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Are Investor Protection and Ownership Concentration Substitutes in Chinese Family Firms?

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  • Jing Zhou
  • On Kit Tam
  • Wei Lan

Abstract

By using a unique and detailed data set on China’s family firms, we investigate the effect of investor protection on the choice of ownership concentration of family businesses. Our study extends the literature’s focus on intercountry analysis by presenting a new perspective based on investor protection variations among regions within a country. We find that family ownership concentration in general complements investor protection in China. They can, however, be substitutes for one another when managerial power remains in t he family. Our results are robust to various specifications of variables and model estimations.

Suggested Citation

  • Jing Zhou & On Kit Tam & Wei Lan, 2015. "Are Investor Protection and Ownership Concentration Substitutes in Chinese Family Firms?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(2), pages 432-443, March.
  • Handle: RePEc:mes:emfitr:v:51:y:2015:i:2:p:432-443
    DOI: 10.1080/1540496X.2015.1024553
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    Cited by:

    1. Kaiyang Sun & Rumintha Wickramasekera & Alvin Tan, 2022. "Exploring the Relationship Between Family Involvement and Innovative Capability in Chinese Family SMEs: The Role of HR Redundancy," SAGE Open, , vol. 12(2), pages 21582440221, May.
    2. Wang, Hua & Wang, Wei & Alhaleh, Shadi Emad Areef, 2021. "Mixed ownership and financial investment: Evidence from Chinese state-owned enterprises," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 159-171.

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