IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v138y2016i4d10.1007_s10551-015-2797-8.html
   My bibliography  Save this article

Mutual Fund Activism and Market Regulation During the Pre-IFRS Period: The Case of Earnings Informativeness in China from an Ethical Perspective

Author

Listed:
  • Shujun Ding

    (University of Ottawa)

  • Chunxin Jia

    (Peking University)

  • Zhenyu Wu

    (I.H. Asper School of Business, University of Manitoba)

Abstract

This paper investigates the emerging effect of mutual fund involvement on the agency problem between majority and minority shareholders during the pre-IFRS period in China indicated by earnings informativeness from an ethical perspective. We find that the presence of mutual fund hampers earnings informativeness implying that mutual funds in general, at their early stage in China, are not yet capable of serving as an effective monitor. This finding is in sharp contrast to the role of institutional investors in mature markets as documented in the literature. However, mutual funds affiliated with banks have been found to be effective to improve earnings informativeness of Chinese listed companies, and the impact is more pronounced among those affiliated with joint-equity banks compared to their counterparts affiliated with state-owned banks.

Suggested Citation

  • Shujun Ding & Chunxin Jia & Zhenyu Wu, 2016. "Mutual Fund Activism and Market Regulation During the Pre-IFRS Period: The Case of Earnings Informativeness in China from an Ethical Perspective," Journal of Business Ethics, Springer, vol. 138(4), pages 765-785, November.
    • Handle: RePEc:kap:jbuset:v:138:y:2016:i:4:d:10.1007_s10551-015-2797-8
    DOI: 10.1007/s10551-015-2797-8
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10551-015-2797-8
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10551-015-2797-8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Robert M. Bushman & Joseph D. Piotroski & Abbie J. Smith, 2004. "What Determines Corporate Transparency?," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 207-252, May.
    2. Shujun Ding & Chunxin Jia & Yuanshun Li & Zhenyu Wu, 2010. "Reactivity and Passivity After Enforcement Actions: Better Late Than Never," Journal of Business Ethics, Springer, vol. 95(2), pages 337-359, September.
    3. Brian J. Bushee & Theodore H. Goodman, 2007. "Which Institutional Investors Trade Based on Private Information About Earnings and Returns?," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 289-321, May.
    4. Firth, Michael, 1996. "The diffusion of managerial accounting procedures in the People's Republic of China and the influence of foreign partnered joint ventures," Accounting, Organizations and Society, Elsevier, vol. 21(7-8), pages 629-654.
    5. Anderson, Ronald C. & Duru, Augustine & Reeb, David M., 2009. "Founders, heirs, and corporate opacity in the United States," Journal of Financial Economics, Elsevier, vol. 92(2), pages 205-222, May.
    6. Fan, Joseph P.H. & Wong, T.J. & Zhang, Tianyu, 2007. "Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms," Journal of Financial Economics, Elsevier, vol. 84(2), pages 330-357, May.
    7. Kaplan, Steven N. & Minton, Bernadette A., 1994. "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics, Elsevier, vol. 36(2), pages 225-258, October.
    8. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    9. William E. Shafer, 2009. "Ethical climate, organizational‐professional conflict and organizational commitment," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 22(7), pages 1087-1110, September.
    10. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    11. Wahal, Sunil & McConnell, John J., 2000. "Do institutional investors exacerbate managerial myopia?," Journal of Corporate Finance, Elsevier, vol. 6(3), pages 307-329, September.
    12. Gaspar, Jose-Miguel & Massa, Massimo & Matos, Pedro, 2005. "Shareholder investment horizons and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 76(1), pages 135-165, April.
    13. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 2002. "Government Ownership of Banks," Journal of Finance, American Finance Association, vol. 57(1), pages 265-301, February.
    14. Massa, Massimo & Rehman, Zahid, 2008. "Information flows within financial conglomerates: Evidence from the banks-mutual funds relation," Journal of Financial Economics, Elsevier, vol. 89(2), pages 288-306, August.
    15. Prowse, Stephen D., 1990. "Institutional investment patterns and corporate financial behavior in the United States and Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 43-66, September.
    16. Yuan, Rongli & Xiao, Jason Zezhong & Zou, Hong, 2008. "Mutual funds' ownership and firm performance: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1552-1565, August.
    17. Bipin Ajinkya & Sanjeev Bhojraj & Partha Sengupta, 2005. "The Association between Outside Directors, Institutional Investors and the Properties of Management Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 43(3), pages 343-376, June.
    18. Réal Labelle & Rim Gargouri & Claude Francoeur, 2010. "Erratum to: Ethics, Diversity Management, and Financial Reporting Quality," Journal of Business Ethics, Springer, vol. 93(2), pages 355-355, May.
    19. Nielsen, Christian & Madsen, Mona Toft, 2009. "Discourses of transparency in the intellectual capital reporting debate: Moving from generic reporting models to management defined information," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(7), pages 847-854.
    20. Fan, Joseph P. H. & Wong, T. J., 2002. "Corporate ownership structure and the informativeness of accounting earnings in East Asia," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 401-425, August.
    21. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    22. Roberts, John & Sanderson, Paul & Barker, Richard & Hendry, John, 2006. "In the mirror of the market: The disciplinary effects of company/fund manager meetings," Accounting, Organizations and Society, Elsevier, vol. 31(3), pages 277-294, April.
    23. Davis, Gerald F. & Kim, E. Han, 2007. "Business ties and proxy voting by mutual funds," Journal of Financial Economics, Elsevier, vol. 85(2), pages 552-570, August.
    24. Mark Lang & Karl V. Lins & Mark Maffett, 2012. "Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most," Journal of Accounting Research, Wiley Blackwell, vol. 50(3), pages 729-774, June.
    25. Brickley, James A. & Lease, Ronald C. & Smith, Clifford Jr., 1988. "Ownership structure and voting on antitakeover amendments," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 267-291, January.
    26. Stoyan Tenev & Chunlin Zhang & Loup Brefort, 2002. "Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets," World Bank Publications - Books, The World Bank Group, number 15237, December.
    27. Bai, Chong-En & Li, David D. & Tao, Zhigang & Wang, Yijiang, 2000. "A Multitask Theory of State Enterprise Reform," Journal of Comparative Economics, Elsevier, vol. 28(4), pages 716-738, December.
    28. Parrino, Robert & Sias, Richard W. & Starks, Laura T., 2003. "Voting with their feet: institutional ownership changes around forced CEO turnover," Journal of Financial Economics, Elsevier, vol. 68(1), pages 3-46, April.
    29. Donghui Li & Fariborz Moshirian & Peter Kien Pham & Jason Zein, 2006. "When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments," Journal of Finance, American Finance Association, vol. 61(6), pages 2975-3007, December.
    30. Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
    31. Narayanan, M P, 1985. "Managerial Incentives for Short-term Results," Journal of Finance, American Finance Association, vol. 40(5), pages 1469-1484, December.
    32. Wenxuan Hou & Geoff Moore, 2010. "Player and Referee Roles Held Jointly: The Effect of State Ownership on China’s Regulatory Enforcement Against Fraud," Journal of Business Ethics, Springer, vol. 95(2), pages 317-335, September.
    33. Narayanan, M P, 1985. "Observability and the Payback Criterion," The Journal of Business, University of Chicago Press, vol. 58(3), pages 309-323, July.
    34. Hanafin, John J., 2002. "Morality and the Market in China: Some Contemporary Views," Business Ethics Quarterly, Cambridge University Press, vol. 12(1), pages 1-18, January.
    35. James Jiambalvo & Shivaram Rajgopal & Mohan Venkatachalam, 2002. "Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings," Contemporary Accounting Research, John Wiley & Sons, vol. 19(1), pages 117-145, March.
    36. Gongmeng Chen & Louis T. W. Cheng & Ning Gao, 2005. "Information Content and Timing of Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 65-95, January.
    37. Rajan, Raghuram G, 1992. "Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-1400, September.
    38. Sergey S. Barabanov & Onem Ozocak & H.J. Turtle & Thomas J. Walker, 2008. "Institutional Investors and Shareholder Litigation," Financial Management, Financial Management Association International, vol. 37(2), pages 227-250, June.
    39. Berger, Allen N. & Hasan, Iftekhar & Zhou, Mingming, 2009. "Bank ownership and efficiency in China: What will happen in the world's largest nation?," Journal of Banking & Finance, Elsevier, vol. 33(1), pages 113-130, January.
    40. Chunxin Jia & Shujun Ding & Yuanshun Li & Zhenyu Wu, 2009. "Fraud, Enforcement Action, and the Role of Corporate Governance: Evidence from China," Journal of Business Ethics, Springer, vol. 90(4), pages 561-576, December.
    41. Ljungqvist, Alexander & Marston, Felicia & Starks, Laura T. & Wei, Kelsey D. & Yan, Hong, 2007. "Conflicts of interest in sell-side research and the moderating role of institutional investors," Journal of Financial Economics, Elsevier, vol. 85(2), pages 420-456, August.
    42. Charles Kahn & Andrew Winton, 1998. "Ownership Structure, Speculation, and Shareholder Intervention," Journal of Finance, American Finance Association, vol. 53(1), pages 99-129, February.
    43. Toms, Steven & Beck, Matthias & Asenova, Darinka, 2011. "Accounting, regulation and profitability: The case of PFI hospital refinancing," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 22(7), pages 668-681.
    44. Firth, Michael & Lin, Chen & Zou, Hong, 2010. "Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(3), pages 685-706, June.
    45. Réal Labelle & Rim Makni Gargouri & Claude Francoeur, 2010. "Ethics, Diversity Management, and Financial Reporting Quality," Journal of Business Ethics, Springer, vol. 93(2), pages 335-353, May.
    46. Joseph P. H. Fan & T. J. Wong, 2005. "Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia," Journal of Accounting Research, Wiley Blackwell, vol. 43(1), pages 35-72, March.
    47. Bin Ke & Kathy Petroni, 2004. "How Informed Are Actively Trading Institutional Investors? Evidence from Their Trading Behavior before a Break in a String of Consecutive Earnings Increases," Journal of Accounting Research, Wiley Blackwell, vol. 42(5), pages 895-927, December.
    48. Bin Ke & Kathy R. Petroni & Yong Yu, 2008. "The Effect of Regulation FD on Transient Institutional Investors' Trading Behavior," Journal of Accounting Research, Wiley Blackwell, vol. 46(4), pages 853-883, September.
    49. O'Connor, Neale G. & Deng, Johnny & Luo, Yadong, 2006. "Political constraints, organization design and performance measurement in China's state-owned enterprises," Accounting, Organizations and Society, Elsevier, vol. 31(2), pages 157-177, February.
    50. Frankel, Richard & Kothari, S.P. & Weber, Joseph, 2006. "Determinants of the informativeness of analyst research," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 29-54, April.
    51. Ferreira, Miguel A. & Matos, Pedro, 2008. "The colors of investors' money: The role of institutional investors around the world," Journal of Financial Economics, Elsevier, vol. 88(3), pages 499-533, June.
    52. Shujun Ding & Zhenyu Wu & Yuanshun Li & Chunxin Jia, 2010. "Executive compensation, supervisory board, and China’s governance reform: a legal approach perspective," Review of Quantitative Finance and Accounting, Springer, vol. 35(4), pages 445-471, November.
    53. Chen, Xia & Harford, Jarrad & Li, Kai, 2007. "Monitoring: Which institutions matter?," Journal of Financial Economics, Elsevier, vol. 86(2), pages 279-305, November.
    54. Warfield, Terry D. & Wild, John J. & Wild, Kenneth L., 1995. "Managerial ownership, accounting choices, and informativeness of earnings," Journal of Accounting and Economics, Elsevier, vol. 20(1), pages 61-91, July.
    55. In†Mu Haw & Daqing Qi & Donghui Wu & Woody Wu, 2005. "Market Consequences of Earnings Management in Response to Security Regulations in China," Contemporary Accounting Research, John Wiley & Sons, vol. 22(1), pages 95-140, March.
    56. Clarke, George R.G. & Cull, Robert & Shirley, Mary M., 2005. "Bank privatization in developing countries: A summary of lessons and findings," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1905-1930, August.
    57. Chen, Gongmeng & Firth, Michael & Gao, Daniel N. & Rui, Oliver M., 2006. "Ownership structure, corporate governance, and fraud: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 12(3), pages 424-448, June.
    58. Bushee, BJ & Noe, CF, 2000. "Corporate disclosure practices, institutional investors, and stock return volatility," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 171-202.
    59. Gongmeng Chen & Louis T. W. Cheng & Ning Gao, 2005. "Information Content and Timing of Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1-2), pages 65-95.
    60. Ernst Maug, 1998. "Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control?," Journal of Finance, American Finance Association, vol. 53(1), pages 65-98, February.
    61. Khorana, Ajay & Servaes, Henri & Tufano, Peter, 2005. "Explaining the size of the mutual fund industry around the world," Journal of Financial Economics, Elsevier, vol. 78(1), pages 145-185, October.
    62. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
    63. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April.
    64. Marco Becht & Ailsa Roell, 1999. "Blockholdings in Europe: an international comparison," ULB Institutional Repository 2013/13316, ULB -- Universite Libre de Bruxelles.
    65. Jay C. Hartzell & Laura T. Starks, 2003. "Institutional Investors and Executive Compensation," Journal of Finance, American Finance Association, vol. 58(6), pages 2351-2374, December.
    66. Vicentiu M. Covrig & Mark L. Defond & Mingyi Hung, 2007. "Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 41-70, March.
    67. Xiao, Jason Zezhong & Yang, He & Chow, Chee W., 2004. "The determinants and characteristics of voluntary Internet-based disclosures by listed Chinese companies," Journal of Accounting and Public Policy, Elsevier, vol. 23(3), pages 191-225.
    68. Lundstrum, Leonard L., 2002. "Corporate investment myopia: a horserace of the theories," Journal of Corporate Finance, Elsevier, vol. 8(4), pages 353-371, October.
    69. Otchere, Isaac, 2005. "Do privatized banks in middle- and low-income countries perform better than rival banks? An intra-industry analysis of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2067-2093, August.
    70. Dong, Min & Ozkan, Aydin, 2008. "Institutional investors and director pay: An empirical study of UK companies," Journal of Multinational Financial Management, Elsevier, vol. 18(1), pages 16-29, February.
    71. Claire Marston, 2008. "Investor relations meetings: Evidence from the top 500 UK companies," Accounting and Business Research, Taylor & Francis Journals, vol. 38(1), pages 21-48.
    72. Windsor, Carolyn & Warming-Rasmussen, Bent, 2009. "The rise of regulatory capitalism and the decline of auditor independence: A critical and experimental examination of auditors’ conflicts of interests," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(2), pages 267-288.
    73. O'Connor, Neale G. & Chow, Chee W. & Wu, Anne, 2004. "The adoption of "Western" management accounting/controls in China's state-owned enterprises during economic transition," Accounting, Organizations and Society, Elsevier, vol. 29(3-4), pages 349-375.
    74. Jia, Chunxin, 2009. "The effect of ownership on the prudential behavior of banks - The case of China," Journal of Banking & Finance, Elsevier, vol. 33(1), pages 77-87, January.
    75. Firth, Michael & Fung, Peter M.Y. & Rui, Oliver M., 2007. "Ownership, two-tier board structure, and the informativeness of earnings - Evidence from China," Journal of Accounting and Public Policy, Elsevier, vol. 26(4), pages 463-496.
    76. Stephen D. Prowse, 1990. "Institutional investment patterns and corporate financial behavior in the U.S. and Japan," Finance and Economics Discussion Series 108, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ouyang, Liangyi & Cao, Bolong, 2020. "Selective pump-and-dump: The manipulation of their top holdings by Chinese mutual funds around quarter-ends," Emerging Markets Review, Elsevier, vol. 44(C).
    2. Amon Chizema & Wei Jiang & Jing-Ming Kuo & Xiaoqi Song, 2020. "Mutual funds, tunneling and firm performance: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 355-387, July.
    3. Kosheek Sewchurran & Johan Dekker & Jennifer McDonogh, 2019. "Experiences of Embedding Long-Term Thinking in an Environment of Short-Termism and Sub-par Business Performance: Investing in Intangibles for Sustainable Growth," Journal of Business Ethics, Springer, vol. 157(4), pages 997-1041, July.
    4. Wang, Yang & Ashton, John K. & Jaafar, Aziz, 2019. "Does mutual fund investment influence accounting fraud?," Emerging Markets Review, Elsevier, vol. 38(C), pages 142-158.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Najah Attig & Sean Cleary & Sadok El Ghoul & Omrane Guedhami, 2013. "Institutional Investment Horizons and the Cost of Equity Capital," Financial Management, Financial Management Association International, vol. 42(2), pages 441-477, June.
    2. Peng, Fei & Kang, Lili & Yang, Xiaocong, 2014. "Institutional Monitoring, Coordination and Acquisition Decision in Chinese Public Listed Companies," MPRA Paper 63746, University Library of Munich, Germany.
    3. Elyasiani, Elyas & Jia, Jingyi, 2010. "Distribution of institutional ownership and corporate firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 606-620, March.
    4. Callen, Jeffrey L. & Fang, Xiaohua, 2013. "Institutional investor stability and crash risk: Monitoring versus short-termism?," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3047-3063.
    5. Richard Chung & Scott Fung & Szu-Yin Hung, 2012. "Institutional Investors and Firm Efficiency of Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 171-211, June.
    6. Ruiz-Mallorquí, María Victoria & Santana-Martín, Domingo J., 2011. "Dominant institutional owners and firm value," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 118-129, January.
    7. Shujun Ding & Chunxin Jia & Craig Wilson & Zhenyu Wu, 2015. "Political connections and agency conflicts: the roles of owner and manager political influence on executive compensation," Review of Quantitative Finance and Accounting, Springer, vol. 45(2), pages 407-434, August.
    8. Nguyen, Nghia Huu & Shiu, Cheng-Yi, 2022. "Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom," Journal of Multinational Financial Management, Elsevier, vol. 64(C).
    9. Lin, Yongjia Rebecca & Fu, Xiaoqing Maggie, 2017. "Does institutional ownership influence firm performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 17-57.
    10. Ding, Rong & Hou, Wenxuan & Kuo, Jing-Ming & Lee, Edward, 2013. "Fund ownership and stock price informativeness of Chinese listed firms," Journal of Multinational Financial Management, Elsevier, vol. 23(3), pages 166-185.
    11. Balachandran, Balasingham & Williams, Barry, 2018. "Effective governance, financial markets, financial institutions & crises," Pacific-Basin Finance Journal, Elsevier, vol. 50(C), pages 1-15.
    12. Liu, Ningyue & Laing, Elaine & Cao, Yue & Zhang, Xiaofei, 2018. "Institutional ownership and corporate transparency in China," Finance Research Letters, Elsevier, vol. 24(C), pages 328-336.
    13. Chan, Ann Ling-Ching & Ding, Rong & Hou, Wenxuan, 2014. "Does mutual fund ownership affect financial reporting quality for Chinese privately-owned enterprises?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 131-140.
    14. Jiandong Chen & Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China," Journal of Business Ethics, Springer, vol. 138(4), pages 787-806, November.
    15. Edmans, Alex & Holderness, Clifford, 2016. "Blockholders: A Survey of Theory and Evidence," CEPR Discussion Papers 11442, C.E.P.R. Discussion Papers.
    16. Andriosopoulos, Dimitris & Yang, Shuai, 2015. "The impact of institutional investors on mergers and acquisitions in the United Kingdom," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 547-561.
    17. Nain, Amrita & Yao, Tong, 2013. "Mutual fund skill and the performance of corporate acquirers," Journal of Financial Economics, Elsevier, vol. 110(2), pages 437-456.
    18. Stuart L. Gillan & Laura T. Starks, 2002. "Institutional Investors, Corporate Ownership, and Corporate Governance: Global Perspectives," WIDER Working Paper Series DP2002-09, World Institute for Development Economic Research (UNU-WIDER).
    19. Golbe, Devra L. & Nyman, Ingmar, 2013. "How do share repurchases affect ownership concentration?," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 22-40.
    20. Becker, Bo & Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(4), pages 907-942, August.

    More about this item

    Keywords

    Corporate transparency; Market regulation; Mutual funds; Monitoring; Ethical perspective;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    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:kap:jbuset:v:138:y:2016:i:4:d:10.1007_s10551-015-2797-8. See general information about how to correct material in RePEc.

    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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.