Are Investor Protection and Ownership Concentration Substitutes in Chinese Family Firms?

Zhou, J, Tam, O and Lan, W 2015, 'Are Investor Protection and Ownership Concentration Substitutes in Chinese Family Firms?', Emerging Markets Finance and Trade, vol. 51, no. 2, pp. 432-443.


Document type: Journal Article
Collection: Journal Articles

Title Are Investor Protection and Ownership Concentration Substitutes in Chinese Family Firms?
Author(s) Zhou, J
Tam, O
Lan, W
Year 2015
Journal name Emerging Markets Finance and Trade
Volume number 51
Issue number 2
Start page 432
End page 443
Total pages 12
Publisher Routledge
Abstract By using a unique and detailed data set on China's family firms, we investigate the effect of investor protection on the choice of ownership concentration of family businesses. Our study extends the literature's focus on intercountry analysis by presenting a new perspective based on investor protection variations among regions within a country. We find that family ownership concentration in general complements investor protection in China. They can, however, be substitutes for one another when managerial power remains in t he family. Our results are robust to various specifications of variables and model estimations.
Subject Applied Economics not elsewhere classified
Keyword(s) China
family firms
investor protection
ownership concentration
DOI - identifier 10.1080/1540496X.2015.1024553
Copyright notice © Taylor and Francis Group, LLC
ISSN 1540-496X
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