Abstract
As the foundation of corporate governance structure, ownership structure ultimately decides corporate performance. In this paper, we study on relationship between ownership structure and corporate performance, and results show that shareholding ratio of the largest shareholder and corporate performance is three times curve; along with the increase of shareholding ratio of the largest shareholder, corporate performance assumes the variation tendency of decline-rise-decline; shareholding ratio of the largest shareholder has incentive effect and entrenchment effect on corporate performance; debt-asset ratio and number of directors are significantly negatively related with corporate performance; companies’ size is significant positive related with corporate performance.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Chen XY, Xu XD (2001) Equity structure, firm performance and the protection for investors interest (Periodical style), (in China). Econ Res J 11:3–11
Claessens S, Simeon D, Fan JPH, Lang LH (2002) Disentangling the incentive and entrenchment effects of large shareholdings (Periodical style). J Finance 57(6):2741–2771
Demsetz H, Villalonga B (2001) Ownership structure and corporate performance (Periodical style). J Corporate Finance 7(3):209–233
En-zhong Z (2007) Empirical analysis of large shareholder control and corporate performance (Periodical style), (in China). Sci Econ Soc 25(1):41–44
Gorton G, Schmid FA (2000) Universal banking and performance of german firms (Periodical style). J Financ Econ, 58(1): 29–80
Holderness CG, Sheehan DP (1988) The role of majority shareholders in publicly held corporations: an exploratory analysis (Periodical style). J Financ Econ, 20: 317–346
Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agent costs and ownership structure (Periodical style). J Financ Econ 3(4):305–360
Li SM, Zhou XC (2007) Different listed ways, large shareholders holding, and performance of the private listed companies in China (Periodical style), (in China). Econ Manage 29(1):36–42
Lins Karl V (2003) Equity ownership and firm value in emerging markets (Periodical style). J Financial Quant Anal 38(1):159–184
McConnell JJ, Servaes H (1990) Additional evidence on equity ownership and corporate value (Periodical style). J Financ Econ 27(2):595–612
Mian Du, Gu L (2010) Study on the causal relationship between proportion of block holder and corporate performance—Based on panel-data granger causality tests of listed companies in China (Periodical style), (in China). Forecasting 29(3):50–54
Shleifer A, Vishny RW (1986) Large shareholders and corporate control (Periodical style). J Political Econ 94(3):461–488
Sun Qing-xia (2011) Research on empirical method of china accounting and finance (Book style), (in China). Dongbei University of Finance and Economics Press Co., Ltd., Dalian, pp 220–222
Zhang Gen-ming, Liu C, Wen Qiu-xing (2009) The empirical studying on the ownership structure of listed companies to influence the corporate performance (Periodical style), (in China). Value Eng 1:160–162
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2013 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Xu, Jx., Gu, W., Gu, B. (2013). The Study on Non-linear Relationship Between Shareholding Ratio of the Largest Shareholder and Corporate Performance. In: Qi, E., Shen, J., Dou, R. (eds) The 19th International Conference on Industrial Engineering and Engineering Management. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-38442-4_35
Download citation
DOI: https://doi.org/10.1007/978-3-642-38442-4_35
Published:
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-38441-7
Online ISBN: 978-3-642-38442-4
eBook Packages: Business and EconomicsBusiness and Management (R0)