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Foreign institutional investors and corporate governance in emerging markets: Evidence of a split-share structure reform in China

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Cited by:

  1. Korkeamäki, Timo & Virk, Nader & Wang, Haizhi & Wang, Peng, 2019. "Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 190-203.
  2. Bo, Xinru & Fan, Xiaomin (Michelle) & Kong, Aiguo, 2023. "The dark side of political promotion incentives: Evidence from firm performance," Finance Research Letters, Elsevier, vol. 51(C).
  3. Shao, Chuanlin & Tao, Yunqing & Chen, Dong & Ye, Yongwei, 2023. "Curse or blessing: National industrial investment fund and corporate R&D in China," Finance Research Letters, Elsevier, vol. 54(C).
  4. Liang, Quanxi & Gao, Wenlian & Xie, Hongji, 2022. "Do foreign investors deter corporate fraud? Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 92-111.
  5. Sang Cheol Lee & Mooweon Rhee & Jongchul Yoon, 2018. "Foreign Monitoring and Audit Quality: Evidence from Korea," Sustainability, MDPI, vol. 10(9), pages 1-22, September.
  6. Shi, Lulu & Liu, Yi, 2024. "Potential alliance partners' reactions to focal firm misconduct: Incongruence across capability and character reputation," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
  7. Lin Liao & Yukun Pan & Daifei (Troy) Yao, 2023. "Capital market liberalisation and voluntary corporate social responsibility disclosure: Evidence from a quasi‐natural experiment in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2677-2715, June.
  8. Ren, Xingzi & Dong, Yizhe & Guo, Jie Michael & Liu, Yaodong, 2023. "Institutional ownership and corporate greenhouse gas emissions: The evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  9. Tsafack, Georges & Guo, Lin, 2021. "Foreign shareholding, corporate governance and firm performance: Evidence from Chinese companies," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
  10. Korkeamäki, Timo & Virk, Nader & Wang, Haizhi & Wang, Peng, 2018. "Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market," BOFIT Discussion Papers 19/2018, Bank of Finland Institute for Emerging Economies (BOFIT).
  11. Ma, Tian & Leong, Wen Jun & Jiang, Fuwei, 2023. "A latent factor model for the Chinese stock market," International Review of Financial Analysis, Elsevier, vol. 87(C).
  12. Wen, Wen & Ke, Yun & Liu, Xuejiao, 2021. "Customer concentration and corporate social responsibility performance: Evidence from China," Emerging Markets Review, Elsevier, vol. 46(C).
  13. Xiuhua Wang & Xi Gu, 2019. "Political incentives in firms’ financial reporting: evidence from the crackdown on corrupt municipal officials," Economics of Governance, Springer, vol. 20(3), pages 255-284, September.
  14. Neupane, Biwesh & Thapa, Chandra & Marshall, Andrew & Neupane, Suman & Shrestha, Chaman, 2024. "Do foreign institutional investors improve board monitoring?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
  15. Lou, Kuo-Ren & Lu, Yang-Kai & Shiu, Cheng-Yi, 2020. "Monitoring role of institutional investors and acquisition performance: Evidence from East Asian markets," Pacific-Basin Finance Journal, Elsevier, vol. 59(C).
  16. Shan, Yuan George, 2019. "Do corporate governance and disclosure tone drive voluntary disclosure of related-party transactions in China?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 34(C), pages 30-48.
  17. Kwabi, Frank O. & Boateng, Agyenim & Adegbite, Emmanuel, 2018. "The impact of stringent insider trading laws and institutional quality on cost of capital," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 127-137.
  18. Fujun Lai & Qiong Wu & Deping Xiong & Sha Zhu, 2024. "How Foreign Institutional Investors’ Ownership Affects Stock Liquidity? Evidence from China," SAGE Open, , vol. 14(2), pages 21582440241, June.
  19. Wenzhou Li & Liang Chen & Pengfei Sheng, 2022. "The tone from above: Does tunnelling by ultimate owners impinge on the relations between managerial compensation and earnings management?," Australian Economic Papers, Wiley Blackwell, vol. 61(4), pages 825-847, December.
  20. Zhuge, Liqun & Freeman, Richard B. & Higgins, Matthew T., 2020. "Regulation and innovation: Examining outcomes in Chinese pollution control policy areas," Economic Modelling, Elsevier, vol. 89(C), pages 19-31.
  21. Margit Molnar, 2017. "Revitalizing China’s Economy by Improved Corporate Governance and State-Owned Enterprise Reforms," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-23, October.
  22. Zhe Li & Ping Wang & Tianlong Wu, 2021. "Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 338-373, January.
  23. Huang, Wei & Goodell, John W. & Goyal, Abhinav, 2021. "In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007–2009 financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
  24. Lin, Yongjia Rebecca & Fu, Xiaoqing Maggie, 2017. "Does institutional ownership influence firm performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 17-57.
  25. Liu, Ningyue & Bredin, Don & Cao, Huijuan, 2020. "The investment behavior of Qualified Foreign Institutional Investors in China," Journal of Multinational Financial Management, Elsevier, vol. 54(C).
  26. Lifang Chen & Minghui Han & Yong Li & William L. Megginson & Hao Zhang, 2022. "Foreign ownership and corporate excess perks," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(1), pages 72-93, February.
  27. Young Mok Choi & Kunsu Park, 2019. "Foreign Ownership, Agency Costs, and Long-Term Firm Growth: Evidence from Korea," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
  28. Wilson, Mark & Wang, Kun Tracy & Wu, Yue & Lau, Archie, 2022. "Institutional investors and earnings management associated with controlling shareholders' promises: Evidence from the split share structure reform in China," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(3).
  29. Baoyin Qiu & Bo Cheng & Hangeng Qiu & Kam C. Chan, 2022. "Do firms with foreign residency rights controlling shareholders reduce R&D investment?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(5), pages 1403-1422, July.
  30. Oehmichen, Jana, 2018. "East meets west—Corporate governance in Asian emerging markets: A literature review and research agenda," International Business Review, Elsevier, vol. 27(2), pages 465-480.
  31. Juan J. Cortina & Maria Soledad Martinez Peria & Sergio L. Schmukler & Jasmine Xiao, 2024. "The Internationalization of China’s Equity Markets," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 554-610, June.
  32. Cao, Feng & Zhang, Xueyan & Yuan, Rongli, 2022. "Do geographically nearby major customers mitigate suppliers’ stock price crash risk?," The British Accounting Review, Elsevier, vol. 54(6).
  33. Anderson, Hamish & Chi, Jing & Liao, Jing, 2019. "Foreign strategic ownership and minority shareholder protection," Emerging Markets Review, Elsevier, vol. 39(C), pages 34-49.
  34. Shuang Jin & Wei Wang & Zilong Zhang, 2023. "The Real Effects of Implicit Government Guarantee: Evidence from Chinese State-Owned Enterprise Defaults," Management Science, INFORMS, vol. 69(6), pages 3650-3674, June.
  35. Mamatzakis, Emmanuel & Zhang, Xiaoxiang & Wang, Chaoke, 2017. "Ownership structure and bank performance: An emerging market perspective," MPRA Paper 80653, University Library of Munich, Germany.
  36. Ye, Zhiqiang & Zhang, Fangfang & Zhang, Shunming, 2021. "Export effect and influence mechanism of foreign ownership," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 258-276.
  37. Ling, Leng & Luo, Danglun & Li, Xiaoxia & Pan, Xintong, 2022. "Looking good by doing good: CEO attractiveness and corporate philanthropy11We thank the co-editor (Suqin Ge) and the referees for many valuable comments and suggestions. We thank Huimin Li and Jing Sh," China Economic Review, Elsevier, vol. 76(C).
  38. Li, Zhisheng & Liu, Chun & Ni, Xiaoran & Pang, Jiaren, 2024. "Stock market liberalization and corporate investment revisited: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 158(C).
  39. Nguyen, Nghia Huu & Shiu, Cheng-Yi, 2022. "Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom," Journal of Multinational Financial Management, Elsevier, vol. 64(C).
  40. Wang, Ye & Liu, Xufeng & Wan, Die, 2023. "Stock market openness and ESG performance: Evidence from Shanghai-Hong Kong connect program," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1306-1319.
  41. Chen, Shihua & Han, Xu & Jebran, Khalil, 2020. "Social trust environment and tunneling," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
  42. Kam C. Chan & Xuanyu Jiang & Donghui Wu & Nianhang Xu & Hong Zeng, 2020. "When Is the Client King? Evidence from Affiliated‐Analyst Recommendations in China's Split‐Share Reform," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 1044-1072, June.
  43. Kwabi, Frank O. & Thapa, Chandra & Paudyal, Krishna & Adegbite, Emmanuel, 2017. "Biases in international portfolio allocation and investor protection standards," International Review of Financial Analysis, Elsevier, vol. 53(C), pages 66-79.
  44. Ullah, Farid & Jiang, Ping & Ali, Farman & Wang, Xinyi, 2024. "Rookie directors and dividend payouts: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PB).
  45. Dan Zhang & Shiguang Ma & Xiaofei Pan, 2023. "How do institutional investors influence accounting conservatism in China?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S2), pages 2719-2754, June.
  46. Chi, Jing & Liao, Jing & Yang, Jingjing, 2019. "Institutional stock ownership and firm innovation: Evidence from China," Journal of Multinational Financial Management, Elsevier, vol. 50(C), pages 44-57.
  47. Chung, Chune Young & Song, Jun Myung, 2024. "Institutional investors by nationality and long-term investor value appropriation," Research in International Business and Finance, Elsevier, vol. 67(PB).
  48. Shan, Chenyu & Tang, Dragon Yongjun & Wang, Sarah Qian & Zhang, Chang, 2022. "The diversification benefits and policy risks of accessing China’s stock market," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 155-175.
  49. Zhang, Dan & Pan, Xiaofei & Ma, Shiguang, 2023. "The effects of institutional investors and their contestability on firm innovation: Evidence from Chinese listed firms," Research Policy, Elsevier, vol. 52(10).
  50. Ding Ning & Irfan-Ullah & Muhammad Ansar Majeed & Aurang Zeb, 2022. "Board diversity and financial statement comparability: evidence from China," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 743-801, December.
  51. Cao, Lihong & Du, Yan & Hansen, Jens Ørding, 2017. "Foreign institutional investors and dividend policy: Evidence from China," International Business Review, Elsevier, vol. 26(5), pages 816-827.
  52. Li, Zhe & Wang, Bo & Wu, Tianlong & Zhou, Dan, 2021. "The influence of qualified foreign institutional investors on internal control quality: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 78(C).
  53. Shoukat Ali & Ramiz ur Rehman & Wang Yuan & Muhammad Ishfaq Ahmad & Rizwan Ali, 2022. "Does foreign institutional ownership mediate the nexus between board diversity and the risk of financial distress? A case of an emerging economy of China," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(3), pages 553-581, September.
  54. Bai, Min & Li, Shihe & Lien, Donald & Yu, Chia-Feng (Jeffrey), 2022. "The winner's curse in high-tech enterprise certification: Evidence from stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 82(C).
  55. Bi, XiaoGang & Wang, Danni, 2018. "Top-tier financial advisors, expropriation and Chinese mergers & acquisitions," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 157-166.
  56. Korkeamäki, Timo & Virk, Nader & Wang, Haizhi & Wang, Peng, 2018. "Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market," BOFIT Discussion Papers 19/2018, Bank of Finland, Institute for Economies in Transition.
  57. Tahir Ahmad Wani & Arunima Haldar & Irfan Rashid Ganie, 2023. "In What Contexts Institutional Investors Can Be Catalyst? The Moderating Role of Corporate Governance," International Journal of Global Business and Competitiveness, Springer, vol. 18(1), pages 70-79, June.
  58. Yi, Zhaoying & Xu, Xiaowei & Wei, Minghai & Lin, Bingxuan, 2023. "Foreign institutional ownership externalities and supplier innovation," Journal of Corporate Finance, Elsevier, vol. 80(C).
  59. Chien Mu Yeh, 2020. "The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms," Tourism Economics, , vol. 26(1), pages 179-201, February.
  60. Jae Wook Yoo & Yu Jin Chang, 2024. "Domestic vs. Foreign Institutional Investors: Who Improves ESG and Value of Chinese Companies?," Sustainability, MDPI, vol. 16(18), pages 1-16, September.
  61. Dang, Tung Lam & Vo, Thi Thuy Anh & Vo, Xuan Vinh & Thi My Nguyen, Linh, 2023. "Does foreign institutional ownership matter for stock price synchronicity? International evidence," Journal of Multinational Financial Management, Elsevier, vol. 67(C).
  62. Liu, Mingzhi & Tang, Songlian & Wu, Zhenyu & Zeng, Rong, 2023. "The impact of foreign ownership on the media’s role in curbing insider trading around private meetings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
  63. Loncan, Tiago, 2020. "Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies," International Review of Financial Analysis, Elsevier, vol. 71(C).
  64. Cui, Di & Ding, Mingfa & Han, Yikai & Suardi, Sandy, 2022. "Foreign shareholders, relative foreign policy uncertainty and corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 84(C).
  65. Dan Zhang & Shiguang Ma & Xiaofei Pan, 2021. "Institutional investors, controlling shareholders and CEO pay‐performance relationship: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 467-498, March.
  66. Zhang, Xiaoxiang & Zhang, Qiyu & Chen, Ding & Gu, Jun, 2019. "Financial integration, investor protection and imbalanced optimistically biased information timeliness in emerging markets," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 38-56.
  67. Wang, Liang & Xie, Zaiyang & Abdi, Majid & Lee, June Y. & Li, Stan Xiao, 2024. "The rise of female board representation in China as a glocalization process (2010–2018)," Journal of Business Research, Elsevier, vol. 172(C).
  68. Jifan Hu & Yeyao Tang & Na Yin & Xiang Guo, 2024. "Institutional Investor Information Competition and Accounting Information Transparency: Implications for Financial Markets and Corporate Governance in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9629-9666, June.
  69. Li, Lu & Duan, Yang & He, Yuqian & Chan, Kam C., 2018. "Linguistic distance and mergers and acquisitions: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 81-102.
  70. He, Lerong & Huang, Liying & Fang, Liting, 2022. "Institutional conditions, economic policy uncertainty and foreign institutional investment in China," Emerging Markets Review, Elsevier, vol. 50(C).
  71. Sun Hyun Park & Yanlong Zhang, 2020. "Cultural Entrepreneurship in Corporate Governance Practice Diffusion: Framing of “Independent Directors” by U.S.-Listed Chinese Companies," Organization Science, INFORMS, vol. 31(6), pages 1359-1384, November.
  72. Emmanuel Mamatzakis & Bingrun Xu, 2021. "Does ownership structure affect performance? Evidence from Chinese mutual funds," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1399-1435, May.
  73. Xiang, Xin, 2024. "Does stock liquidity affect expropriation behavior by controlling shareholders? Evidence from China," Economic Systems, Elsevier, vol. 48(2).
  74. Kim, Incheol & Miller, Steve & Wan, Hong & Wang, Bin, 2016. "Drivers behind the monitoring effectiveness of global institutional investors: Evidence from earnings management," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 24-46.
  75. Athavale, Manoj & Guo, Zhaorui & Meng, Yun & Zhang, Tianshu, 2022. "Diversity of signing auditors and audit quality: Evidence from capital market in China," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 554-571.
  76. Xu Cheng & Dongmin Kong & Xinwei Zheng & Qi Tang, 2022. "Do foreign investors crowd out sell‐side analysts? Evidence from China," The Financial Review, Eastern Finance Association, vol. 57(4), pages 815-834, November.
  77. Huang, Bingbing & Zhang, Xuehui & Bi, Qian, 2022. "The nonlinear effect of shareholder ownership structure on a firm's cash holdings: Type I and Type II agency problem perspectives in China's split-share reform," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 493-504.
  78. Zhang, Liguang & Li, Zhuohao & Liao, Yunxiang & Wang, Yunchen & Hu, Ning, 2023. "Foreign investment and information quality – A quasi-experiment from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
  79. Han, Minghui & Ding, Ashley & Zhang, Hao, 2022. "Foreign ownership and earnings management," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 114-133.
  80. McGuinness, Paul B. & Vieito, João Paulo & Wang, Mingzhu, 2017. "The role of board gender and foreign ownership in the CSR performance of Chinese listed firms," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 75-99.
  81. Cheng, Xu & Kong, Dongmin & Kong, Gaowen, 2022. "Foreign institutional investors and executive compensation incentives: Evidence from China," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
  82. Song Zhu & Haijie Huang & William Bradford, 2022. "The governance role of institutional investors in management compensation: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1015-1063, April.
  83. Lin, Tsui-Jung & Tsai, Han-Fang & Imamah, Nur & Hung, Jung-Hua, 2016. "Does the identity of multiple large shareholders affect the value of excess cash? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 173-190.
  84. Liu, Ningyue & Laing, Elaine & Cao, Yue & Zhang, Xiaofei, 2018. "Institutional ownership and corporate transparency in China," Finance Research Letters, Elsevier, vol. 24(C), pages 328-336.
  85. Jiang, Fuxiu & Jiang, Zhan & Kim, Kenneth A., 2020. "Capital markets, financial institutions, and corporate finance in China," Journal of Corporate Finance, Elsevier, vol. 63(C).
  86. repec:zbw:bofitp:2018_019 is not listed on IDEAS
  87. Liao, Jing & Smith, David & Liu, Xutang, 2019. "Female CFOs and accounting fraud: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 449-463.
  88. Panicker, Vidya Sukumara & Upadhyayula, Rajesh Srinivas & Sivakumar, Sandeep, 2022. "Internationalization of hybrid state-owned enterprises from emerging markets: Institutional investors as enablers," Journal of Business Research, Elsevier, vol. 151(C), pages 409-422.
  89. He, Feng & Yan, Yulin & Hao, Jing & Wu, Ji (George), 2022. "Retail investor attention and corporate green innovation: Evidence from China," Energy Economics, Elsevier, vol. 115(C).
  90. Cui, Di & Ding, Mingfa & He, Zhongda & Shen, Mi, 2022. "Restricted shares and CSR: Evidence from foreign strategic investors in China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
  91. Shruti, R. & Thenmozhi, M., 2024. "Foreign institutional ownership stability and stock price crash risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
  92. Yijie Li & Jianghui Liu & Haizhi Wang & Peng Wang, 2021. "Stock market liberalization, foreign institutional investors, and informational efficiency of stock prices: Evidence from an emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5451-5471, October.
  93. Vidya Sukumara Panicker & Rajesh Srinivas Upadhyayula & Sumit Mitra, 2023. "Lender representatives on board of directors and internationalization in firms: an institutionalized agency perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(1), pages 75-98, March.
  94. Chen, Ching-Lung & Weng, Pei-Yu & Chien, Chu-Yang, 2018. "Qualified foreign institutional investor ownership deregulation and the restatement of financial reports --- empirical findings from Taiwan," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 465-485.
  95. Shoukat Ali & Ramiz Ur Rehman & Muhammad Ishfaq Ahmad & Joe Ueng, 2021. "Does Board Diversity Attract Foreign Institutional Ownership? Insights from the Chinese Equity Market," JRFM, MDPI, vol. 14(11), pages 1-15, October.
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