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13-Dec-2015 03:50

In this paper, we continue this line of research in a specific context: Chinese privately-owned small firms, also termed Chinese entrepreneurial firms as they are often privately owned.

Research indicates that analyzing these entrepreneurial firms' strategies has become an important item on the research agenda, helping us to understand the integration of Chinese business with global economy. We take the approach from structure to strategy as researchers have shown that governance structure can greatly affect business strategies (Daily, Dalton & Rajagopalan, 2003).

In analyzing two paired firms cases between Chinese entrepreneurial and foreign-invested firms, we find that a disproportionate ownership structure in favor of the founder-manager fits hypercompetitive strategies of Chinese entrepreneurial firms in order to achieve rapid growth.

We also find that these firms are likely to practice CEO duality to facilitate the chosen strategies.

For example, board leadership structure affects board strategy involvement in small firms (Machold, et al., 2011), and governance structure, such as ownership, influences debt financing strategy in privately-owned businesses in the U. (Schulze, Lubatkin & Kino, 2003), the CEO compensation strategy in family firms (Gomez-Mejia, Larraza-Kintana & Makri, 2003), the CEO selection strategy (Zajac, 1990), and the corporate R&D investment strategy (Baysinger, Kosnik, & Turk, 1991), which varies from American to Japanese culture (Lee & O'Neill, 2003).

Most studies of ownership in the Chinese context still remain on a general level, which shows that the classifications of firm ownership-state-owned enterprises (SOE), privately-owned firms, and foreign-invested firms-are linked to distinctive types of business strategies (Peng, 2000; Peng, Tan & Tong, 2004; Tan, 2002). The current literature, however, tells us little about how governance structure and selected strategies in Chinese entrepreneurial firms fit together to promote growth momentum resulting in a leading position in the market.

The cases include Chinese entrepreneurial firms and their counterparts, represented by foreign-invested firms. e Bay in the customer to customer (C2C) market, and Baidu vs. We collected all Chinese entrepreneurial firms in TMT that were listed on NASDAQ and the Hong Kong Stock Exchange by March 2007 for the statistical illumination.

Corporate governance is an important aspect of a small firm's growth.

We examine how the ownership structure and the board structure affect fast-growing Chinese entrepreneurial firms.

The two authors contributed equally to the article.

Corporate governance has gradually become an important issue in understanding small and medium-sized enterprises (Gabrielsson & Huse, 2002; George, Wiklund & Zahra, 2005; Huse, 2000; Machold, Huse, Minichilli & Nordqvist, 2011).

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We aim to bridge this knowledge gap by exploring the fit between growth strategy and governance structure of Chinese entrepreneurial firms (see Figure 1). First, we provide literature with some different observations of governance structure and growth behavior of entrepreneurial firms, where ownership structure and board structure facilitate hypercompetitive strategies (D'Aveni, 1994) to gain market growth momentum.

In doing so, the study enriches the Prospector type of strategy with new features (Miles & Snow, 1978).



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