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Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies

Received: 2 December 2014     Accepted: 17 December 2014     Published: 26 January 2015
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Abstract

This study explores the relationship between board characteristics and sustainable growth of family listed companies, based on 2009-2012 including 93 family listed companies totally 372 samples. After empirical study, we find that: there is a significant positive correlation between the proportion of independent directors, board meetings, chairman stake and sustainable growth of family listed companies; however, the size of the board directors has a significant negative correlation with sustainable growth of the family listed companies, that is, the more members of the board ,the less conducive they are to the sustainable growth of the family business; whether uniting chairman and general manager or not, director's compensation, there is no significant positive correlation with sustainable growth of Family listed companies.

Published in Science Journal of Business and Management (Volume 3, Issue 1)
DOI 10.11648/j.sjbm.20150301.12
Page(s) 11-16
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Family Listed Companies, Board Characteristics, Sustainable Growth

References
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[2] Ming An, (2012), The affect of company's corporate governance structure on sustainable growth, Administered Space, 2, pp. 76-77.
[3] Yermack, D, (1996), Higher Market Valuation for Firms with a Small Board of Directors, Journal of Financial Economics, 40, pp. 185-211.
[4] Yongxiang Sun, Rong Zhang, (2000), Size of the Board of Directors, Corporate Governance and Performance, Business Economy, 10 ,pp. 13-15.
[5] Jilu Liu, Chen Lingmin, (2011), Empirical Study Board Characteristics and Firm Performance [J] Shijiazhuang University of Economics, pp. 554-58.
[6] Hermalin, Weisbach, (1988) The Determinants of Board Composition, Rand Journal of Economics, 18.
[7] Erming Xu, Zhihui Wang, (2000), Correlative Study of Corporate Governance and Strategic Performance Nankai Business Review, 4, pp. 4-14.
[8] Erming Xu, Han Zhang, (2006), Board of Supervision of Listed Companies substitution effect on the performance impact mechanism, Economic Theory and Business Management, 10, pp. 62-67.
[9] Ting Lei, (2011), Sustainable growth of the corporate governance structure and financial, Accounting Communications, 1, pp. 93-95.
[10] Rui xiang, Jian Feng, (2008), Board Characteristics and Operating Performance, Finance and Economics Science, 11, pp. 91-99.
[11] Vafeas, N, (1999), Board Meeting Frequency and Firm Performance, Journal of Financial Economics, p.53.
[12] Hui Qin research, Li Chen, (2013), The board of directors of family listed companies and Enterprise Performance, Modern Property Modern Economy, 10,pp. 51-53.
[13] Jinguo Xin, Linyan Wang, (2013), Impact on the performance of the supervisory board of directors and general manager of the excitation, Technology & Management Research, 2, pp. 74-79.
[14] Bhagat, S. and Black. B, (1997), Do Independent Directors Matter?. Working paper,.
[15] Jensen, M. and Meckling, W, (1976), The Theory the Firm: Managerial Behavior, Agent Costs and Ownership Structure, Journal of Financial Economics, 3, pp.305-360.
[16] Xingjian Fan, Xiaoshu Guo, (2007), Remodeling business model of sustainable growth and enlightenment Accounting Research, 5, pp.39-45.
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[18] Robert Higgins•C•(1998), Financial Management Analysis, Beijing: Peking University Press, p.18.
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  • APA Style

    Xuexin li, Zhenzhen liu, Fengyu Ren. (2015). Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies. Science Journal of Business and Management, 3(1), 11-16. https://doi.org/10.11648/j.sjbm.20150301.12

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    ACS Style

    Xuexin li; Zhenzhen liu; Fengyu Ren. Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies. Sci. J. Bus. Manag. 2015, 3(1), 11-16. doi: 10.11648/j.sjbm.20150301.12

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    AMA Style

    Xuexin li, Zhenzhen liu, Fengyu Ren. Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies. Sci J Bus Manag. 2015;3(1):11-16. doi: 10.11648/j.sjbm.20150301.12

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  • @article{10.11648/j.sjbm.20150301.12,
      author = {Xuexin li and Zhenzhen liu and Fengyu Ren},
      title = {Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies},
      journal = {Science Journal of Business and Management},
      volume = {3},
      number = {1},
      pages = {11-16},
      doi = {10.11648/j.sjbm.20150301.12},
      url = {https://doi.org/10.11648/j.sjbm.20150301.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20150301.12},
      abstract = {This study explores the relationship between board characteristics and sustainable growth of family listed companies, based on 2009-2012 including 93 family listed companies totally 372 samples. After empirical study, we find that: there is a significant positive correlation between the proportion of independent directors, board meetings, chairman stake and sustainable growth of  family listed companies; however, the size of the board directors has a significant negative correlation with sustainable growth of the family listed companies, that is, the more members of the board ,the less conducive they are to the sustainable growth of the family business; whether uniting chairman and general manager or not, director's compensation, there is no significant positive correlation with sustainable growth of Family listed companies.},
     year = {2015}
    }
    

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  • TY  - JOUR
    T1  - Study on Relationship between Board Characteristics and Sustainable Growth of Family Listed Companies
    AU  - Xuexin li
    AU  - Zhenzhen liu
    AU  - Fengyu Ren
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    DO  - 10.11648/j.sjbm.20150301.12
    T2  - Science Journal of Business and Management
    JF  - Science Journal of Business and Management
    JO  - Science Journal of Business and Management
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    EP  - 16
    PB  - Science Publishing Group
    SN  - 2331-0634
    UR  - https://doi.org/10.11648/j.sjbm.20150301.12
    AB  - This study explores the relationship between board characteristics and sustainable growth of family listed companies, based on 2009-2012 including 93 family listed companies totally 372 samples. After empirical study, we find that: there is a significant positive correlation between the proportion of independent directors, board meetings, chairman stake and sustainable growth of  family listed companies; however, the size of the board directors has a significant negative correlation with sustainable growth of the family listed companies, that is, the more members of the board ,the less conducive they are to the sustainable growth of the family business; whether uniting chairman and general manager or not, director's compensation, there is no significant positive correlation with sustainable growth of Family listed companies.
    VL  - 3
    IS  - 1
    ER  - 

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Author Information
  • Business School of Liaoning University, Research Interest: Business Management, Shenyang, P.R. China

  • Business School of Liaoning University, Research Interest: Business Management, Shenyang, P.R. China

  • Business School of Liaoning University, Research Interest: Business Management, Shenyang, P.R. China

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