Resource Dependence,Corporate Transparency And Corporate Performance

In recent years,some scholars have found the existence of Resource Curse in many countries or regions in the world on the macro level.They find that some countries or regions with abundant resources develop more slowly than those without abundant natural resources.The Resource Curse has a bad influence on the country's economic growth.However,there are also some surveys that deny the existence of Resource Curse.Thus,this paper is aimed to figure it out through a new tunnel on the micro level.This research uses the listed companies from the micro level to explore the existence of Resource Curse in China and excavates a new transmission channel: corporate transparency.It is based on the idea that resource-dependent enterprises are facing a selection dilemma.On one hand,in order to attract more investment,it needs to disclose more profit information and attract investors to invest.On the other hand,in order to avoid excessive government expropriation,enterprises tend to reduce their transparency,thereby affecting the efficiency of corporate resource allocation,reducing corporate performance and resulting in resource curse.Corporate transparency is one of the transmission channels.Based on the data of 1517 listed companies on the Shenzhen Stock Market from 2003 to 2016,this research divided them into two samples,the state-owned companies and the private ones.First of all,it aimed to explore the existence of Resource Curse by finding the relationship between resource dependence and corporate performance.And then based on the simultaneous equation model,the significance of the mediating effect of the transmission mechanism of corporate transparency was explored.The empirical results show that for the state-owned companies,there is no resource curse phenomenon,which means the more resource-dependent the enterprise is,the better the efficiency of resource allocation will be and the performance will also increase significantly.However,for the private enterprises,there do exists a phenomenon of resource curse.That means the more dependent an enterprise is on resources,to prevent excessive government expropriation,the transparency of the company will be reduced and the efficiency and performance of the enterprise resource allocation will be reduced too.Therefore,corporate transparency has also been proved to be a relatively new transmission channel.