Ownership Concentration, Identity and Firm Performance:Evidence from China?s Listed Firms

被引：15

作者：

Wang, Hongmei ^{[1
]}

Wu, Jun ^{[2
]}

Yang, Yuhong ^{[3
]}

Li, Ruihai ^{[3
]}

Liu, Yuping ^{[4
]}

机构：

[1] Northwest Agr & Forestry Univ, Coll Econ & Management, Yangling, Shaanxi, Peoples R China

[2] Georgia Gwinnett Coll, Sch Business, Lawrenceville, GA USA

[3] Shanghai Lixin Univ Commerce & Finance, Sch Business Adm, Shanghai, Peoples R China

[4] Shanghai Lixin Univ Commerce & Finance, Res Dept, Shanghai, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 15期

关键词：

agency theory; firm performance; M&A; ownership concentration; ownership identity; CORPORATE GOVERNANCE; INSTITUTIONAL INVESTORS; EMERGING ECONOMIES; FOREIGN OWNERSHIP; AGENCY THEORY; MANAGEMENT; COSTS; PROFITABILITY; INNOVATION; SELECTION;

D O I：

10.1080/1540496X.2019.1672042

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Ownership concentration and ownership identity are important corporate governance mechanisms. This paper seeks to understand how ownership concentration and identity affect firm performance in an important emerging economy-China. It hypothesizes that differences in firm performance are a result of various ownership structures and ownership identity. Using data of Chinese listed companies from 2007?2017, it tests those hypotheses and finds that ownership concentration has a positive effect in firm performance and corporate ownership leads to higher firm performance than financial ownership. The study shows that firms in China benefit more from foreign ownership than firms with only domestic ownership.

引用

页码：3653 / 3666

页数：14

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