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《Journal of Finance and Economics》 2010-10
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Private Benefit of Control,Corporate Performance and CEO Turnover: Evaluation on the Efficiency of Internal Governance Mechanisms

JIANG Rong1,LIU Xing2(1.School of Trade and Administration,Chongqing University,Chongqing 400040,China;2.School of Economics and Business Administration,Chongqing 400040,China)  
On the basis of theoretical analyses,the paper raises five hypotheses of CEO turnover under the control of large shareholders.Then,based on the corporate governance of listed companies on SSE from 2004 to 2006,it evaluates the efficiency of internal governance mechanisms by Logistic regression model.To some extent,it confirms the five hypotheses aforementioned,namely ability hypothesis,collusion hypothesis,board dependence hypothesis,convergence-of-interest hypothesis and fuzzy interest hypothesis.In addition,the ability hypothesis makes the existence of the governance effects of internal governance mechanisms clear.The private benefit of control of large shareholders has the negative effect on their supervision over CEO.It also indicates the performance of the board is featured by a conservative and prudent tendency.
【Fund】: 国家自然科学基金资助项目(70772100)
【CateGory Index】: F272;F276.6
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