Cecchi, Matteo (2019) The effect of foreign institutional investors on corporate governance: evidence from Chinese publicly listed firms. Masters thesis, Concordia University.
Preview |
Text (application/pdf)
1MBCecchi_MScFinance_S2019.pdf - Accepted Version Available under License Spectrum Terms of Access. |
Abstract
Compared to the astonishing growth of the Chinese economy in the last 40 years, the development of its capital markets has been lagging behind. Now that the economic system is transforming from an export-based and investment-driven model to a consumption-based and innovation-driven one, an efficient stock market has never been more relevant. To promote the development of the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), the China Securities Regulatory Commission (CSRC) has implemented a range of new policies in the last decade. One of these policies aims at increasing the presence of foreign institutional investors. The objective of this thesis is therefore to analyse if the new influx of foreign investors have performed a monitoring role and improved firm-level corporate governance structures. More specifically, we hypothesise that larger and long-term foreign institutional investments drive corporate governance improvements. We have collected an extensive foreign ownership database and used multiple metrics to measure firm-level corporate governance. Namely, we use a corporate governance index, a transparency disclosure rating, and individual corporate governance attributes. In order to alleviate endogeneity concerns, we performed a variety of empirical tests, such as analysing the effect of lagged, significant changes in foreign ownership on the level of corporate governance. We indeed found that foreign institutional investors have enhanced the development of corporate governance mechanisms in Chinese publicly listed firms. Therefore, our results indicate that further relaxations in foreign ownership restrictions will hasten the development of the Chinese capital markets.
Divisions: | Concordia University > John Molson School of Business > Finance |
---|---|
Item Type: | Thesis (Masters) |
Authors: | Cecchi, Matteo |
Institution: | Concordia University |
Degree Name: | M. Sc. |
Program: | Finance |
Date: | 3 September 2019 |
Thesis Supervisor(s): | Schweizer, Denis |
Keywords: | Corporate Governance, Chinese financial markets, foreign institutional investors, monitoring role |
ID Code: | 985994 |
Deposited By: | Matteo Cecchi |
Deposited On: | 19 Dec 2019 14:26 |
Last Modified: | 19 Dec 2019 14:26 |
References:
Aggarwal, Reema, May Hu, and Jingjing Yang. 2015. "Fraud, market reaction and the role of institutional investors in Chinese listed firms." The Journal of Portfolio Management 41(5) 92-109.Aggarwal, Reena, Isil Erel, Miguel Ferreira, and Pedro Matos. 2011. "Does governance travel around the world? Evidence from institutional investors." Journal of Financial Economics 100(1) 154-181.
Ahearne, Alan G., William L. Griever, and Francis E. Warnock. 2004. "Information cost and home bias: an analysis of US holdings of foreign equities." Journal of International Economics 62(2) 313-336.
Allen, Franklin, Jun Qian, and Meijun Qian. 2005. "Law, finance and economic growth in China." Journal of Financial Economics 77(1) 57-116.
Allen, Franklin, Jun Qian, and Xian Gu. 2017. "An overview of China's financial system." Annual Review of Financial Economics 9(1) 191-231.
Allen, Jamie, and Li Rui. 2018. Awakening governance: the evolution of corporate governance in China. Hong Kong: ACGA (Asian Corporate Governance Association).
Andrews, Neil, and Roman Tomasic. 2006. "Directing China's top 100 listed companies: corporate governance in an emerging market." The Corporate Governance Law Review 2 245.
ASIFMA. 2017. China's capital markets: navigating the road ahead. Hong Kong: Asian Securities Industry & Financial Markets Association (ASIFMA).
Bae, Kee-Hong, interview by IFC (International Finance Corporation). 2012. Do foreign investors improve corporate governance in emerging markets? (May).
Bartel, John, and Yiping Huang. 2000. "Dealing with bad loans of the Chinese banks." Columbia University, APEC Study Centre Discussion Paper Series.
Bayraktar, Nihal. 2014. "Measuring relative development level of stock markets: capacity and effort of countries." Borsa Istanbul Review 14 74-95.
Beatson, Samuel A., and Jian Chen. 2018. "Foreign investment, corporate governance and performance in the Chinese listed A share companies." Journal of Chinese Economic and Business Studies 16(1) 59-93.
Bebchuk, Lucian, Alma Cohen, and Allen Ferrell. 2009. "What matters in corporate hovernance?" The Review of Financial Studies 22(2) 783-827.
Bena, Jan, Miguel A. Ferreira, Pedro Matos, and Pedro Pires. 2017. "Are foreign investors locusts? The long-term effects of foreign institutional ownership." Journal of Financial Economics 126(1) 122-146.
Berkman, Henk, Rebel Cole, Cole, and Lawrence J. Fu. 2009. "Expropriation through loan guarantees to related parties: evidence from China." Journal of Banking and Finance 33(1) 141-156.
Bhagat, Sanjai, Brian Bolton, and Roberta Romano. 2008. "The promise and peril of corporate governance indices." Columbia Law Review 108(8) 1803-1882.
59
Boone, Audra L., and Joshua T. White. 2015. "The effect of institutional ownership on firm transparency and information production." Journal of Financial Economics 117(3) 508-533.
Bowman, Robert G., and Byung S. Min. 2015. "Corporate Governance, regulation and foreign equity ownership: lessons from Korea." Economic Modelling 47 145-155.
Brown, Lawrence D., and Marcus L. Caylor. 2006. "Corporate governance and firm valuation." Journal of Accounting and Public Policy 25(4) 409-434.
Byun, Suk Joon, In Joon Kim, Jiyeon Eppler-Kim, and Wi Saeng Kim. 2010. "Foreign investors and corporate governance in Korea." Pacific-Basin Finance Journal 18(4) 390-402.
Carpenter, Jennifer N., Fangzhou Lu, and Robert F. Whitelaw. 2015. "The real value of China's stock market." National Bureau of Economic Research (working paper).
CEIC Data, . 2019. China's Market capitalisation to GDP ratio. July 12. https://www.ceicdata.com/en/indicator/united-kingdom/market-capitalization--nominal-gdp.
Center, Shanghai Stock Exchange Research. 2003. China corporate governance report 2003. Shanghai: Fudan University Press.
Central Intelligence Agency, . 2017. The world factbook: stock of foreign direct investment (Country Comparison) . December 31. Accessed May 10, 2019. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2198rank.html.
Cha, Laura. 2001. "The future of China’s capital markets and the role of corporate governance." China Business Forum. Beijing. 1.
Chan, Kalok, Albert J. Menkveld, and Zhishu Yang. 2008. "Information asymmetry and asset prices: evidence from the China foreign share discount." The Journal of Finance 63(1) 159-196.
Chen, Gongmeng, Daniel N. Gao, Michael Firth, and Oliver M. Rui. 2005. "Is China's securities regulatory agency a toothless tiger? evidence from enforcement actions." Journal of Accounting and Public Policy 24(6) 451-488.
Chen, Gongmeng, Michael Firth, Daniel N. Gao, and Oliver M. Rui. 2006. "Ownership structure, corporate governance, and fraud: Evidence from China." Journal of Corporate Finance 12(3) 424-448.
Chen, Jean J, and Haitao Zhang. 2014. "The impact of the corporate governance code on earnings management: evidence from Chinese listed companies." European Financial Management 20(3) 596-632.
Chen, Victor Z., Jing Li, and Daniel M. Shapiro. 2011. "Are OECD-prescribed "good corporate governance practices" really good in emerging economy?" Asia Pacific Journal of Managament 28(1) 115-138.
Chen, X., J. Harford, and K. Li. 2007. "Monitoring: which institutions matter?" Journal of Financial Economics 86(2) 279-305.
Cheng, Siwei, and Ziran Li. 2015. The Chinese stock market Volume 1. London: Palgrave Macmillan.
—. 2015. The Chinese stock market volume 1: A retrospect and analysis from 2002. London: Palgrave Macmillan.
60
Cheung, Y.L., P. Jiang, P. Limpaphayom, and T. Lu. 2008. "Does corporate governance matter in China?" China Economic Review(3) 19 460-479.
China Daily, . 2017. Pension funds set to be invested in the stock market. February 17. Accessed December 20, 2018. http://www.chinadaily.com.cn/business/2017-02/17/content_28243327.htm.
China Power Team, . 2019. Does China face a looming debt crisis? February 28. Accessed March 20, 2019. https://chinapower.csis.org/china-face-looming-debt-crisis/.
China Securities Regulatory Commission, . 2006. Notice of ChinaSecurities Regulatory Commission on the relevant issues concerning the measures for the administration of securities investment within the territory of China by Qualified Foreign Institutional Investors. August 24. Accessed July 15, 2019. http://www.csrc.gov.cn/pub/csrc_en/OpeningUp/RelatedPolices/QFII/201211/t20121109_216707.html.
CSRC. 2016. O&A on the cancellation of the limits on asset allocation of QFII and RQFII. September 10. Accessed December 20, 2018. http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/201611/t20161117_306094.html.
CSRC. 2016. O&A on the cancellation of the limits on asset allocation of QFII and RQFII. September 10. Accessed January 10, 2019. http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/201611/t20161117_306094.html.
Claessens, Stijn. 2006. "Corporate governance and development." The World Bank Researcher Observer 21 (1) (Oxford University Press (On behalf of International Bank for Reconstruction and Development)) 91-122.
Claessens, Stijn, and Burcin Yurtoglu. 2012. Corporate governance and development: an update. Washington: International Finance Corporation (World Bank Group).
Clarke, Donald C. 2003. "Corporate governance in China: an overview." China Economic Review 14(1) 494-507.
CSRC. 2014. Bearing protection of the legitimate rights and interests of small and medium-sized investors. January 6. http://www.csrc.gov.cn/pub/csrc_en/Informations/phgall/201402/t20140211_243678.html.
Cuigniez, Basile. 2016. The Chinese stock market: historical evolution and current trends. Ghent: University of Ghent.
Ding, Shujun, Chunxin Jia, Yuanshun Li, and Zhenyu Wu. 2010. "Executive compensation, supervisory board, and China’s governance reform: a legal approach perspective." Review of Quantitative Finance and Accountancy 35(4) 445-471.
Ding, Shujun, Chunxin Jia, Yuanshun Li, and Zhenyu Wu. 2009. "Fraud, enforcement actions and the role of corporate governance: evidence from China." Journal of Business Ethics 90(4) 561-576.
Doidge, Craig, Andrew G. Karolyi, and Rene M. Stulz. 2007. "Why do countries matter so much for corporate governance?" Journal of Financial Economics 86(1) 1-39.
61
Douma, Sytse, Rejie George, and Rezaul Kabir. 2006. "Foreign and domestic ownership, business groups, and firms performance: evidence from a large emerging market." Strategic Management Journal 27(7) 637-657.
Durden, Tyler. 2016. Metals Producer Is China's First State-Owned Company To Liquidate In Bankruptcy. September 20. Accessed April 10, 2019. https://www.zerohedge.com/news/2016-09-20/metals-producer-chinas-first-state-owned-company-liquidate-bankruptcy.
Elliott, Douglas, Arthur Kroeber, and Yu Qiao. 2015. Shadow banking in China: a primer. Tsinghua: Brookings Insitution.
Elliott, Douglas. J, and Kai Yan. 2013. The Chinese financial System. Washington: Brookings Institution.
F&Y Capital, . 2015. What is NEEQ. Accessed March 22, 2019. http://www.fycapitalllc.com/about-neeq.html.
Fan, Joseph P.H., T. J. Wong, and Tianyu Zhang. 2007. "Politically connected CEOs, corporate governance and Post-IPO performance of China’s newly partially privatized firms." Journal of Financial Economics 84(2) 330-357.
Feinerman, James V. 2007. "New hope for corporate governance in China?" The China Quarterly 191 590-612.
Firth, Michael, Jin Gao, Jianghua Shen, and Yuanyuan Zhang. 2016. "Institutional stock ownership and firm's cash dividend policies: evidence from China." Journal of Banking and Finance 65 91-107.
Firth, Michael, Peter M.Y. Fung, and Oliver M. Rui. 2007. "Ownership, two-tier board structure, and the informativeness of earnings: evidence from China." Journal of Accounting and Public Policy 26(4) 463-496.
FTSE Russel, . 2019. Guide to Chinese Share classes. London: FTSE Russel.
Gang, Xiao. 2016. Market Bulletin (Shenzhen Stock Exchange). January 18. Accessed December 20, 2018. chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/http://www.szse.cn/English/siteMarketData/publication/research/P020181124399916602457.pdf.
Gao, Lei, and Gerhard Kling. 2012. "The impact of corporate governance and external audit on compliance to mandatory disclosure requirements in China." Journal of International Accounting, Auditing and Taxation 21(1) 17-31.
Gao, Lei, and Kling Gerhard. 2008. "Corporate governance and tunneling: empirical evidence from China." Pacific-Basin Finance Journal 16(5) 591-605.
Gillan, L. Stuarts, and Laura T. Starks. 2003. "Corporate governance, corporate ownership, and the role of institutional investors: a global perspective." Journal of Applied Finance 13(2) 4-22.
Gompers, Paul, Joy Ishii, and Andrew Metrick. 2003. "Corporate governance and equity prices." The Quarterly Journal of Economics 118(1) 107-156.
Guo, Min, and David Boitout. 2018. "China releases draft amended measures on strategic investment by foreign investors in listed companies." Gide Loyrette Nouel. August 8. Accessed April 1, 2019.
62
https://www.gide.com/en/actualites/china-releases-draft-amended-measures-on-strategic-investment-by-foreign-investors-in.
Hartzler, Darrin. 2011. Corporate Governance Development Framework. November 4. https://corpgov.law.harvard.edu/2011/11/04/corporate-governance-development-framework/.
Haß, Lars H., Sofia Johan, and Denis Schweizer. 2016. "Is corporate governance in China related to performance persistence?" Journal of Business Ethics 134(4) 575-592.
He, Laura, and Lam Ka-Sing. 2017. What is the MSCI index, and why does it matter so much to China? June 21. Accessed June 21, 2019. https://www.scmp.com/business/companies/article/2099271/explainer-what-you-should-know-about-msci-and-china.
Hong Kong Stock Exchange, . 2019. China dimension: list ofred chip companies. July 31. Accessed August 5, 2019. https://www.hkex.com.hk/Market-Data/Statistics/Consolidated-Reports/China-Dimension?sc_lang=en&tabName=Main%20Board&select=%7b55AE8A39-A5A2-4489-95E1-21E30BDEAFD7%7d.
—. 2019. What is Stock Connect? June 20. Accessed June 20, 2019. https://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en.
Huang, Flora X, and Horace Yeung. 2014. Chinese companies and the Hong Kong stock market. New York: Routledge.
Huang, Yasheng. 2003. "One country, two systems: foreign-invested enterprises and domestic firms in China." China Economic Review 14(4) 404-416.
Huyghebaert, Nancy, and Lihong Wang. 2012. "Expropriation of minority investors in Chinese listed firms: the role of internal and external corporate goverance mechanisms." Corporate Governance: an international review 20(3) 308-332.
Jensen, Michael C., and William H. Meckling. 1976. "Theory of firm: managerial behavior, agency costs and ownership structure." Journal of Financial Economics 3(4) 305-360.
Jesover, Fianna, and Grant Kirkpatrick. 2005. "The revised OECD principles of corporate governance and their relevance to Non-OECD countries." Corporate Governance: anInternational Review 13(2) 127-136.
Jiang, Fuxiu, and Kenneth A. Kim. 2015. "Corporate governance in China: a modern perspective." Journal of Corporate Finance 32(1) 190-216.
Jiang, Fuxiu, Bing Zhu, and Jicheng Huang. 2013. "CEO's financial experience and earnings management." Journal of Multinational Financial Management 23(3) 134-145.
Jiang, Guohua, Charles M. C. Lee, and Yue Yue. 2010. "Tunneling through intercorporate loans: the China experience." Journal of Financial Economics 98(1) 1-20.
Jiang, Wei, Hualin Wan, and Shan Zhao. 2016. "Reputation concerns of independent directors: evidence from Individual director voting." The Review of Financial Studies. 29(3) 655-696.
Keay, Andrew, and Jingchen Zhao. 2018. "Transforming corporate governance in Chinese corporations: a journey, not a destination." Northwestern Journal of International Law & Business 38 187-233.
63
Khanna, Tarun, and Juan Ma. 2016. "Independent director's dissent on boards: evidence from listed companies in China." Strategic Management Journal 37(8) 1547-1557.
La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei, Vishny, Robert W. Shleifer. 1998. "Law and finance." Journal of Political Economy 106(6) 1113-1155.
Leuz, Christian, Karl V. Lins, and Francis E. Warnock. 2009. "Do foreigners invest less in poorly governed firms?" Review of Financial Studies 22(8) 3245-3285.
Li, Jiatao, and Cuili Qian. 2012. "Principal-Principal conflicts under weak institutions: a study of corporate takeovers in China." Strategic Management Journal 34(4) 498-508.
Li, Sophia G., On K. Tam, Celina P. Yu, and Zhifan Zhang. 2010. "Foreign investments in China and Qualified Foreign Institutional Investors (QFII)." Asian Business & Management 9(3) 425-448.
Lim, Kang Benjamin, and Kevin Yao. 2016. Exclusive: china's chief stock regulator has offered to resign. January 18. https://www.reuters.com/article/us-china-stocks-regulator-exclusive-idUSKCN0UW0WQ.
Lin, Jun Z., Jason Z. Xiao, and Qingliang Tang. 2008. "The roles, responsibilities and characteristics of audit committees in China." Accounting, Auditing and Accountability Journal 21(5) 721-751.
Lin, Teng, Marion Hutchinson, and Majella Percy. 2015. "Earnings management and the role of the audit committe: an investigation of the influence of cross-listing and government officials on the audit committee." Journal of Management and Governance 19(1) 197-227.
Liu, Qiao. 2006. "Corporate governance in China: current practices, economic effects and institutional determinants." CESifo Economic Studies 38.
Liu, Qiao, and Zhou (Joe) Lu. 2007. "Corporate governance and earnings management in the Chinese listed companies: a tunneling perspective." Journal of Corporate Finance 13(5) 881-906.
Liu, Yu, Mihail K. Miletkov, Zuobao Wei, and Tina Yang. 2015. "Board independence and firm performance in China." Journal of Corporate Finance 30(1) 223-244.
Lo, Agnes W.Y., Raymond M.K. Wong, and Michael Firth. 2010. "Can corporate governance deter management from manipulating earnings? evidence from related-party sales transactions." Journal of Corporate Finance 16(2) 225-235.
Luo, Xiaowei, Chi-Nien Chung, and Michael Sobczak. 2009. "How do corporate governance model differences affect foreign direct investment in emerging economies?" Journal of International Business Studies 40(3) 444-467.
Maher, Maria, and Thomas Andersson. 2000. "Corporate governance: effects on firm performance and economic growth." SSRN: https://ssrn.com/abstract=218490 .
Man, Sophia. 2018. "China Liberalizes Capital Repatriation and Allows CNY-FX Hedging for QFII/ RQFII." Baker McKenzie. June. Accessed February 15, 2019. https://www.bakermckenzie.com/en/insight/publications/2018/06/china-liberalizes-capital-repatriation.
McCahery, Joseph A., Zacharias Sautner, and Laura T. Starks. 2016. "Behind the scenes: the corporate governance preferences of institutional investors." The Journal of Finance 68(6) 2905-2932.
64
Mezzanotte, Felix E., and Simon Fung. 2018. "Do institutional owners monitor? Evidence from voting on connected transaction proposals in Hong-Kong listed companies." Michigan Business & Entrepeneurial Law Review 7 221.
Mishra, Anil V., and Ronald, A. Ratti. 2011. "Governance, monitoring and foreign investment in Chinese companies." Emerging Markets Review 12(2) 171-188.
MondoVisione. 2019. 2018 Information disclosure appraisal results of Shenzhen Stock Exchange-listed companies released: overall disclosure quality is good. February 7. Accessed March 10, 2019. http://www.mondovisione.com/media-and-resources/news/2018-information-disclosure-appraisal-results-of-shenzhen-stock-exchange-listed/?fbclid=IwAR37V0c_pxMPbFjhQMeXMxIZAradP5KaBgGASgA_PBgmXD0wSnxi3XF0a0Q.
Mutlu, Canan C., Marc Van Essen, Mike W. Peng, Sabrina F. Saleh, and Patricio Durane. 2018. "Corporate governance in China: a meta-analysis." Journal of Management studies 55(6) 943-979.
OECD. 2011. Corporate governance of listed companies in China:self-assessment by the China Securities Regulatory Commission. OECD Publishing.
Phung, Duc N., and Thi Phuong Le Vy. 2013. "Foreign ownership, capital structure and firm performance: empirical evidence from Vietnamese Listed firms." IUP Journal of Corporate Governance 12(2) 40-59.
Qian, Meijun, and Bernard Y. Yeung. 2015. "Bank financing and corporate governance." Journal of CorporateFinance 32 258-270.
Qiao, Yu, Du Bin, and Sun Qian. 2006. "Earnings management at right issues thresholds: evidence from China." Journal of Banking and Finance 30(12) 3453-3468.
Rezaee, Zabihollah, Huili Zhang, Huan Dou, and Minghua Gao. 2018. "Corporate governance and earnings quality: evidence from China." Journal of Corporate Governance 17(2) 7-35.
Rong, Zhao, Xiaokai Wu, and Philipp Boeing. 2017. "The effect of institutional ownership on firm innovation: evidence from Chinese listed firms." Research Policy 46(9) 1533-1551.
Sami, Heibatollah, Justin Wang, and Haiyan Zhou. 2011. "Corporate governance and operating performance of Chinese listed firms." Journal of Accounting, Auditing and Taxation 20(2) 106-114.
Schweizer, Denis, Thomas J Walker, and Aaron Zhang. 2017. "Do privately owned enterprises in China need political connections to issue corporate bonds?" Available at SSRN 2846730. Schweizer, Denis, Thomas J Walker, and Aaron Zhang. 2019. "Cross-border acquisitions by Chinese enterprises: the benefits and disadvantages of political connections" Journal of Corporate Finance 57 3-85
Shan, Yuan G. 2013. "Can internal governance mechanismsprevent asset appropriation? examination of type I tunneling in China." Corporate Governance: an International Review 21(3) 225-241.
Shan, Yuan George. 2015. "Value relevance, earnings management and corporate governance in China." Emerging Markets Review 23 186-207.
65
Shan, Yuan George, and Ron P. McIver. 2011. "Corporate governance mechanisms and financial performance in China: panel data evidence on listed non financial companies." Asia Pacific Business Review 17(3) 301-324.
Shanghai Stock Exchange, . 2019. B-share company list. May 10. Accessed May 10, 2019. http://english.sse.com.cn/listed/bshare/company/.
—. 2015. Comparing Stock Connect with QFII/RQFII. Accessed June 20, 2019. http://english.sse.com.cn/investors/shhkconnect/introduction/comparing/?fbclid=IwAR2uGX9UEhoyfMyl4mdN5pclZyC2ZlLT8k6Uvg55Z5eaiW3vbg9_Vt8Fx60.
Shao, Chunyang, Cheng Feng, and Yuandong Niu. 2018. Legal update on PIPE by foreign investors in A-share. November 22. https://mp.weixin.qq.com/s/NeopIJWZtoXwAl0VM4KpJw?fbclid=IwAR2lybnvU3-5cJHspNLFk2__RXd2za0kgHG4TKpw9Ba81rx0rxKpgY-x1Jw.
Shen, Samuel. 2019. China to combine QFII, RQFII schemes, expand foreign investment scope. January 31. Accessed February 20, 2019. https://www.reuters.com/article/us-china-markets-foreign-investment/china-to-combine-qfii-rqfii-schemes-expand-foreign-investment-scope-idUSKCN1PP1GF.
Shenzhen Stock Exchange, . 2011. "About Chinext and SME board." Shenzhen Stock Exchange. December 30. Accessed December 20, 2018. http://www.szse.cn/English/products/equity/ChiNext/index.html.
—. 2019. Market Data: stocks. June 20. Accessed June 20, 2019. http://www.szse.cn/English/siteMarketData/siteMarketDatas/stocks/index.html.
Shleifer, Andrei, and Robert W. Vishny. 1986. "Large shareholders and corporate control." Journal of Political Economy 94(3) 461-488.
Shubita, Rawan, and Moade F. Shubita. 2019. "The impact of foreign ownership on corporate governance: evidence from an emerging market." Investment Management and Financial Innovations 16(2) 101-115.
Song, Ligang. 2018. "State-Owned enterprise reform in China: past, present and prospects." In China's 40 years of reform and development, by Ross Garnaut, Ligang Song and Cai Fang, 708. The Australian National University.
Stulz, Rene M. 2005. "The limits of global financialisation." Journal of Finance 60(4) 1595-1638.
Tan, Lay-Hong, and Jiangyu Wang. 2007. "Modelling an effective corporate governance system for China's listed state-owned enterprises: issues and challenges in a transitional economy." Journal of Corporate Law Studies 7(1) 143-183.
Tan, Michael N.T. 2009. "Has the QFII strengthened corporate governance in China?" China: an international Journal 7(2) 353-369.
The Economics Intelligence Unit, . 2019. Capital markets in 2030: the future of equity capital markets. London: PriceWaterHouseCooper.
The Economist, . 2019. Hong Kong remains crucially important to mainland China. August 18. Accessed August 19, 2019. https://www.economist.com/briefing/2019/08/08/hong-kong-remains-crucially-
66
important-to-mainland-china?fbclid=IwAR2JifoRFlpzufMuTca7v0uWZlAOjmwIZJXtf0BDcu8poSEQGhWWfuOGf6o.
Trading Economics 2019. China GDP Annual growth rate. 07 12. https://tradingeconomics.com/china/gdp-growth-annual.
Waelchli, Urs, and Jonas Zeller. 2013. "Old captains at the helm: chairman age and firm performance." Journal of Banking and Finance 37(5) 1612-1628.
Wong, Sonia M.L. 2006. "China's stock market: a marriage of capitalism and socialism." Cato Journal 26 389-425.
World Bank (a), . 2019. The World Bank in China. April 8. Accessed August 20, 2019. https://www.worldbank.org/en/country/china/overview.
World Bank (b), . 2019. Stock Market Capitalization to GDP for China. Accessed February 18, 2019. https://fred.stlouisfed.org/series/DDDM01CNA156NWDB.
WTO. 2010. Foreign Direct Investments - the China story. July 16. https://www.worldbank.org/en/news/feature/2010/07/16/foreign-direct-investment-china-story.
Wu, Wenfeng, Sofia A. Johan, and Oliver M. Rui. 2012. "Instiutional investors, political connections and the incidence of corporate fraud." TILEC discussion paper.
Wurgler, Jeffrey. 2000. "Financial markets and the allocation of capital." Journal of Financial Economics58 (2) 187-214.
Xi, Chao. 2006. "In search of an effective monitoring board model: board reforms and the political economy of corporate law in China." Connectitut Journal of International Law 22 1-46.
Xi, Chao, and Yugang Chen. 2014. "Does cumulative voting matter? the case of China: an empirical assessment." European Business Organisational Law Review 15(4) 585-613.
Xing, Lu, Duan Tinghua, and Wenxuan Hou. 2019. "Do board secretaries influence management earnings forecasts? ." Journal of Business Ethics 154(2) 537-574.
XinhuaNet, . 2019. Economic Watch: China's economic transition a new driver for global growth. March 12. Accessed July 30, January. http://www.xinhuanet.com/english/2019-03/12/c_137888977.htm?fbclid=IwAR1aOKD17agziW_XlzzdIvEw2aqfGEvJ2dRTKm7CTIkIS_48u-N3gMkQOZo.
Yang, Jiang. 2018. "Deepening reform and opening up of capital markets, aiming at high-quality development—Speech by CSRC Vice Chairman Jiang Yang at the 11th Asian Financial Forum 2018." China Securities Regulatory Commission. January 16. Accessed March 20, 2019. http://www.csrc.gov.cn/pub/csrc_en/Informations/phgall/201801/t20180122_333003.html.
Yang, Jingjing, Jing Chi, and Martin Young. 2011. "A review of corporate governance in China." Asian-Pacific Economic Literature 25(1) 15-28
Yang, Zheng, Wenxuan Hou, and Xiaolin Qian. 2015. "The split-share-structure reform in China: past, procedure and impact." In Sustainable Entrepeneurship in China, by Douglas Cumming, Michael Firth, Wenxuan Hou and Edward Lee, 200. New York: Palgrave Macmillan.
67
Ye, Min. 2009. "Policy learning of diffusion: how China opened to Foreign Direct Investments." Journal of East Asian Studies 9(3) 399-432.
Yiu, Enoch. 2016. Don’t expect QFII to disappear now that the second Stock Connect is ready for lift-off. November 28. Accessed December 20, 2018. https://www.scmp.com/business/companies/article/2049765/dont-expect-qfii-disappear-now-second-stock-connect-ready-lift.
—. 2017. Who are the winners in mainland-Hong Kong stock connect trading? November 13. Accessed May 15, 2019. https://www.scmp.com/business/companies/article/2119628/who-are-winners-mainland-hong-kong-stock-connect-trading.
Yue, Zhang. 2016. Guidelines to be issued to promote venture capital. September 1. Accessed March 20, 2019. http://english.www.gov.cn/premier/news/2016/09/01/content_281475431068311.htm?fbclid=IwAR2TWoTq_KxEAgZRo2xTCtpt7Bi2XEQvBhggFobW1PItPj7CcRjNCRC2Wuw.
Zhang, Shiwei. 2019. Initial public offerings China 2019. July 12. https://www.globallegalinsights.com/practice-areas/initial-public-offerings-laws-and-regulations/china.
Zhu, Tao, and Wei Huang. 2015. "Foreign institutional investors and corporate governance in emerging markets: evidence of a split-share structure reform in China." Journal of Corporate Finance 32(1) 312-326.
Zou, Hong, Sonia Wong, Clement Shum, Jun Xiong, and Jun Yan. 2008. "Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: Evidence from China." Journal of Banking & Finance 32(12) 2636-2645.
Repository Staff Only: item control page