IDEAS home Printed from
   My bibliography  Save this article

A Study On The Shareholders’ Behavior Of Listed Companies Based On Symbiosis Theory: A Research Framework


  • YANG Songling

    (Beijing University of Technology, China)

  • LIU Tingli

    (Beijing University of Technology, China)

  • CHEN Fang

    (Beijing University of Technology, China)


Research on shareholder’s behavior is a hot topic in recent years. Most researches are based on the theory of agency, which proposal that equity decentralization is the major way to solve the conflict problem between large shareholders and minority stockholders. Actually, major shareholder will never be eliminated. This paper introduces the symbiosis theory-ecology theory-to explain the motives and consequences of the behavior of different type shareholders in China’s from a new perspective. The paper established a research framework for the behavior of shareholders based on symbiosis theory, which includes four major parts: symbiosis model; symbiosis income distribution mechanism; symbiosis stability and persistence. The idea of the framwwork lies in that the economic consequences of symbiosis model must be the realization and sharing of symbiosis income by both minority and controlling shareholders, which result is more in line with the prerequisite of economic man hypothesis. Symbiosis model and symbiosis income sharing mechanisms are most important factors that affect the symbiosis stability. The dynamic role of these three factors (Symbiosis model, symbiosis income sharing mechanisms and symbiosis stability) finally determines the ability of symbiosis unit for creating value, which is symbiotic persistence.

Suggested Citation

  • YANG Songling & LIU Tingli & CHEN Fang, 2014. "A Study On The Shareholders’ Behavior Of Listed Companies Based On Symbiosis Theory: A Research Framework," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 9(1), pages 156-168, April.
  • Handle: RePEc:blg:journl:v:9:y:2014:i:1:p:156-168

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Allan Drazen, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," IMF Staff Papers, Palgrave Macmillan, vol. 49(Special i), pages 36-67.
    2. Buira, Ariel, 1983. "IMF financial programs and conditionality," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 111-136.
    3. Barkbu, Bergljot & Eichengreen, Barry & Mody, Ashoka, 2012. "Financial crises and the multilateral response: What the historical record shows," Journal of International Economics, Elsevier, vol. 88(2), pages 422-435.
    4. Hutchison, Michael M. & Noy, Ilan, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 991-1014, December.
    5. Zlata Hajro & Joseph Joyce, 2009. "A true test: do IMF programs hurt the poor?," Applied Economics, Taylor & Francis Journals, vol. 41(3), pages 295-306.
    6. Stephen Grenville, 2004. "The IMF and the Indonesian crisis," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 40(1), pages 77-94.
    7. Marchesi, Silvia & Sabani, Laura, 2007. "IMF concern for reputation and conditional lending failure: Theory and empirics," Journal of Development Economics, Elsevier, vol. 84(2), pages 640-666, November.
    8. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
    9. Boughton, James M, 2000. "From Suez to Tequila: The IMF as Crisis Manager," Economic Journal, Royal Economic Society, vol. 110(460), pages 273-291, January.
    10. Anna Visvizi, 2012. "The crisis in Greece and the EU-IMF rescue package: Determinants and pitfalls," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(1), pages 15-39, March.
    11. Dreher, Axel & Rupprecht, Sarah M., 2007. "IMF programs and reforms -- inhibition or encouragement?," Economics Letters, Elsevier, vol. 95(3), pages 320-326, June.
    12. Garuda, Gopal, 2000. "The Distributional Effects of IMF Programs: A Cross-Country Analysis," World Development, Elsevier, vol. 28(6), pages 1031-1051, June.
    13. Julio A. Santaella, 1996. "Stylized Facts before IMF-Supported Macroeconomic Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 43(3), pages 502-544, September.
    14. Drazen, Allan, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," CEPR Discussion Papers 3562, C.E.P.R. Discussion Papers.
    15. Dicks-Mireaux, Louis & Mecagni, Mauro & Schadler, Susan, 2000. "Evaluating the effect of IMF lending to low-income countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 495-526, April.
    16. Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 139(1), pages 1-37, March.
    17. Burcu Eke & Ali M. Kutan, 2009. "Are International Monetary Fund Programs Effective?: Evidence from East European Countries," Eastern European Economics, Taylor & Francis Journals, vol. 47(1), pages 5-28, January.
    18. Barro, Robert J. & Lee, Jong-Wha, 2005. "IMF programs: Who is chosen and what are the effects?," Journal of Monetary Economics, Elsevier, vol. 52(7), pages 1245-1269, October.
    19. Abbott, Philip & Andersen, Thomas Barnebeck & Tarp, Finn, 2010. "IMF and economic reform in developing countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(1), pages 17-26, February.
    20. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49.
    21. Jose Antonio Cordero, 2009. "The IMF’s Stand-by Arrangements and the Economic Downturn in Eastern Europe: The Cases of Hungary, Latvia, and Ukraine," CEPR Reports and Issue Briefs 2009-31, Center for Economic and Policy Research (CEPR).
    22. Mark Weisbrot & Jose Cordero & Luis Sandoval, 2009. "Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?," CEPR Reports and Issue Briefs 2009-15, Center for Economic and Policy Research (CEPR).
    Full references (including those not matched with items on IDEAS)

    More about this item


    shareholder behavior; symbiosis; agency theory;


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:blg:journl:v:9:y:2014:i:1:p:156-168. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mihaela Herciu) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.