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

Journal Article


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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.

Authors


  •   Ma, Shiguang
  •   Naughton, Tony (external author)
  •   Tian, Gary G. (external author)

Publication Date


  • 2010

Citation


  • Ma, S., Naughton, T. & Tian, G. G. (2010). Ownership and ownership concentration: which is important in determining the performance of China's listed firms?. Accounting and Finance, 50 (4), 871-897.

Scopus Eid


  • 2-s2.0-78149271481

Ro Full-text Url


  • http://ro.uow.edu.au/cgi/viewcontent.cgi?article=4123&context=commpapers

Ro Metadata Url


  • http://ro.uow.edu.au/commpapers/3063

Has Global Citation Frequency


Number Of Pages


  • 26

Start Page


  • 871

End Page


  • 897

Volume


  • 50

Issue


  • 4

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.

Authors


  •   Ma, Shiguang
  •   Naughton, Tony (external author)
  •   Tian, Gary G. (external author)

Publication Date


  • 2010

Citation


  • Ma, S., Naughton, T. & Tian, G. G. (2010). Ownership and ownership concentration: which is important in determining the performance of China's listed firms?. Accounting and Finance, 50 (4), 871-897.

Scopus Eid


  • 2-s2.0-78149271481

Ro Full-text Url


  • http://ro.uow.edu.au/cgi/viewcontent.cgi?article=4123&context=commpapers

Ro Metadata Url


  • http://ro.uow.edu.au/commpapers/3063

Has Global Citation Frequency


Number Of Pages


  • 26

Start Page


  • 871

End Page


  • 897

Volume


  • 50

Issue


  • 4