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Onsite oversight: Institutional site visits and stock return volatility

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  • Wu, Kai
  • Zhang, Yue
  • Li, Donghui

Abstract

In emerging markets characterized by significant information asymmetry, mitigating firm-level risk is paramount for market stability. While the governance role of institutional investors is known, the impact of their direct, on-the-ground engagement remains underexplored. This study’s objective is to investigate how institutional investor site visits, a crucial hands-on governance mechanism, affect stock return volatility. Using a sample of Chinese-listed A-share firms from 2012 to 2022, we find that frequent site visits significantly reduce firm-level stock return volatility. This risk-reduction effect is more pronounced for firms with greater agency problems, poorer ESG performance, and higher expropriation risk. Our analysis, robust to endogeneity concerns, indicates this effect is driven by improved external oversight. We conclude that direct institutional engagement is a vital channel for reducing information asymmetry, enhancing corporate governance, and ultimately promoting market stability by lowering investment risk.

Suggested Citation

  • Wu, Kai & Zhang, Yue & Li, Donghui, 2026. "Onsite oversight: Institutional site visits and stock return volatility," Research in International Business and Finance, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:riibaf:v:81:y:2026:i:c:s0275531925004155
    DOI: 10.1016/j.ribaf.2025.103159
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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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