Common institutional ownership and corporate cost stickiness -Evidence from China

被引：0
|
作者：
Sun, Ying [1 ,2 ]
Chen, Hongling [1 ]
He, Wenli [1 ]
机构：
[1] Ocean Univ China, Qingdao, Peoples R China
[2] China Business Working Capital Management Res Ctr, Qingdao, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 96卷
关键词：
Common institutional ownership; Cost stickiness; Monitoring; Agency conflicts; Information transmission; PRODUCT MARKET COMPETITION; CROSS-OWNERSHIP; EXTERNALITIES; GOVERNANCE; WORLD;
D O I：
10.1016/j.iref.2024.103699
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of common institutional ownership (CIO) of firms on their degree of cost stickiness. Taking the data of China's A-share listed companies during the period 2007-2022 as sample, we find that firms with common institutional ownership (CIO) have a lower degree of cost stickiness. Mechanism test find that CIO mitigate the degree of cost stickiness by improving the governancing and monitoring efficiency and by promoting the transfer of information among portfolio firms. Heterogeneity tests provide evidence that the positive relation is stronger among non-state-owned firms and firms in monopolistic industries.
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页数：12
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