Institutional Ownership and Private Equity Placements: Evidence from Chinese Listed Firms

被引：3
|
作者：
He, Qing [1 ,2 ]
Li, Dongxu [3 ]
Lu, Liping [4 ,5 ]
Chong, Terence Tai Leung [6 ,7 ]
机构：
[1] Renmin Univ China, China Financial Policy Res Ctr, Beijing, Peoples R China
[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China
[3] Ohio State Univ, Dept Finance, Columbus, OH 43210 USA
[4] Vrije Univ Amsterdam, Dept Finance, Amsterdam, Netherlands
[5] Xiangtan Univ, Sch Business, Xiangtan, Hunan, Peoples R China
[6] Chinese Univ Hong Kong, Dept Econ, Hong Kong, Peoples R China
[7] Chinese Univ Hong Kong, Lau Chor Tak Inst Global Econ & Finance, Hong Kong, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCE | 2019年 / 19卷 / 02期
基金：
中国国家自然科学基金;
关键词：
INFORMATION; PERFORMANCE; UNDERREACTION; INVESTORS; ISSUES;
D O I：
10.1111/irfi.12182
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the impact of institutional ownership on the performance of private equity placements (PEPs) for listed firms in China. We find that the presence of institutional investors can alleviate the information asymmetries between listed firms and the market. The market reaction to PEP announcements is significantly smaller if there is a higher portion of institutional shareholdings. Long-term firm operational performance after PEPs is positively correlated with institutional shareholdings. Moreover, we find that the relationship between institutional shareholdings and PEP performance is mainly driven by nonlisted corporate investors and mutual funds. Finally, the relationship between PEP performance and institutional shareholdings is stronger in smaller PEP issuers.
引用
收藏
页码：315 / 346
页数：32
相关论文
共 50 条
  • [31] The effect of ownership structure on leverage decision: new evidence from Chinese listed firms
    Liu, Qigui
    Tian, Gary
    Wang, Xiaoming
    JOURNAL OF THE ASIA PACIFIC ECONOMY, 2011, 16 (02) : 254 - 276
  • [32] Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms
    Kong, Yusheng
    Famba, Takuriramunashe
    Chituku-Dzimiro, Grace
    Sun, Huaping
    Kurauone, Ophias
    INTERNATIONAL JOURNAL OF FINANCIAL STUDIES, 2020, 8 (02): : 1 - 26
  • [33] Ownership structure and corporate tax avoidance: Evidence from publicly listed private firms in China
    Richardson, Grant
    Wang, Bei
    Zhang, Xinmin
    JOURNAL OF CONTEMPORARY ACCOUNTING & ECONOMICS, 2016, 12 (02) : 141 - 158
  • [34] Private vs state ownership and earnings management: Evidence from Chinese listed companies
    Ding, Yuan
    Zhang, Hua
    Zhang, Junxi
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2007, 15 (02) : 223 - 238
  • [35] Strategic benefits to firms issuing private equity placements
    Folta, TB
    Janney, JJ
    STRATEGIC MANAGEMENT JOURNAL, 2004, 25 (03) : 223 - 242
  • [36] The effects of institutional investors and their contestability on firm innovation: Evidence from Chinese listed firms*
    Zhang, Dan
    Pan, Xiaofei
    Ma, Shiguang
    RESEARCH POLICY, 2023, 52 (10)
  • [37] The influence of foreign institutional investors on audit fees: evidence from Chinese listed firms
    Li, Zhe
    Wang, Bo
    ACCOUNTING FORUM, 2024, 48 (01) : 35 - 62
  • [38] Managerial ownership, corporate governance and firms' exporting decisions: evidence from Chinese listed companies
    Dixon, Robert
    Guariglia, Alessandra
    Vijayakumaran, Ratnam
    EUROPEAN JOURNAL OF FINANCE, 2017, 23 (7-9): : 802 - 840
  • [39] Managerial ownership and corporate innovation: evidence of patenting activity from Chinese listed manufacturing firms
    Pu, Tingqian
    Zulkafli, Abdul Hadi
    COGENT BUSINESS & MANAGEMENT, 2024, 11 (01):
  • [40] The impact of mixed-ownership reform on zombie firms: Evidence from Chinese listed SOEs
    Yin, Yufei
    Cao, Kexin
    PLOS ONE, 2024, 19 (07):
12345