How much concentration is good for minority shareholders? Evidence from Chinese companies

Chaoyan Wang () and Yang Tian
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Chaoyan Wang: University of Nottingham Ningbo China
Yang Tian: PricewaterhouseCoopers Zhong Tian LLP

Journal of Asset Management, 2025, vol. 26, issue 1, No 5, 82 pages

Abstract: Abstract Using moderation and mediation analyses, we examine when and how a concentrated ownership structure might benefit minority shareholders in China’s stock markets. Our findings suggest that a moderate level of ownership concentration in Chinese private companies enhances earnings informativeness, leading not only to increased profitability but also to greater incorporation of information into share prices. However, this relationship weakened after the market crash in 2015.

Keywords: Ownership concentration; Earnings informativeness; Moderation and mediation analysis (search for similar items in EconPapers)
JEL-codes: G12 G14 G32 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1057/s41260-024-00392-x

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