کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7413976 1481791 2018 32 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Ownership structure and investment decisions of Chinese SOEs
ترجمه فارسی عنوان
ساختار مالکیت و تصمیمات سرمایه گذاری شرکت های چینی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
In this paper we examine the relation between ownership structure and overinvestment decisions by Chinese state owned enterprises (SOEs). We hypothesize that state owners, the largest block holders, are more committed to pursue their own sociopolitical agenda than maximizing wealth of its shareholders and show that the relation between state ownership and overinvestment is positive. We also hypothesize that managerial owners, who too receive non-negotiable shares, would discourage overinvestment lest it should inhibit the firm's ability to pay dividends. Consistent with this hypothesis, we find a negative relation between management ownership and overinvestment. Conversely, our results show that the state ownership has a negative impact while managerial ownership has a positive effect on underinvestment decisions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 43, January 2018, Pages 48-57
نویسندگان
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