Clan culture and family ownership concentration: Evidence from China

被引：34
|
作者：
Cheng, Jiameng [1 ]
Dai, Yanke [2 ]
Lin, Shu [3 ]
Ye, Haichun [4 ]
机构：
[1] Financial Management Dept, CIFI Grp, Shanghai, Peoples R China
[2] Shanghai Univ Int Business & Econ, Sch Business, Shanghai, Peoples R China
[3] Chinese Univ Hong Kong, Dept Econ, Hong Kong, Peoples R China
[4] Chinese Univ Hong Kong Shenzhen, Sch Management & Econ, Shenzhen Finance Inst, Shenzhen, Peoples R China
来源：
CHINA ECONOMIC REVIEW | 2021年 / 70卷
关键词：
Corporate ownership structure; Family ownership; Clan culture; China; CORPORATE-OWNERSHIP; EVOLUTION; STABILITY; KINSHIP;
D O I：
10.1016/j.chieco.2021.101692
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study explores a cultural determinant of family ownership concentration of a corporate. Using hand-collected Chinese genealogy information and a panel of Chinese listed family firms, we find robust evidence that clan culture influences are associated with a significantly higher family ownership concentration. By taking advantage of firm owner birthplace information, we are able to separate the impact of inherited clan culture from that of external environmental factors. To further establish causality, we also employ an instrumental variable (IV) regression strategy and explore the underlying mechanisms.
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收藏
页数：22
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