The Authority of Ultimate Controlling Shareholders and Corporate Value: The Comparative Analysis of Listed State-owned Enterprises and Family Companies
The Authority of Ultimate Controlling Shareholders and Corporate Value: The Comparative Analysis of Listed State-owned Enterprises and Family Companies
LI Wenwen, ZHANG Shixing, WAN Lin
School of Management, Ocean University of China, Qingdao 266100, China
Abstract Based on the background of the increasingly fierce debate about whether state-owned enterprises should advance or retreat, this paper chooses representative listed state-owned enterprises and family companies as the research sample to study the influence of ultimate controlling shareholders’ authority on corporate value. By investigating the correlation between the authority of ultimate controlling shareholders and the financial and market performance of listed companies, this paper finds that there is a rise-fall curvilinear relationship between the authority of ultimate controlling shareholders and the value of listed companies. Further research shows that company size has a certain moderating effect on the authority of ultimate controlling shareholders, and the proper combination of the authority of shareholders status and management can make ultimate controlling shareholders play a greater role. On the other hand, the authority of ultimate controlling shareholders is rising steadily in the listed state-owned enterprises, and gradually weakening in the listed family companies.
LI Wenwen,ZHANG Shixing,WAN Lin. The Authority of Ultimate Controlling Shareholders and Corporate Value: The Comparative Analysis of Listed State-owned Enterprises and Family Companies. Economic Survey, 2020, 37(5): 0107.
2020, Vol. 37 
