机构投资者交叉持股与内部控制质量

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-07-21 DOI:10.1016/j.irfa.2025.104475

Wei Zhou , Baohua Liu , Tao Chen , Yining Chen

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引用次数: 0

摘要

本研究探讨机构投资者的交叉持股（IICO）是否会影响企业的内部控制质量（ICQ）。以中国企业为样本，我们发现IICO与ICQ呈正相关。当企业遭受更高水平的信息不对称（代理成本）时，所观察到的关系会加强。所记录的效应对固定效应、IICO的替代测量和替代样本仍然具有鲁棒性。进一步的分析表明，IICO的影响普遍存在于内部控制的各个方面，并且只适用于长期机构投资者。综上所述，这些发现表明，机构交叉所有者在改善内部控制制度方面发挥着监督作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Institutional investors' cross-ownership and internal control quality

This study examines whether institutional investors' cross-ownership (IICO) impacts a firm's internal control quality (ICQ). Using a sample of Chinese firms, we find a positive association between IICO and ICQ. The observed relationship strengthens when firms suffer from a higher level of information asymmetry (agency costs). The documented effect remains robust to firm fixed effects, alternative measures of IICO, and alternative samples. As additional analyses show, the IICO impact prevails in every aspect of internal control and only holds for long-term institutional investors. Combined, these findings suggest that institutional cross-owners play a monitoring role in improving internal control systems.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.