http://dx.doi.org/10.5539/ibr.v5n9p120.
Waheed, A. and Malik, Q.A. (2019), “Board characteristics, ownership concentration and firms’ performance”, South Asian Journal of Business Studies, 8(2), pp.146-165. Available at: http://dx.doi.org/10.1108/sajbs-03-2018-0031.
Yermack, D. (1996), “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, 40(2), pp.185-211. Available at: http://dx.doi.org/10.1016/0304-405x(95)00844-5.
Zabri, S.M., Ahmad, K. and Wah, K.K. (2016), “Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia”, Procedia Economics and Finance, 35, pp.287-296. Available at: http://dx.doi.org/10.1016/s2212-5671(16)00036-8.
De Andres, P., Azofra, V. and Lopez, F. (2005), “Corporate Boards in OECD Countries: size, composition, functioning and effectiveness”, Corporate Governance, 13(2), pp.197-210. Available at: http://dx.doi.org/10.1111/j.1467-8683.2005.00418.x.
Arora, A. and Sharma, C. (2016), “Corporate governance and firm performance in developing countries: evidence from India”, Corporate Governance: The international journal of business in society, 16(2), pp.420-436. Available at: http://dx.doi.org/10.1108/cg-01-2016-0018.
Bai, C.-E. et al. (2004), “Corporate governance and market valuation in China”, Journal of Comparative Economics, 32(4), pp.599-616. Available at: http://dx.doi.org/10.1016/j.jce.2004.07.002.
Ballantine, H.W., Berle, A.A. and Means, G.C. (1932), “The Modern Corporation and Private Property”, California Law Review, 21(1), p.78. Available at: http://dx.doi.org/10.2307/3475545.
Bhagat, S. and Black, B.S. (1998), “The Non-Correlation Between Board Independence and Long-Term Firm Performance”, SSRN Electronic Journal. Available at: http://dx.doi.org/10.2139/ssrn.133808.
Bhagat, S. and Bolton, B. (2019), “Corporate governance and firm performance: The sequel”, Journal of Corporate Finance, 58, pp.142-168. Available at: http://dx.doi.org/10.1016/j.jcorpfin.2019.04.006.
Borokhovich, K.A., Parrino, R. and Trapani, T. (1996), “Outside Directors and CEO Selection”, The Journal of Financial and Quantitative Analysis, 31(3), p.337. Available at: http://dx.doi.org/10.2307/2331395.
Chen, C.H. and Al-Najjar, B. (2012), “The determinants of board size and independence: Evidence from China”, International Business Review, 21(5), pp.831-846. Available at: http://dx.doi.org/10.1016/j.ibusrev.2011.09.008.
China Securities Regulatory Commission (2020), “Industry Classification Results of Listed Companies in the Second Quarter of 2020”. Available at: http://www.csrc.gov.cn/pub/csrc_en/ (Accessed 10 September 2020).
Clarke, D. C. (2006), “The Independent Director in Chinese Corporate Governance”, Delaware Journal of Corporate Law, 31(1), pp. 125-228. Available at SSRN: https://ssrn.com/abstract=895588 (Accessed 10 September 2020).
Dian, Y. (2014), “Corporate Governance and Firm Performance: A Sociological Analysis Based on Chinese Experience”, Social Sciences in China, 35(1), pp.44-67. Available at: http://dx.doi.org/10.1080/02529203.2013.875662.
Elsayed, K. (2007), “Does CEO Duality Really Affect Corporate Performance?”, Corporate Governance: An International Review, 15(6), pp.1203-1214. Available at: http://dx.doi.org/10.1111/j.1467-8683.2007.00641.x.
Fishman, J., Gannon, G. and Vinning, R. (2008), “Ownership structure and corporate performance: Australian evidence”, Corporate Ownership and Control, 6(2), pp.114-131. Available at: http://dx.doi.org/10.22495/cocv6i2p10.
Freihat, Farah, A., Farhan, A. and Shanikat, M. (2019), “Do Board of Directors’ Characteristics Influence Firm Performance? Evidence from the Emerging Market”, Journal of Management Information and Decision Science, 22(2). Available at: https://www.questia.com/library/journal/1G1-602004740/do-board-of-directors-characteristics-influence-firm (Accessed 12 September 2020).
Huang, W. and Boateng, A. (2013), “The role of the state, ownership structure, and the performance of real estate firms in China”, Applied Financial Economics, 23(10), pp.847-859. Available at: http://dx.doi.org/10.1080/09603107.2013.770121.
Jackling, B. and Johl, S. (2009), “Board Structure and Firm Performance: Evidence from India’s Top Companies.” Corporate Governance: An International Review, 14(4), pp. 492-509. Available at: https://doi.org/10.1111/j.1467-8683.2009.00760.x.
Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), pp.305-360. Available at: http://dx.doi.org/10.1016/0304-405x(76)90026-x.
Kao, M.-F., Hodgkinson, L. and Jaafar, A. (2019), “Ownership structure, board of directors and firm performance: evidence from Taiwan”, Corporate Governance: The International Journal of Business in Society, 19(1), pp.189-216. Available at: http://dx.doi.org/10.1108/cg-04-2018-0144.
Kyereboah-Coleman, A. (2007), “Corporate Governance and Shareholder Value Maximization: An African Perspective”, African Development Review, 19(2), pp.350-367. Available at: http://dx.doi.org/10.1111/j.1467-8268.2007.00165.x.
Li, L. and Naughton, T. (2007), “Going Public with Good Governance: evidence from China”, Corporate Governance: An International Review, 15(6), pp.1190-1202. Available at: http://dx.doi.org/10.1111/j.1467-8683.2007.00640.x.
Li, P., Parsa, S., Tang, G. and Xiao, J.Z. (2011), “Is there an Expectations Gap in the Roles of Independent Directors? An Explorative Study of Listed Chinese Companies”, British Journal of Management, 23(2), pp.206-222. Available at: http://dx.doi.org/10.1111/j.1467-8551.2010.00727.x.
Lin, Y.R. and Fu, X.M. (2017), “Does institutional ownership influence firm performance? Evidence from China”, International Review of Economics & Finance, 49, pp.17-57. Available at: http://dx.doi.org/10.1016/j.iref.2017.01.021.
Lipton, M. and Lorsch, J. W. (1992), “A Modest Proposal for Improved Corporate Governance: Business Source”, Business Lawyer, 48(1), pp.59-77. Available at: https://www.jstor.org/stable/40687360?seq=1 (Accessed 15 September 2020).
Merendino, A. and Melville, R. (2019), “The board of directors and firm performance: empirical evidence from listed companies”, Corporate Governance: The International Journal of Business in Society, 19(3), pp.508-551. Available at: http://dx.doi.org/10.1108/cg-06-2018-0211.
Panda, B. and Leepsa, N.M. (2017), “Agency theory: Review of Theory and Evidence on Problems and Perspectives”, Indian Journal of Corporate Governance, 10(1), pp.74-95. Available at: http://dx.doi.org/10.1177/0974686217701467.
Peng, M. W., Zhang, S. and Li, X. (2007), “CEO Duality and Firm Performance during China’s Institutional Transitions”, Management and Organization Review, 3(2), pp.205-225. Available at: https://doi.org/10.1111/j.1740-8784.2007.00069.x.
Pound, J. (1991), “Proxy voting and the SEC”, Journal of Financial Economics, 29(2), pp.241-285. Available at: http://dx.doi.org/10.1016/0304-405x(91)90003-3.
Pucheta-Martínez, M.C. and Gallego-Álvarez, I. (2019), “Do board characteristics drive firm performance? An international perspective”, Review of Managerial Science, 14(6), pp.1251-1297. Available at: http://dx.doi.org/10.1007/s11846-019-00330-x.
Rathnayake, D. N., Kassi, D.F., Louembe, P.A., Sun, G. and Ning, D. (2019), “Does Corporate Ownership Matter for Firm Performance? Evidence from Chinese Stock Exchanges”, International Journal of Economics and Financial Issues, 9(1). Available at: https://www.econjournals.com/index.php/ijefi/article/view/7336 (Accessed 15 September 2020).
Rechner, P.L. and Dalton, D.R. (1991), “CEO duality and organizational performance: A longitudinal analysis”, Strategic Management Journal, 12(2), pp.155-160. Available at: http://dx.doi.org/10.1002/smj.4250120206.
Saidat, Z., Silva, M. and Seaman, C. (2019), “The relationship between corporate governance and financial performance”, Journal of Family Business Management, 9(1), pp.54-78. Available at: http://dx.doi.org/10.1108/jfbm-11-2017-0036.
Shao, L. (2019), “Dynamic study of corporate governance structure and firm performance in China”, Chinese Management Studies, 13(2), pp.299-317. Available at: http://dx.doi.org/10.1108/cms-08-2017-0217.
Shukeri, S.N., Shin, O.W. and Shaari, M.S. (2012), “Does Board of Director’s Characteristics Affect Firm Performance? Evidence from Malaysian Public Listed Companies”, International Business Research, 5(9). Available at: http://dx.doi.org/10.5539/ibr.v5n9p120.
Waheed, A. and Malik, Q.A. (2019), “Board characteristics, ownership concentration and firms’ performance”, South Asian Journal of Business Studies, 8(2), pp.146-165. Available at: http://dx.doi.org/10.1108/sajbs-03-2018-0031.
Yermack, D. (1996), “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, 40(2), pp.185-211. Available at: http://dx.doi.org/10.1016/0304-405x(95)00844-5.
Zabri, S.M., Ahmad, K. and Wah, K.K. (2016), “Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia”, Procedia Economics and Finance, 35, pp.287-296. Available at: http://dx.doi.org/10.1016/s2212-5671(16)00036-8.
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Опубліковано
2020-12-20
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Pasko, O., Chen, F. and Yao, X. (2020) “Взаємозв’язок між корпоративним управлінням і фінансовою результативністю діяльності в китайських логістичних компаніях”, Менеджмент та підприємництво: тренди розвитку, 4(14), pp. 8–22. doi:10.26661/2522-1566/2020-4/14-01.
