Description
Title: Value of Chinese Family Businesses and Family Governance: The Signal Transmission Effect of Financial Performance
Abstract: The phenomenon of family governance in Chinese family businesses may indicate a stable governance structure as well as a high second-party agency cost that compromises the interests of small and medium shareholders. This paper examines the degree to which Chinese family governance affects the corporate value of Chinese family businesses and the signaling function that corporate financial performance plays in this process using the theory of signal transmission. A sample of Chinese family businesses that were listed on A-shares from 2011 to 2020 is also examined in this paper. As a result of operating capability, solvency, profitability, and development capacity, which can increase the credibility of family governance signals, the results demonstrate that family governance of Chinese family enterprises can promote the improvement of enterprise value.
Keywords: family governance; signal transmission theory; integration of ownership and control; firm value; financial performance
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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