DocumentCode
1626702
Title
Notice of Retraction
Empirical study on relations between capital structure, governance structure and performance of small and medium-sized enterprises: Based on the data from SME board in China
Author
Yan, Zhuang
Author_Institution
School of Finance Harbin University of Commerce Harbin, Heilongjiang Province, China
fYear
2011
Firstpage
1
Lastpage
4
Abstract
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
This paper constructs a simultaneous equation about capital structure and corporate performance of SMEs using the panel data from 50 listed companies in the SME board from 2005 to 2009 and adopting three stage least squares (3LSL) to estimate the equation. The empirical results indicate that there is an interaction between capital structure and performance of SMEs, and capital structure is a negatively correlated with corporate performance. Moreover, the ratio of the largest shareholder is a downward U-curve relation with corporate performance, and board size is a negative relation with it. The growths of company and company size also have a positive impact on the capital structure and corporate performance of SMEs.
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
This paper constructs a simultaneous equation about capital structure and corporate performance of SMEs using the panel data from 50 listed companies in the SME board from 2005 to 2009 and adopting three stage least squares (3LSL) to estimate the equation. The empirical results indicate that there is an interaction between capital structure and performance of SMEs, and capital structure is a negatively correlated with corporate performance. Moreover, the ratio of the largest shareholder is a downward U-curve relation with corporate performance, and board size is a negative relation with it. The growths of company and company size also have a positive impact on the capital structure and corporate performance of SMEs.
Keywords
Companies; Economics; Equations; Finance; Mathematical model; Periodic structures; Capital Structure; Corporate Performance; Governance structure; Small and Meduium-sized Enterprises(SMEs);
fLanguage
English
Publisher
ieee
Conference_Titel
E -Business and E -Government (ICEE), 2011 International Conference on
Conference_Location
Shanghai, China
Print_ISBN
978-1-4244-8691-5
Type
conf
DOI
10.1109/ICEBEG.2011.5881322
Filename
5881322
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