Research on the Impact of Stakeholder Governance on the Financial Performance: Evidence from Chinese Listed Companies

摘要

In this paper, we research on stakeholder governance from two aspects-stakeholder participation in corporate governance and stakeholder coordination mechanism. Based on this, we empirically analysis the impact of stakeholder governance of Chinese listed companies on the next three-year average financial performance. The results show that stakeholder governance index is significantly positively related to earnings per share and net assets per share, indicating that good stakeholder governance mechanisms have a positive impact on the corporate financial performance and help improve financial situation of Chinese listed companies. So the managers should highly concern about the rights and interests of stakeholders, encourage stakeholders participate in corporate governance and coordinate the relationship between the companies and stakeholders in order to improve the future financial performance and obtain the sustainable development.