IDEAS home Printed from https://ideas.repec.org/a/mes/emfitr/v48y2012is3p35-44.html
   My bibliography  Save this article

Impact on Agency Problems of China's Reform of the Split-Share Structure

Author

Listed:
  • Tzu-Yun Tseng

Abstract

China's unique split-share structure has resulted in serious agency problems. Moreover, the literature has shown that free cash flow and overinvestment problems are common in China's listed firms. This paper investigates the impact of the split-share structure reform on agency problems. The paper finds a decrease in investment-cash flow sensitivity after the reform of the split-share structure, which is evidence for a decrease in agency problems in China's listed firms after this reform. The result implies that the split-share structure reform has eased the agency problems in China's listed firms.

Suggested Citation

  • Tzu-Yun Tseng, 2012. "Impact on Agency Problems of China's Reform of the Split-Share Structure," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(S3), pages 35-44, September.
  • Handle: RePEc:mes:emfitr:v:48:y:2012:i:s3:p:35-44
    as

    Download full text from publisher

    File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C0N0K573RP341317
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

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

    Citations

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


    Cited by:

    1. Luo, Yan & Ren, Jinjuan & Wang, Yizhi, 2015. "Misvaluation comovement, market efficiency and the cross-section of stock returns: Evidence from China," Economic Systems, Elsevier, vol. 39(3), pages 390-412.

    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:mes:emfitr:v:48:y:2012:i:s3:p:35-44. 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.

    We have no bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MREE20 .

    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.