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Ownership, institutions and firm value: Cross-provincial evidence from China

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  • Wang, Boya

Abstract

The distinctive political-economic setups of emerging economies engender special corporate governance issues that warrant added attention to the broader institutional environments. Using a unique provincial firm-level dataset, this paper investigates how corporate control natures, ownership concentration, and provincial differences in government quality and financial development jointly affect the value of Chinese listed companies. Firstly, central government control is generally associated with higher Tobin’s Q, while a negative premium is found for firms ultimately controlled by local governments. It then uses alternative concentration measures and an instrumental variable approach to confirm a nonlinear relationship between ownership concentration and Tobin’s Q, implying that firm value first decreases and then increases as blockholders own more shares. Further analysis reveals that government quality has a significant, positive moderating effect on the relationship between different corporate controllers and firm value, while the value implication of ownership concentration also depends on regional financial development.

Suggested Citation

  • Wang, Boya, 2018. "Ownership, institutions and firm value: Cross-provincial evidence from China," Research in International Business and Finance, Elsevier, vol. 44(C), pages 547-565.
    • Handle: RePEc:eee:riibaf:v:44:y:2018:i:c:p:547-565
    DOI: 10.1016/j.ribaf.2017.07.125
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    More about this item

    Keywords

    Corporate governance; Firm value; Government quality; Financial development; Corporate control; Ownership concentration;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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