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Mutual funds' ownership and firm performance: evidence from China

Yuan, Rongli, Xiao, Jason Zezhong and Zou, Hong 2008. Mutual funds' ownership and firm performance: evidence from China. Journal of Banking & Finance 32 (8) , pp. 1552-1565. 10.1016/j.jbankfin.2007.08.001

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Abstract

Mutual funds have emerged and rapidly developed since 2000 in China. This study tests empirically the impact of mutual funds’ ownership on firm performance in China, using a large sample for the period of 2001–2005. We find that equity ownership by mutual funds has a positive effect on firm performance. The result is robust to several measures of firm performance and various estimations. Our finding supports recent regulatory efforts in China to promote mutual funds as a corporate governance mechanism and suggests that pooling diffuse minority interests of individual shareholders who are prone to free-rider problems via mutual funds is beneficial.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
H Social Sciences > HG Finance
Uncontrolled Keywords: China; firm performance; institutional ownership; mutual funds; shareholder activism
Publisher: Elsevier
ISSN: 0378-4266
Last Modified: 04 Jun 2017 03:18
URI: http://orca.cf.ac.uk/id/eprint/19616

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