An Empirical Study on Corporate Governance Structure and Performance of Chinese Listed Tourism Companies

摘要

This paper examines the relation between corporate governance structure and performance with panel data of 20 Chinese listed tourism companies from 2002 to 2007. The empirical evidence shows that there is an inverse U relationship between board size and performance; independent directors' proportion is positively related with performance; state-owned shares proportion has a significant negative correlation with performance; the first shareholder's shares proportion has an inverse U correlation with performance; the positive correlation between noncontrolling shareholder's shares proportion and performance is not significant.