Founder Control,Ownership Structure and Firm Value:Evidence from Entrepreneurial Listed Firms in China

被引：7

作者：

Lijun Xia ^{[1
]}

机构：

[1] Shanghai University of Finance and Economics

来源：

China Journal of Accounting Research | 2008年 / 01期

基金：

中国国家自然科学基金;

关键词：

Founder Control; Ownership Structure; Firm Value; China; Tunneling;

D O I：

暂无

中图分类号：

F832.51 []; F276.6 [公司];

学科分类号：

020204 ; 1201 ; 1202 ; 120202 ;

摘要：

In emerging markets, the deviation between the ultimate controlling shareholders’ voting rights and their cash flow rights(hereafter "DVC") in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders’ opportunistic incentives, as well as by their incentives to improve firm efficiency. This study uses 229 listed firms ultimately controlled by individuals or families(hereafter "entrepreneurial firms") for 2004 in China, to investigate the effect of DVC on firm value and to determine whether it is different between founder and non-founder controlled firms. We find that DVC has a positive effect on firm value for founder controlled firms. This result implies that investors believe that their interests are better protected by founder controlled firms than by non-founder controlled firms.

引用

页码：31 / 49

页数：19

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