Journal Article10.1016/J.JCORPFIN.2018.02.001
Multiple large shareholders and corporate investment: Evidence from China
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Citations
Multiple blockholders and earnings management
Fuxiu Jiang,Yunbiao Ma,Xue Wang +2 more
TL;DR: In this article, the impact of multiple blockholders on earnings management when the main conflict of interest is between controlling shareholders and other shareholders is examined, and the results are consistent with the cost-sharing hypothesis, where the other large shareholders shoulder the costs of earnings management with the controlling shareholders proportionally, but not the private benefits of control.
82
Board chairs and R&D investment: Evidence from Chinese family-controlled firms
TL;DR: Li et al. as discussed by the authors argue that family firms with family members as board chairs make more intensive R&D investment than family firms without family chairs, because family chairs enable family owners to have direct control over firms, making these owners less concerned about potential loss of socioemotional wealth.
71
Economic policy uncertainty, marketization level and firm-level inefficient investment: Evidence from Chinese listed firms in energy and power industries
TL;DR: The authors examined the impact of economic policy uncertainty on inefficient investment of energy and power firms in China and showed that uncertainty concerning economic policy negatively affects firms' inefficient investment, which is more prominent for firms headquartered in the regions with a low level of marketization.
71
How does bank ownership affect firm investment? Evidence from China
TL;DR: Wang et al. as discussed by the authors examined how holding voting shares in banks can impact the improvement of firms' investment efficiency in the Chinese capital market and found that bank ownership improved firms investment efficiency by mitigating both overinvestment and underinvestment.
68
Oil shocks, competition, and corporate investment: Evidence from China
TL;DR: This article investigated the impact of three classical oil shocks on the Chinese corporate investment by using firm-level data and assessed the role of product market competition in the relationship between oil shocks and corporate investment.
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References
Block Investment and Partial Benefits of Corporate Control
TL;DR: In this article, the authors develop a theory whereby such blocks can confer to their holders partial benefits of control; in particular, small block shareholders can join together and form controlling coalitions.
467
Why Does the Law Matter? Investor Protection and Its Effects on Investment, Finance, and Growth
TL;DR: In this article, the authors study how investor protection affects firm-level resource allocations and find that investor protection is associated with greater investment sensitivity to q and lower investment sensitivity with cash flow.
404
Complex Ownership Structures and Corporate Valuations
Luc Laeven,Ross Levine +1 more
TL;DR: This article showed that one third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely held firms.
China's Secondary Privatization: Perspectives from the Split-Share Structure Reform
TL;DR: The split-share structure reform as mentioned in this paper granted legitimate trading rights to the state owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization, but did not change their operating efficiency and corporate governance.
360
•Posted Content
Why Does the Law Matter? Investor Protection and its Effects on Investment, Finance, and Growth
TL;DR: This paper found that investor protection laws promote accurate share prices, reduce financial constraints, and encourage efficient investment, and further found that q- and cash flow-sensitivities are associated with ex-post investment efficiency.
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