Disputes over Corporate Control at Chinese Firms

Danni Chen, Xue Chen, Xiaoling Pu and Hao Luo

Emerging Markets Finance and Trade, 2020, vol. 56, issue 4, 894-912

Abstract: We investigate disputes over corporate control in Chinese stock markets from 2001 to 2012. We find that firms involved in such disputes usually have low financial performance and high leverage risks. Because control rights can create value for shareholders, the cumulative abnormal returns around the fights for control are positive in both the short and long runs. In addition, the top management benefits from improved financial performance afterward.

Date: 2020
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DOI: 10.1080/1540496X.2019.1615879

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