Asymmetries in tidal flow over a Seto Inland Sea scour pit
In: Journal of marine research, Volume 67, Issue 5, p. 619-635
ISSN: 1543-9542
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In: Journal of marine research, Volume 67, Issue 5, p. 619-635
ISSN: 1543-9542
In: Ecotoxicology and environmental safety: EES ; official journal of the International Society of Ecotoxicology and Environmental safety, Volume 278, p. 116440
ISSN: 1090-2414
In: Corporate governance: an international review
ISSN: 1467-8683
AbstractResearch QuestionDisputes over the corporate governance impacts of common ownership continue. Differentiating from existing studies, we focus on the Chinese stock market, exploiting the Top 10 Shareholding File, which includes various investors besides institutional investors, to study the impact of common ownership built through blockholders on corporate risk‐taking behavior.Research FindingsWe find that firms with higher common ownership are less likely to engage in corporate risk‐taking, with concomitant decreases in future growth rates. Mechanism analysis shows that blockholders' common ownership exerts its influence through increasing market concentration, with concomitant lessening of market competition. Interestingly, further analyses indicate that, in contrast to blockholders, ownership connectedness built by mutual fund families significantly raises corporate risk‐taking along with growth. However, individual investors' common ownership does not show the significant statistical relationship with corporate risk‐taking.Theoretical ImplicationsWe add to the debate on common ownership on corporate governance. Consistent with the anti‐competition stream of literature, the risk‐taking‐reduction role we identify for blockholder common ownership supports the theory of anti‐competition. Our results highlight the need to consider the heterogeneity of common ownership.Policy ImplicationsWhile blockholder common ownership is evidenced to have a negative effect on corporate risk‐taking, with, by extension, a negative impact on economic development, our results also suggest that efficient monitoring mitigates these effects. We also document an interesting heterogeneity in investor types. Mutual fund common ownership, in contrast to blockholder common ownership, is associated with higher risk‐taking and more robust firm growth. This suggests the positive role of institutions in corporate governance and the necessity of considering the heterogeneity of common ownership.
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 217, p. 108566
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 220, p. 108838
ISSN: 1872-7107
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 193, p. 106702
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 211, p. 108034
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 214, p. 108352
In: Computers and electronics in agriculture: COMPAG online ; an international journal, Volume 186, p. 106193