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Top Management Turnover, Firm Performance and Government Control: Evidence from China's Listed State-Owned Enterprises
Social Science Research Network
Using a sample of 916 Chinese listed state-owned enterprises (SOEs) from 2001 to 2005, we find that the likelihood of top management turnover is negatively associated with firm performance, suggesting the existence of an effective corporate governance mechanism in an emerging economy that is highly controlled by government. We also find that the negative turnover-performance relationship is stronger when the SOE is held by the Central Government, is directly held by a local government, or holdsdoi:10.2139/ssrn.1532724 fatcat:tllrrkxy5bdxzhm64igwgxchy4