UM E-Theses Collection (澳門大學電子學位論文庫)

check Full Text

Corporate governance and CEO turnover : before and after the split share structure reform in China

English Abstract

This paper examines the effectiveness of corporate governance mechanisms on the CEO forced turnovers before and after the split share structure reform in China. I find that CEO turnovers are negatively related to the firm performance and become more sensitive after the reform. Next, the reform reduces the negative influence of dual-role CEOs and also improves the monitoring effectiveness of the independent directors. Then, I find that state ownership can increase turnover sensitivity and the use of managerial ownership can gradually align the interests of CEOs with that of shareholders after the reform. In addition, small firms and government-owned firms improve more in the overall governance mechanisms of monitoring CEOs after the reform. In sum, I confirm that this unique reform can strongly improve governance mechanisms and also relieve the conventional agency problems in Chinese listed companies. JEL Classification: G18, G34, G38.

Issue date



Cheang, U Choi


Faculty of Business Administration


Department of Finance and Business Economics


M. Sc.


Corporate governance

Chief executive officers

Files In This Item

Full-text (Intranet only)

1/F Zone C
Library URL