Main Article Content
In order to study the relationship between ownership structure and company performance under
the special circumstances of Chinese GEM listed companies, and to explain the contradictory research
results between the past literature ownership structure and company performance, this paper is different
from the traditional research path from structure to performance. Drawing on the research paradigm of
structural behavioral performance of industrial economics (SCP paradigm), the paper analyzes the panel
data of Chinese GEM listed companies from 2010 to 2015 by using the longitudinal method. The study
found that based on the SCP paradigm, the relationship between ownership structure and company
performance is not simple and direct. It is transmitted between the two through governance behavior.
Governance behavior plays a partial intermediary role between governance structure and governance
performance. Research has made a little exploratory research to open the structure to the “black box” of
performance enriching the application of corporate governance theory.
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