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ID: 121743

Effects of social capital, top executive attributes and R&D on / Qiao, Penghua; Fung, Hung-Gay; Xiaofeng Ju

Fung, Hung-Gay	Journal Article
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2013.

Summary/Abstract

This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R&D on firm value in Chinese small and medium-sized enterprises (SMEs) listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender (male) and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital (measured by political connections, managerial business association networks and technology association networks) and R&D have a positive effect on SME firm value. Third, the effect of political connections on firm value for state-owned enterprises (SOEs) is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.

Key Words

Social Capital ; R and D ; Firm Value ; Small and Medium - Sized Enterprises ; Top Executive Attributes

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ID: 156448

Powerful chief executive officers and firm performance: integrating agency and stewardship theory / Fung, Hung-Gay; Qiao, Penghua ; Fung, Anna ; Miao, Jianchun

Fung, Hung-Gay	Journal Article
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Summary/Abstract

Do agency and stewardship behaviors coexist at firms, or does one dominate the other? We use data from listed companies in China over the period 2007–2016 to show that powerful chief executive officers (CEOs) simultaneously incur self-interested agency costs while acting as stewards to benefit the firm. In balancing the push-and-pull forces of stewardship and agency behaviors, powerful CEOs in Chinese firms ultimately improve short-term and long-term firm performance. Our results have important implications for understanding how CEOs affect firms and how cultural factors can motivate CEOs to work in the interest of the firm.

Key Words

Performance ; Agency Cost ; Powerful CEO ; Sterwardship

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