Ownership and ownership concentration

Which is important in determining the performance of China's listed firms?

Shiguang Ma*, Tony Naughton, Gary Tian

*Corresponding author for this work

Research output: Contribution to journalArticle

34 Citations (Scopus)

Abstract

This article investigates the impact of ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance; tradable ownership concentration has a more significant and positive influence on firm performance than total ownership concentration; the highest level of firm performance is approached when a firm is characterized by both total ownership concentration and tradable ownership concentration. Thus, we propose a conclusion that ownership concentration enhances firm performance regardless of who the concentrated owners are.

Original languageEnglish
Pages (from-to)871-897
Number of pages27
JournalAccounting and Finance
Volume50
Issue number4
DOIs
Publication statusPublished - Dec 2010
Externally publishedYes

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