Research on the governance role of institutional investors in listed companies based on panel data analysis
The expropriation of minority shareholders by controlling shareholders is the central agency problem in listed Chinese companies. There has been an explosive development of institutional investors in China recent years but the governance role of institutional shareholders is controversial. This paper investigated the role of institutional shareholders in mitigating agency problem by testing the impact of mutual funds ownership on firm performance, using a sample for the period of 2004-2006. We find that equity ownership by mutual funds have positive effects on firm performance. The result is robust to two mainly measures of firm performance. Our finding suggests that institutional investors play a beneficial role in corporate governance and eventually sustainable development of listed companies.
Qian Lu
School of business administration Wuhan textile university Yuguang vilage li yuan, Wuhan, P.R.China, 430077
国际会议
International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)
武汉
英文
1-4
2011-08-12（万方平台首次上网日期，不代表论文的发表时间）