Economic exposure the structure of corporate governance in Chinese SOE: Agency theory vs. transaction cost economics model

被引：0

作者：

Yang, J ^{[1
]}

机构：

[1] Xian Jiaotong Univ, Xian 710049, Peoples R China

来源：

PROCEEDINGS OF 2002 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING, VOLS I AND II | 2002年

关键词：

corporate governance; agency theory; transaction cost economics; Chinese SOE;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper reviews the path of SOE reform in China and use economics model to develop an agency theory of interfirm, transactions based on the following idea: a state enterprise manager, being an agent, may acquire private benefits in exchange for not holding up a non-state trading partner. The result suggest that state asset should exit property department completely in competitiveness industry.

引用

页码：2398 / 2401

页数：4

共 5 条

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[2] Corporate giving in Taiwan: agency cost theory vs. value enhancement theory
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[5] To examine the role of climate risk exposure in corporate capital structure decisions, we use a large sample of firms across 35 countries from 2001 to 2021 and show a significantly positive association between firms' climate risk exposure and speed of leverage adjustment based on a two-step partial leverage adjustment model. A one- standard-deviation increase in climate risk exposure increases firms' SOA by 5.59%. A plausible explanation is that climate risk exposure mitigates agency conflicts and improves information efficiency. The positive rela- tionship is stronger in firms from countries with better climate governance, lower bank financing support, and higher policy quality. Overall, our study demonstrates the critical role of climate risk in capital structure de- cisions in the global context.
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[J]. JOURNAL OF CLEANER PRODUCTION, 2023, 389

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