An Empirical Study on the Performance of Heterogeneous Institutional Investors and A-share Enterprises
DOI:
https://doi.org/10.54097/hbem.v18i.12613Keywords:
heterogeneity; Institutional investors; Corporate performance.Abstract
Taking China's A-share listed companies from 2008 to 2020 as the research object, this paper studies the impact of institutional investors' shareholding ratio on corporate performance. The results show that the shareholding of institutional investors can significantly increase the performance of enterprises; Considering the different nature of institutional investors, they can be divided into stable institutional investors, transactional institutional investors, pressure resistant institutional investors and pressure sensitive institutional investors. It is found that stable institutional investors and pressure resistant institutional investors have more significant effects on corporate performance than their control groups. Taking into account the difference in supervision of enterprises between pressure-resistant institutional investors and pressure-sensitive institutional investors, combined with the nature of the ultimate controller of enterprises, the study finds that only pressure-resistant institutional investors have a significant impact on the performance of state-owned enterprises.
Downloads
References
Woidtke T. Agents watching agents?: evidence from pension fund ownership and firm value. Journal of Financial Economics, 2002, 63(1): 99-131.
Cornett M M, Marcus A J, Saungers A, et al. The impact of institutional ownership on corporate operating performance [J]. Journal of Banking & Finance, 2007, 31 (6): 1771-1794
John Pound, Proxy contests and the efficiency of shareholder oversight, [J]. Journal of Financial Economics, 20,1988, 237-265.
James A. Brickley, Ronald C. Lease, Clifford W. Smith, Ownership structure and voting on antitakeoveramendments, [J]. Journal of Financial Economics, 1988, 20 (1-3): 267-291,
Shang Hangbiao, Song Xuerui, Wang Zhilin. Supervision and Rescue! Research on the relationship between institutional investor shareholding and enterprise investment efficiency [J]. Journal of Technical Economics,202,41(03): 128-138.
Xia Ning, Yang Shuo. [J]. Audit Research,2018, (02): 72-79.]
Zhang Dixin, Qu Yongzhe. Research on the Impact of Institutional investors' shareholding Persistence on the Performance and Risk of Listed Companies in China [J]. Systems Engineering Theory and Practice, 2018, 38(02):273-286. (In Chinese)
Wang Xinhong, Liu Lijun, Wang Qian. Research on the impact of heterogeneous institutional investors' shareholding on financing constraints. Journal of Nanjing Audit University, 2018,15(01): 69-78.]
Xu Guoyi. Control Rights of Controlling Shareholders, Property rights and Auditor Selection [J]. Journal of Zhengzhou Institute of Aeronautical Industry Management, 2017,35(03): 55-69.
Ji Marie, Du Xiaorong. [J]. Journal of Enterprise Economics, 2017,36(03): 117-123.]
Liu Yunguo, Zheng Qiao, CAI Guilong. [11] Do non-state-owned shareholders improve the quality of internal control in state-owned enterprises? -- Empirical evidence from state-owned listed companies! Accounting Research, 2016, (11): 61-68+96.]
Deng Deqiang, Wen Subin, Pan Linna, LIU Haotian. [J]. Quality of internal control, Heterogeneity of institutional investors and Shareholding Decision: An empirical study based on Self-selection model. Management Review, 2014, 26(10): 76-89.
Li Zhengguang, Zhao Xibu, Cao Feng, Lu Xiaoxuan. Institutional investor heterogeneity and firm prformance: Empirical Evidence from Chinese listed companies [J]. Audit & Economics Research, 2014, 29(05): 77-87.
[Xu Shoufu, Li Zhijun.] Institutional investor heterogeneity and corporate governance: a cash dividend policy perspective [J]. Investment Research, 2013, 32(09): 98-111.
Niu Jianbo, Wu Chao, Li Shengnan. [15] Types, equity Characteristics and Voluntary Information Disclosure of institutional investors [J]. Management Review, 2013, 25(03): 48-59.
Long Zhenhai. A study on the relationship between Institutional investors and Corporate Value: Evidence from Listed companies' tender offers [J]. Nankai Management Review, 2010,13(04): 35-43.
Qian Lu. Research on the relationship between institutional investors' shareholding and corporate Performance-- Based on the evidence of China's A-share Listed companies [J]. Economics Trends, 2010, (01): 60-63.]
[Shi Meijuan, Tong Weihua.] [18] Do institutional investors enhance company value? -- Empirical evidence from the post-stock reform period [J]. Financial Research, 2009, (10): 150-161.
Zhao Hongjiang, Xia Hui. An empirical study on the relationship between institutional investor shareholding and innovation behavior of listed companies. China Soft Science, 2009, (05): 33-39+54.]
Cheng Shuqiang. Empirical research on the relationship between institutional investors' shareholding and accounting earnings information of listed companies [J]. Management World, 2006, (09): 129-136.]
Xiao Xing, Wang Kun. Securities Investment Fund: Investor or Speculator? [J]. World Economy, 2005, (08): 75- 81.
Bai Chong-En, Liu Qiao, Lu Zhou, Song Min, Zhang Junxi. An empirical study on governance structure of Chinese listed companies [J]. Economic Research Journal, 2005, (02): 81-91.]
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
