Year
2020
Degree Name
Doctor of Philosophy
Department
School of Accounting, Economics and Finance
Abstract
Institutional investors have been evolving significantly in China since 1997 when they were formally introduced to China’s market. The influence of institutional investors on firm policies has been studied extensively (Hartzell and Starks, 2003; Koh, 2007; Yuan et al., 2008; Crane et al., 2016; Firth et al., 2016; Dyck et al., 2019). These studies mainly focus on the level of ownership by institutional investors, however they do not consider the influence of the controlling shareholders. In China’s firms, ownership is highly concentrated, and the controlling shareholders usually dominate the decision-making in firm policies. Therefore, the behaviours of institutional investors could be influenced by the controlling shareholders and could be related to their ability to compete with the controlling shareholders. This thesis examines the influence of large controlling shareholders on institutional investor behaviour and addresses the question: In China, what is the effect that institutional investors have on firm policies in the presence of the large controlling shareholders?
Recommended Citation
Zhang, Dan, Institutional investors, controlling shareholders and corporate activities : evidence from China, Doctor of Philosophy thesis, School of Accounting, Economics and Finance, University of Wollongong, 2020. https://ro.uow.edu.au/theses1/808
FoR codes (2008)
1502 BANKING, FINANCE AND INVESTMENT
Unless otherwise indicated, the views expressed in this thesis are those of the author and do not necessarily represent the views of the University of Wollongong.