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Article
Ownership and ownership concentration: which is important in determining the performance of China's listed firms?
Faculty of Commerce - Papers (Archive)
  • Shiguang Ma, University of Wollongong
  • Tony Naughton, RMIT University
  • Gary Tian, University of Wollongong
RIS ID
34431
Publication Date
1-1-2010
Publication Details

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.

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.
Citation Information
Shiguang Ma, Tony Naughton and Gary Tian. "Ownership and ownership concentration: which is important in determining the performance of China's listed firms?" (2010)
Available at: http://works.bepress.com/gary-tian/106/