The impact of governance improvement of institutional shareholders on firm value

IF 2.4 Q2 ECONOMICS
Dan Li, Hong Li
{"title":"The impact of governance improvement of institutional shareholders on firm value","authors":"Dan Li, Hong Li","doi":"10.1080/14765284.2021.1977081","DOIUrl":null,"url":null,"abstract":"ABSTRACT In this study, we investigate whether the measures to improve corporate governance of financial institutions promoted by the Chinese authorities in 2013 have contributed to the positive growth of the values of institutional investments in firms. Given the regulatory changes about financial institutions in 2013, we hypothesise that the improvement of corporate governance of financial institutions has a spillover effect and increases the performance of the companies that the institutions invest in. Our results are robust in supporting the hypothesis, even after we address for reverse causality issue. In particular, we verify that the spillover of governance, arising from the improvement of corporate governance in financial institutions, can strengthen the positive association between institutional ownership and firm value.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"437 - 460"},"PeriodicalIF":2.4000,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Chinese Economic and Business Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/14765284.2021.1977081","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 2

Abstract

ABSTRACT In this study, we investigate whether the measures to improve corporate governance of financial institutions promoted by the Chinese authorities in 2013 have contributed to the positive growth of the values of institutional investments in firms. Given the regulatory changes about financial institutions in 2013, we hypothesise that the improvement of corporate governance of financial institutions has a spillover effect and increases the performance of the companies that the institutions invest in. Our results are robust in supporting the hypothesis, even after we address for reverse causality issue. In particular, we verify that the spillover of governance, arising from the improvement of corporate governance in financial institutions, can strengthen the positive association between institutional ownership and firm value.
机构股东治理改善对企业价值的影响
摘要本文探讨了2013年中国政府推动的金融机构公司治理改善措施是否促进了机构投资价值的正增长。鉴于2013年金融机构的监管变化,我们假设金融机构公司治理的改善具有溢出效应,并提高了机构所投资公司的绩效。我们的结果有力地支持了这一假设,即使在我们解决了反向因果关系问题之后。特别是,我们验证了由于金融机构公司治理的改善而产生的治理溢出可以增强机构所有权与公司价值之间的正相关关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
4.50
自引率
5.00%
发文量
22
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信