Journal Article10.1016/J.JCORPFIN.2018.02.001
Multiple large shareholders and corporate investment: Evidence from China
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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.
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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.
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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.
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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.
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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
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Ownership-Control Discrepancy and Firm Value: Evidence from France
TL;DR: In this paper, the authors provide an empirical analysis of the relationship between ownership structure of French firms and their value using data for 510 French publicly traded firms, and provide evidence in support of the entrenchment hypothesis.
61
Multiple large shareholders and earnings informativeness
Sabri Boubaker,Hind Sami +1 more
TL;DR: In this paper, the authors investigated the impact of multiple large shareholders on the informativeness of firms' earnings and found that the extent of ownership of a large shareholder is positively related to the owner's ultimate cash flow rights.
Does Independent Directors’ CEO Experience Matter?
Shinwoo Kang,E. Han Kim,Yao Lu +2 more
TL;DR: In this article, the authors found that independent directors' CEO experience is significantly related to their firms' value-added growth, only if the experience is in a similar industry and the relation is stronger when the director is a current CEO, had superior performance as CEO relative to industry peers, and the experience was in a more similar industry.
54
A pecking order of shareholder structure
TL;DR: This article developed and tested an ownership structure pecking order, which sorts out which structures are likely to have relatively fewer agency costs versus higher agency costs, and proved that the structure with the highest agency costs consists of a single large non-controlling shareholder.
41
•Posted Content
Investment and the Cost of Capital: New Evidence from the Corporate Bond Market
TL;DR: In this paper, the effect of variation in interest rates on investment spending was studied, employing a large panel data set that links yields on outstanding corporate bonds to the issuer income and balance sheet statements.
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