Non‐controlling Large Shareholders and Firm Performance in China

Caiyu Yan · Hongqu He

17 citations0/0 files storedAsia-Pacific Journal of Financial Studies

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Corporate Finance and Governance Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

Abstract This paper examines the determination of non‐controlling large shareholders ( NCLS s) on firm performance and investigates the impacts of NCLS s on tunneling and investment efficiency. We use three attributes of NCLS s (ownership, identity, and relational board/management representation) to fully capture the governance effects of NCLS s. We find robust evidence that NCLS s are associated with higher firm performance. Furthermore, we also document that NCLS s promote investment efficiency. However, except for individual investors, the other items in NCLS s deteriorate tunneling. Additionally, except for mutual funds, we find that the other governance effects of NCLS s are stable under different circumstances.

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References

1997A Survey of Corporate Governance 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1999Corporate Ownership Around the World 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 2005Law, finance, and economic growth in China 2005How do family ownership, control and management affect firm value?2002The ultimate ownership of Western European corporations 2012Endogeneity and the dynamics of internal corporate governance

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