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Effects of China's Collective Forestland Tenure Reform Policies on Forest Product Firm Values

Zhang, Tingting and Yao, Shunbo and Yu, Jinna and Abouhatab, Assem and Liu, Zhen (2020). Effects of China's Collective Forestland Tenure Reform Policies on Forest Product Firm Values. Land. 9 , 127 , 1-20
[Journal article]

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Abstract

China's collective forestland tenure reform has dramatically affected the business environment of domestic forest product firms. This study examines the impact of the said reform on the expected values of these firms, via the reaction of investors (as seen on the stock markets) towards the issuance of related policies. Based on signaling theory and the assumption that the Chinese stock markets are efficient in terms of work form, this study adopts an event study method and examines five policies during the 2003-2009 period. The numbers of forest product firms used in the examinations herein differ among the policies and range from 21 to 29. This study found that the policies have differentially affected the expected values of forest product firms and that the impact on firms lacking forestland holdings is generally more significant than that on firms that hold forestland. The findings of this study enhance our understanding of the effect of collective forestland tenure reform on the value of forest product firms; they also have implications on forest product firms as they work to adapt to the reform.

Authors/Creators:Zhang, Tingting and Yao, Shunbo and Yu, Jinna and Abouhatab, Assem and Liu, Zhen
Title:Effects of China's Collective Forestland Tenure Reform Policies on Forest Product Firm Values
Year of publishing :2020
Volume:9
Article number:127
Number of Pages:20
Publisher:MDPI
ISSN:2073-445X
Language:English
Publication Type:Journal article
Article category:Scientific peer reviewed
Version:Published version
Copyright:Creative Commons: Attribution 4.0
Full Text Status:Public
Subjects:(A) Swedish standard research categories 2011 > 5 Social Sciences > 502 Economics and Business > Economics
Keywords:forestland tenure reform, forestland ownership, event study, abnormal return, forest product firm
URN:NBN:urn:nbn:se:slu:epsilon-p-105235
Permanent URL:
http://urn.kb.se/resolve?urn=urn:nbn:se:slu:epsilon-p-105235
Additional ID:
Type of IDID
DOI10.3390/land9040127
Web of Science (WoS)000533901100010
ID Code:17167
Faculty:NJ - Fakulteten för naturresurser och jordbruksvetenskap
Department:(NL, NJ) > Dept. of Economics
Deposited By: SLUpub Connector
Deposited On:02 Jul 2020 10:57
Metadata Last Modified:02 Jul 2020 10:57

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