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| 1 |
ID:
092533
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| Publication |
2009.
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| Summary/Abstract |
We study the determinants of capital structure for 650 Chinese publicly listed companies over the period from 1999 to 2004. We posit that a firm's decision on capital structure is inherently dynamic, and estimate the resulting dynamic capital structure model. The main findings of the paper are as follows: (i) Chinese firms adjust toward an equilibrium level of debt ratio in a given year at a very slow rate; (ii) firm size, tangibility and state shareholdings are positively associated with firm's leverage ratio, while profitability, non-debt tax shields, growth and volatility are negatively related to firm's leverage ratio; (iii) lagged profitability has a negligibly small and positive impact on firm's leverage ratio; (iv) for a firm experiencing a large reduction in its leverage ratio only about 11% of the discrepancy between its desired and actual leverage level is eliminated within a year (compared to more than 18% for full firm sample); (v) extending the basic model to allow for both the target level and the speed of adjustment to be endogenously determined, we find that Chinese firms tend to adjust faster if they are farther away from the equilibrium leverage level; and lastly (vi) extending the sample period to cover the earlier periods starting from 1993, when the Chinese stock markets were first developed, results in a slower speed of adjustment for firms in the below target sample.
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| 2 |
ID:
130983
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| Publication |
2014.
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| Summary/Abstract |
Many studies have been performed to assess the impacts of corporate social responsibility (CSR) on the financial performance of companies. There are, however, very few studies that analyze how CSR policies and instruments affect the realization of social and environmental CSR goals, such as the reduction of workplace accidents or CO2 emissions. Therefore, it remains uncertain to what extent CSR really contributes to sustainable development and whether it can serve as an alternative to government regulation to internalize external effects from market operation. The present study provides an explorative empirical analysis that aims to fill this gap. We employ regression analysis on a sample of 109 Chinese companies. The estimation results show that having a code of conduct stimulates the implementation of other organizational CSR instruments, but CSR implementation only partly affects the realization of CSR goals. Having codes of conduct without implementing CSR does not have a significant impact on societal welfare.
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| 3 |
ID:
086479
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| Publication |
2009.
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| Summary/Abstract |
Based on the revised OECD Principles of Corporate Governance of 2004 and China's regulatory framework, we develop a corporate governance index (CGI) to measure overall corporate governance and disclosure practices of the 100 largest listed companies in China. The results show that Chinese companies have been making progress in corporate governance reform and there is significant difference in CGI between the top and the bottom companies' performance. Among the six parts of CGI, Chinese listed companies perform better in disclosure and transparency, but show weakness in board of supervisor and stakeholders roles. Further tests show that the improvements in corporate governance of state-owned enterprises have resulted in some initial signs of success.
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