Ownership structure, firm size, and performance: a panel data investigation of pharmaceutical manufacturing industry in China
This paper uses the data of A-share listed pharmaceutical manufacturing companies in both Shanghai and Shenzhen Stock Exchange in China for the period from 2014 to 2016.The empirical investigation shows that there is a positive correlation between ownership concentration and firm performance,and firm size plays a negative moderator role in the relationship between ownership concentration and firm performance.There is a positive relationship between equity blockholders and firm performance,in which firm size plays a negative moderator role in the relationship between equity blockholders and firm performance.This also shows that for firms in the pharmaceutical manufacturing industry in China,ownership concentration with equity blockholders,i.e.ownership controlled by only a small number of large shareholders,will improve firm performance.We also conclude,however,firms of large size should be more careful in designing its ownership structure and they are advised to keep balance between ownership concentration and equity blockholders so as to reduce the negative moderator role played by firm size.
ownership concentration equity blockholders firm size firm performance
Yongzhuang Li Dehuan Zhang Qiuhui Jia
CUFE Asset Management Co.,Ltd.,Beijing,China School of Business,Central University of Finance and Economics,Beijing,China
国际会议
上海
英文
814-826
2017-10-21（万方平台首次上网日期，不代表论文的发表时间）