Endogeneity, Ownership Structure and Firm Performance—— based on the Analysis of Structural Equation Model
This paper investigates whether ownership structure has significant effects on firm performance of publiclylisted companies in China, and in what ways if it does. Then we select 1200 listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2009 as the research samples, and analysis by structural equation model. The results from our study yield unequivocal evidence for the endogeneity of ownership structure. The estimates of the structural equation model we used give evidences to support the notion that it is a significant positive correlation between ownership structure and firm performance; so as firm size and assetliability ratio. Moreover, it also shows that more ownership variables should be added in model to enhance the total effect.
Endogeneity Ownershipstructure Firmperformance Structuralequationmodel
Liu Ji-lu Su Ming Yan Yue-qi Wang Gang
Taizhou University, Taizhou Zhejiang 318000;Graduate School, Dongbei University of Finance & Economi School of Economics and Management, Henan Institute of Science and Technology, Xinxiang Henan 453003 University of Kansas, Kansas, Lawrance United State 66045 Guangdong University of Foreign Studies, Guangzhou Guangdong 510006
国际会议
广州
英文
1-4
2011-05-13（万方平台首次上网日期，不代表论文的发表时间）