Corporate governance at China's stock market : historical evolvement and empirical evidence

This dissertation reviews the status and changes of the governance practices in China's SOE reforms. It explains how these changes took place by examining the most influential factors in the evolution of governance practices. It argues that there exists a path dependency, mainly driven by a learning process, in China's corporate governance evolution. By applying linear regression models, this dissertation provides evidence that listed firms with overall better corporate governance are valued higher and that the effectiveness of corporate governance differs from industry to industry.