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Minority Public Shareholders in China's Concentrated Capital Markets – A New Paradigm?

Groswald Ozery, Tamar - 2017

governance in one of the world's most concentrated ownership environments — China's controlled capital markets. It moves beyond …

Persistent link: https://www.econbiz.de/10012962656

Controlling Shareholders’ Stock Pledge and Institutional Shareholding : Evidence from China

Li, Ni - 2017

This paper examines the impact of controlling shareholders' stock pledge on institutional shareholding using the sample of Chinese listed firms. Stock pledge means shareholders use stock of listed firms as the pledged assets to apply for loans. Using the sample of Chinese listed firms during the...

Persistent link: https://www.econbiz.de/10012949666

Do Government Controllers Use the Corporate Control Market to Help Improve the Performance of Publicly Listed Chinese SOEs?

Ke, Bin - 2015

We examine whether the corporate control market is an important governance mechanism that the controlling shareholders of publicly listed Chinese SOEs employ to improve the performance of less efficiently run Chinese SOEs. Using an econometric methodology advocated by Maddala (1983), we show...

Persistent link: https://www.econbiz.de/10013020016

Monitoring or Tunneling by Large Shareholders : Evidence from China Private Listed Companies

Xb, Song - 2015

Persistent link: https://www.econbiz.de/10013020663

Corporate Social Responsibility, the Cost of Equity Capital and Ownership Structure : An Analysis of Chinese Listed Firms

Shan, Xu - 2015

This study examines the effect of corporate social responsibility (CSR) towards primary stakeholders on the cost of equity capital in Chinese listed firms, and divides the sample into state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs) for comparison. We construct a set of CSR...

Persistent link: https://www.econbiz.de/10013021606

Control Rights, Pyramids and Expropriation of State-Owned Listed Enterprises : Evidence from the Dual Class Share Reform in China

Watanabe, Mariko - 2015

structures exist. In China, dual class share and pyramiding coexisted in listed companies until the dual share reform was …

Persistent link: https://www.econbiz.de/10013027435

Controlling Shareholder Entrenchment, Investor Protection, and Firm Cash Holding : Chinese Experience

Ni, Xiaoran - 2015

This paper shows that agency problems result from controlling-minority shareholder conflicts have a nonlinear causal relation with firm cash holding, and this relation hinges critically on the strength of investor protection. Using a direct measure of controlling shareholder's entrenchment...

Persistent link: https://www.econbiz.de/10013028138

Does Ownership Structure Matter? Evidence from the Excess Cash in China

Sun, Zhenzhen - 2015

We examine the effect of corporate ownership structure on the market value of excess cash in Chinese listed firms. We find that state ownership has a positive effect, as the market value of excess cash is greater in state-owned firms than in privately controlled firms. Furthermore, we show that...

Persistent link: https://www.econbiz.de/10013038168

The Owners’ Committee in China : A Non-Owner Owned Puppet?

Qu, Difan - 2016

The Owners' Committee in China, ever since its creation in the late 21st century, has been unpopular and unknown to … most private property owners in China. Ideally, a well-functioning Owners' Committee should benefit the property owners and … factors, the establishment of Owners' Committees in China has yet to become a typical practice, and Owners' Committees have …

Persistent link: https://www.econbiz.de/10012986250

Cash Tunnelling in Chinese Firms

Wei, Yi - 2016

This study investigates how controlling shareholders fraudulently extracted firm value via cash tunnelling from Chinese companies from 1998 to 2011. The evidence suggests that expropriating owners choose a balance sheet account that is not directly related to the firm's operating business in...

Persistent link: https://www.econbiz.de/10012987496