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Research On Founder And Governance Effectiveness Of Board In The Listed Private Enterprise

Posted on:2015-10-23Degree:DoctorType:Dissertation
Country:ChinaCandidate:X F ShiFull Text:PDF
GTID:1109330467464475Subject:Corporate governance
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Since1980s, along with deregulation of relevant policies about the overall national economic development in China, the private economy has been put into the test of market for over30years and experienced a rapid growth. By now the private enterprises have become the backbone of economic growth, and the private economy is an important impetus to the development of the national economy. The private enterprises attract much attention of the scholars. With the in-depth research of all kinds, some new research topics have been derived from this field. The founders of private companies, which is a special character, play an important role in the generation and development process of enterprises. Different from the state-owned enterprises, most of the private enterprises are set up and controlled by individuals or a family. The owners and the managers are refereed as the founders of enterprises in this research.This paper takes the Chinese private listed companies during the period2004-2011as study sample to investigate the impact of the founder on firm value and the founder-directors’contribution to board governance effectiveness. The results indicate that the founder has significantly increased the value of the private enterprises when they are imcumbent; and the founder acting as board member can effectively enhance the board governance effectiveness. This dissertation includes eight chapters. The first chapter mainly introduces the research background, the research structure and possible contributions. The second chapter reviewes the relevant lieratures of the founder, the relationship bwtween founders and enterprises as well as the board governance effectiveness in detail. In Chapter3, the institutional background against the development of founders and private enterprises. Based on previous analysis, chapter4is about theoretical analysis and hypothesizing. The fifth chapter empirically investigats the relationship between the founders, corporate governance, and the value of enterprises. Chapter6exames the founder directors’ value on the board governance effectiveness with empirical methods as well. In the seventh chapter, the agency cost, pay performance sensitivity, CEO turnover performance sensitivity and behavior of board are choosen as the representatives of board governance effectiveness to test the impacts of the founder directors on the board governance effectiveness. Chapter8summarizes, and points out limitations of this study and the research prospect.Overall, based on the special background of market economy in China, this paper conduct a detailed study on the impact of founders on enterprise value and effect of the different characteristics of the founder directors. On the basis of above discussion, the impact of founder director on board governance effectiveness is further explored. This research brokes the research paradigm what managers affect the enterprise value purely and carries forward the study of the founders’influence on the enterprise value to the level of specific governance, to clarify influence path of founders on firm value. These results not only expand current study range, but also be conductive on understanding the mechanism of founders’impacts on board governance and corporate value. These results provid a direct evidence for the impact of the founder, which is a special management role in the enterprise, and a new and essential understanding on interpromoting of founders and enterprises.
Keywords/Search Tags:Private listed enterprises, Founder, Founder director, The board ofdirectors, Governance effectiveness
PDF Full Text Request
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