When external governance actors meet industry mimetic isomorphism: evidence from opportunistic diversification into real estate

Wei Shi, Wenjing Cai, Dave Ketchen and Fuxiu Jiang

Chapter 13 in Research Handbook on Corporate Governance in China, 2025, pp 264-282 from Edward Elgar Publishing

Abstract: This study finds that external governance actors like financial analysts and the media are less effective in preventing opportunistic diversification when such behavior becomes a norm within the industry. In other words, when many firms in the same industry diversify into real estate, financial analysts and the media are less likely to question the wisdom of such moves. To support its arguments, the research uses a 14-year panel dataset of 2287 non-real-estate Chinese firms that diversified into real estate.

Keywords: External governance; Financial analyst; Media; Corporate diversification; Agency theory; Institutional theory (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035312603
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