Heterogeneous Effects of Ownership Structure on Financial Performance Across Industries in China’s A-Share Market

Yifei Yao ()
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Yifei Yao: The Chinese University of Hong Kong, School of Science and Engineering

A chapter in Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), 2025, pp 189-196 from Springer

Abstract: Abstract As the market continues to evolve, understanding the relationship between ownership patterns and firm performance becomes crucial for investors, regulators, and corporate managers alike. Against this backdrop, the study aims to examine how ownership structure affects financial performance, particularly through valuation metrics such as return on total assets and return on equity, across three key industries in China’s A-share market which are Pharmaceuticals (C27), Metals (C31), and Information Technology (I65). Utilizing the corresponding data of ownership concentration and ownership balance from CSMAR database from 2014 to 2024 and the panel regression models, the study figures out that the ownership structure variables show significant and positive effects on financial outcomes in traditional sectors like steel. While in knowledge-intensive sectors such as software and pharmaceuticals, the effects are more heterogeneous. The research findings underscore the importance of industry-specific ownership strategies in enhancing corporate governance literature, offering practical guidance for formulating policies and making informed stock investment decisions.

Keywords: Ownership Structure; Financial Performance; Industry Heterogeneity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-874-5_24

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DOI: 10.2991/978-94-6463-874-5_24

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