Family-Concentrated Ownership in Chinese PLCs: Does Ownership Concentration Always Enhance Corporate Value?
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چکیده
منابع مشابه
Family-Concentrated Ownership in Chinese PLCs: Does Ownership Concentration Always Enhance Corporate Value?
In this paper we investigate the relationship between family ownership structure and corporate value across a sample of 1314 firm-year observations of China’s family publicly listed companies (PLCs), from 2004 to 2008. We find a significant inverse-U-shaped relationship between the controlling family’s ultimate cash-flow rights and corporate value; as measured by Tobin’s Q. That is, as family-o...
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The nonlinear relationship between corporate value (Tobin's Q) and managerial ownership is well documented. This has commonly been attributed to the onset of managerial entrenchment, which results in a decrease of corporate value for increasing levels of managerial holdings. We propose a more complex structure for the corporate value { managerial ownership function, which accounts for the e®ect...
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We show that differences in the quality of labor relations across countries can help to explain cross-country differences in ownership concentration. Controlling for minority shareholder protection, countries in which labor relations are hostile tend to have more concentrated ownership than countries in which labor relations are cooperative. Union strength, labor regulation, and the political o...
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ژورنال
عنوان ژورنال: International Journal of Financial Studies
سال: 2014
ISSN: 2227-7072
DOI: 10.3390/ijfs2010103