Ultimate Owner Type, the Separation Between Ownership and Control and Institutional Ownership
The significant separation between ownership and control will have an effect on corporate valuation, which may have an effect on investors decisions. This paper empirically investigates the separation between ownership and control for listed companies in China and its an effect on institutional ownership. It is found that high level of cash-flow rights and small separation between ownership and control has a positive effect on institutional ownership; mainly refer to security investment funds. State ownership mitigates this relation. The result proves that institutional investors play a positive role in investor protection as a whole, but there has a significant difference among different type of institutional investors.
Ultimate Owner Ownership Rights Control Rights Institutional Ownership
SONG Yu
School of Business, Nanjing University, China, 210093 School of Economics and Management, Nanjing University of Science and Technology, China, 210094
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1495-1500
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）