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HOW MUCH DOES OWNER TYPE MATTER FOR FIRMPERFORMANCE_ MANUFACTURING FIRMS IN CHINA1998–2007.pdf

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Strategic Management Journal Strat. Mgmt. J., 36: 576–585 (2015) Published online EarlyView 28 February 2014 in Wiley Online Library () DOI: 10.1002/smj.2233 Received 15 March 2012; Final revision received 14 October 2013 HOW MUCH DOES OWNER TYPE MATTER FOR FIRM PERFORMANCE? MANUFACTURING FIRMS IN CHINA 1998 – 2007 FAN XIA1 and GORDON WALKER2* 1 Strategic Management Academic Area, ESC Rennes School of Business, Rennes Cedex, France 2 Department of Strategy and Entrepreneurship, Cox School of Business, Southern Methodist University, Dallas, Texas, U.S.A. Who owns the firm (the state, private ownership, foreign investors) has long been an important topic for research on organizations. This paper estimates how much ownership contributes to firm performance, compared to other factors, including industry, region, firm size, year, and the firm itself. The data are on manufacturing firms in mainland China from 1998 to 2007. We find that the effect of owner type is significant and pervasive across regions and interacts with both geography and time, reflecting China’s decentralized system and the strong trend in privatization. Copyright ? 2014 John Wiley Sons, Ltd. INTRODUCTION For several decades, researchers in strategy have studied the potential effect of institutional factors on firm performance (Oliver, 1991). Institutional variables include varieties of regulation, fiscal and monetary policy, capital market characteristics, and governance characteristics of the firm (see e.g., Hall and Soskice, 2001; Rajan and Zingales, 2004). In this research note, our purpose is to estimate the contribution to performance of one important institutional variable, a firm’s owner type (Demsetz, 1988; Mascarenhas, 1989; Morck, 2005). Our study falls within a broad research program focusing on ownership in general. There have been a number of empirical studies showing Keywords: competitive heterogeneity; firm ownership; variance decomposition; China; emerging markets *Correspondence to: