Jia Nan,Shi Jing,汪昌云,Wang Yongxiang——Journal of Management Studies:Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority...
时间:2020-01-01
Do investors with concentrated shareholding infringe on the value of more‐fragmented shareholders (‘parasites’) or facilitate the growth of firm value for all shareholders (‘paragons’)? In a major ownership reform of Chinese listed firms, we obtain evidence which suggests that larger minority shareholders undertook certain actions both for a rent‐seeking purpose – that these actions allowed them to reap private benefits at the expense of smaller minority shareholders, and for a value‐creating pu