Ownership structure and firm performances: an empirical analysis of the listed firms in China.
I work on the ownership structure in the listed firms of China. I develop a new classification of the ownership in the listed firms of China and estimate the relationship between the ownership structure and firm performances in three aspects: the relationship between the ultimate controllers and firm performances; the relationship between the largest shareholders and firm performances; the relationship between the state ultimate controllers and firm performances, and how the proportion of shares held by the shareholders which are connected with the ultimate controller affects the relationship between ultimate controller and firm performances. My research contributes to the literature as follows. First, I employ a new classification scheme for ownership structure in Chinese listed firm. The scheme is developed by following two principles: identifying the ultimate owners and distinguishing their objectives. Second, I apply a sample of latest data from CSMAR from 2003 to 2016 and various performance measures to investigate the ownership-performance relation. Moreover, I filter out the shareholders which are related to the ultimate controller as these shareholders serve for ultimate controller and others may have different incentives such as pursue firm profitability instead of social responsibilities.
1st Supervisor: Professor Gulnur Muradoglu
2nd Supervisor: Dr. Deven Bathia
PHD candidate with professional experience in corporate finance. Expertise in ownership and equity structure, corporate governance, behavioural finance. Proficient in quantitative analysis, programming language, data analysis software. MSc in International Financial Management of Queen Mary University of London, MSc in Advanced Computer Science of University of Leicester, BSc in Network Engineering and BE in Finance of University of Shanghai for Science & Technology.
- Wang, J.X., Muradoglu, G., Bathia, D. (2020) Ultimate Control and Firm Performance: An Empirical Analysis of Listed Firms in China. Working Paper.
- Presenting ‘Ultimate Control and Firm Performance: An Empirical Analysis of Listed Firms in China’ in Behavioural Finance Working Group Conference on 7th June 2019.
- Presenting ‘Ultimate Control and Firm Performance: An Empirical Analysis of Listed Firms in China’ in BAFA Corporate Finance and Asset Pricing Conference on 12th September 2019.
- Presenting ‘Ultimate Control and Firm Performance: An Empirical Analysis of Listed Firms in China’ in MFA Annual Meeting 2020 on 6th August 2020.