The Influence of CEO Power on Corporate Performance in China: An Empirical Study

摘要：

This paper examines the influence of CEO power on corporate performance in Chinese listed company by OLS, Glejser tests and Cross-sectional regressions. The empirical tests assume three dummy variables to measure CEO power and use ROA, Tobins Q and stock returns as approximations of corporate performance. The results indicate that the CEO power is correlated positively with corporate performance and negatively with corporate performance variability. In addition, whether the CEO is one of the firms founders is the most significant dummy variable affecting the corporate performance and performance variability of the three dummy variables. This paper suggests that the high centralization of CEO power be accepted conditionally.

关键词： CEO power (including general manager and president) corporate performance variability Glejser tests Cross-sectional regressions.

作者: Hui Li Liyan Han Donghui Li

作者单位: School of Economics & Management,Beihang University, Beijing, P.R.China School of Economics & Management, Beihang University, Beijing,P.R.China School of Banking & Finance, University of New South Wales, Sydney, Australia

会议类型: 国际会议

会议名称: 2007 Conference on Systems Science, Management Science and System Dynamics(第二届系统科学、管理科学与系统动力学国际会议)

会议地点: 上海

会议语种:英文

页码: 1071-1078

在线出版日期: 2007-10-19（万方平台首次上网日期，不代表论文的发表时间）