Internal governance and corporate value: Based on panel data of Hebei Province listed companies during 2001–2009

The paper aims to study the relationship between the internal governance and the corporate value of the listed companies by using the panel data of the listed companies from 2001 through 2009 in Hebei Province. The results indicate that in Hebei Province the ownership concentration which is featured as the majority of the largest shareholders are state-owned, is significantly and positively related with the corporate value. The times of board meetings is correlated with the corporate value, and the stock rights incentive of top managers is significantly and negatively related with the corporate value. The results will offer the guidance to improve the internal governance and enhance the firm value for listed companies in Hebei Province.