{"title":"Common Institutional Ownership and Corporate Information Disclosure Violations: Evidence From China","authors":"Hui Wei, Meilin Wang, Yanze Li, Yongji Chen","doi":"10.1002/mde.70111","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>Common institutional ownership (CIO), as an emerging shareholding model, has attracted much attention for its governance effect on firms. Based on the sample data of Chinese Shanghai and Shenzhen A-share listed companies from 2007 to 2023, we demonstrate that CIO exerts a synergistic governance effect and inhibits corporate information disclosure violations. Mechanism tests show that CIO reduces the pressure on capital market performance and alleviates the two types of agency problems, thereby having a dampening effect on corporate disclosure violations. Moreover, this inhibitory effect is more significant in companies with higher equity balance, in non-state-owned enterprises, and in firms with higher capital intensity. The research conclusions provide new clues and basis for preventing and governing corporate information disclosure violations.</p>\n </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1525-1546"},"PeriodicalIF":2.7000,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Managerial and Decision Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/mde.70111","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2026/5/14 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Common institutional ownership (CIO), as an emerging shareholding model, has attracted much attention for its governance effect on firms. Based on the sample data of Chinese Shanghai and Shenzhen A-share listed companies from 2007 to 2023, we demonstrate that CIO exerts a synergistic governance effect and inhibits corporate information disclosure violations. Mechanism tests show that CIO reduces the pressure on capital market performance and alleviates the two types of agency problems, thereby having a dampening effect on corporate disclosure violations. Moreover, this inhibitory effect is more significant in companies with higher equity balance, in non-state-owned enterprises, and in firms with higher capital intensity. The research conclusions provide new clues and basis for preventing and governing corporate information disclosure violations.
期刊介绍：
Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.
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