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Shareholder Relationship Networks and Investment Efficiency

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  • Wenhao Wang

    (Jinan University)

Abstract

This paper examines how shareholder relationship networks affect corporate investment efficiency in emerging markets. Based on from 2009 to 2023, we construct shareholder networks using common ownership ties among the top ten shareholders, and employ betweenness centrality to capture firms’ network positions. Empirical results show that a firm’s network centrality significantly improves its investment efficiency. Firms with higher centrality suffer from fewer over-investment and under-investment problems. The results indicates that the coefficient of network centrality on investment inefficiency is negative. In China’s market, the governance role of shareholder networks—including better information sharing and stronger external monitoring—dominates the risk of collusive behavior.

Suggested Citation

  • Wenhao Wang, 2026. "Shareholder Relationship Networks and Investment Efficiency," Advances in Economics, Business and Management Research,, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6239-699-9_12
    DOI: 10.2991/978-94-6239-699-9_12
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