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The Influence of CEO Power on Corporate Performance in China: An Empirical Study

机译:CEO权力对中国企业绩效的影响:一项实证研究

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This paper examines the influence of CEO power on corporate performance in Chinese listed company by OLS, Glejser tests and Cross-sectional regressions. The empirical tests assume three dummy variables to measure CEO power and use ROA, Tobin's Q and stock returns as approximations of corporate performance. The results indicate that the CEO power is correlated positively with corporate performance and negatively with corporate performance variability. In addition, "whether the CEO is one of the firm's founders" is the most significant dummy variable affecting the corporate performance and performance variability of the three dummy variables. This paper suggests that the high centralization of CEO power be accepted conditionally.
机译:本文通过OLS,Glejser检验和横截面回归分析研究了CEO权力对中国上市公司公司绩效的影响。实证检验假设使用三个虚拟变量来衡量CEO的权力,并使用ROA,Tobin的Q和股票收益作为企业绩效的近似值。结果表明,CEO权力与公司绩效呈正相关,与公司绩效变异性呈负相关。另外,“首席执行官是否是公司的创始人之一”是影响公司绩效和三个虚拟变量的绩效可变性的最重要的虚拟变量。本文提出,首席执行官权力的高度集权化是有条件接受的。

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