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Ownership structure and firm profitability: Impact of major shareholder gender

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  • Ye, Wangxia
  • Li, Yingying

Abstract

In this study, we examine the impact of ownership structure on firm profitability in an emerging market. Using data from listed firms in China between 2013 and 2023, we find that ownership concentration are negatively associated with firm profitability. More importantly, our findings indicate that gender plays a crucial role in agency conflicts, as female major shareholders help mitigate the adverse effects of ownership concentration. Further analysis suggests that board independence and financing costs serve as two potential economic mechanisms underlying this relationship. Our results remain robust across multiple sensitivity tests.

Suggested Citation

  • Ye, Wangxia & Li, Yingying, 2025. "Ownership structure and firm profitability: Impact of major shareholder gender," Finance Research Letters, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finlet:v:84:y:2025:i:c:s1544612325004842
    DOI: 10.1016/j.frl.2025.107221
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    References listed on IDEAS

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