Overseas listing, voluntary corporate governance and performance
© Higher Education Press and Springer-Verlag GmbH 2008
Received: 21 December 2007
Published: 30 July 2008
This paper analyzes the evolution of Sinopec’s corporate governance system and performance in the domestic capital market after its overseas listing. Results show that Sinopec’s governance system successfully evolves from a mandatory type to a voluntary type as a result of conformation to legal regulatory systems in the overseas market as exogenous forces and company voluntary decision-makings as endogenous forces. Sinopec takes the initiative to carry out corporate governance innovation, which has significantly improved its performance in the domestic capital market.