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Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?

Ma, Singuang, Naughton, Tony and Tian, Gary 2010, Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?, Accounting & finance, vol. 50, pp. 871-897.

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Title Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?
Author(s) Ma, Singuang
Naughton, Tony
Tian, Gary
Journal name Accounting & finance
Volume number 50
Start page 871
End page 897
Total pages 27
Publisher Wiley Online Library
Place of publication North Melbourne, Vic.
Publication date 2010
Keyword(s) Ownership
Concentration
Performance
State
Legal person
Tradable
Summary This article investigates the impact if 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 and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.
Language eng
Field of Research 150201 Finance
Socio Economic Objective 900101 Finance Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Persistent URL http://hdl.handle.net/10536/DRO/DU:30078307

Document type: Journal Article
Collection: Department of Finance
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