The Value of Shareholder Activism: New Evidence from the Split-share Structure Reform in China

摘要：

We examine shareholder activism in the recent split-share structure reform in China. This unique event allows us to avoid the deficiencies in determining activism proxies and in measuring their effectiveness that plague the previous literature. We find that the effectiveness of shareholder activism is influenced by segmented institutional ownerships. Particularly, shareholder activism could have both positive and negative impacts on managerial behaviors in the presence of institutional investors interest conflicts. We show that, even in its primitive stage, Chinese shareholder activism has demonstrated positive value in corporate governance.

关键词： Shareholder Activism Split-share Structure Reform Consideration Positive Promises

作者: Li Liao Meijuan Shi Hao Wang

作者单位: School of Economics and Management, Tsinghua University and the Chinese Center of Financial Research (CCFR), Beijing 100084, China

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-32

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）