Institutional Investors’ Shareholding, Control Transfer and Corporate Performance

Qiuju Zhao, Huiming Wang, Dongsheng Li and Wei Li

International Journal of Economics and Finance, 2021, vol. 13, issue 12, 1

Abstract: Based on the data of listed companies in Shanghai and Shenzhen from 2013 to 2018, this paper analyzes the impact of institutional investors’ shareholding on corporate performance and discusses the intermediary role of control transfer and the moderating role of management power. The results show that institutional investors’ shareholding and control transfer have significant positive effects on corporate performance. Control transfer plays a partial mediating role between institutional investors’ shareholding and corporate performance. Management power has a negative moderating effect on the relationship between institutional investors’ shareholding and a control transfer. This paper provides a new theoretical explanation and empirical evidence for institutional investors to improve corporate performance from the perspective of control transfer, reveals the mechanism of management power in the process of a control transfer, and provides a theoretical basis for the development of institutional investors.

Date: 2021
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