Research on the Impact of Stakeholder Governance on the Financial Performance: Evidence from Chinese Listed Companies
In this paper, we research on stakeholder governance from two aspects-stakeholder participation in corporate governance and stakeholder coordination mechanism. Based on this, we empirically analysis the impact of stakeholder governance of Chinese listed companies on the next three-year average financial performance. The results show that stakeholder governance index is significantly positively related to earnings per share and net assets per share, indicating that good stakeholder governance mechanisms have a positive impact on the corporate financial performance and help improve financial situation of Chinese listed companies. So the managers should highly concern about the rights and interests of stakeholders, encourage stakeholders participate in corporate governance and coordinate the relationship between the companies and stakeholders in order to improve the future financial performance and obtain the sustainable development.
stakeholders corporate governance financial performance governance mechanisms
XI Ning YAN Jichao
Research Center of Corporate Governance, Nankai University, Tianjin, China, 300071
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
596-602
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）