The Relationship Between Ownership Concentration and Investor Protection: from an Endogenous Perspective
Based on panel data of Chinese A share listed companies in 2002-2007, this paper empirically analyzes the relationship between ownership concentration and investor protection by constructing simultaneous equations of dynamic panel data, which overcomes the endogeneity problem and considers the interaction of ownership concentration and investor protection. The findings show the existence of twoway negative correlation between them, which further validate and enrich Ownership Concentration and investor protection alternative hypothesis presented by the LLSV (1998). Based on empirical results, we think that the promotion of full circulation and decentralization of equity should be accompanied with strengthening investor protection.
Ownership concentration Investor protection Dynamic panel data Simultaneous equations Endogeneity
Chen Chaohui Zhang Jian
School of Business Administration, South China University of Technology, Guangzhou, P.R. China,510640
国际会议
The 8th International Conference on Innovation and Management(第八届创新与管理国际会议 ICIM 2011)
日本福冈
英文
554-558
2011-11-30（万方平台首次上网日期，不代表论文的发表时间）