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Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market./
Author:	Xie, Fenghua.
Description:	1 online resource (215 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
Subject:	Business administration. -
Online resource:	click for full text (PQDT)
ISBN:	9781369747089

Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market.
Xie, Fenghua.

Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market. - 1 online resource (215 pages)

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (D.B.A.)

Includes bibliographical references

Shareholder Activism is a mechanism by which investors who hold a significant but non-majority percentage of a company's stock, exercise their voting rights, participate in corporate governance and influence operational decisions of target companies. The purpose is improve corporate governance, increase firm performance and boost shareholders' returns. Existing studies of shareholder activism, based largely in mature capital markets like the US, come to different conclusions regarding its impact on firm performance.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781369747089Subjects--Topical Terms:

1148568
Business administration.
Index Terms--Genre/Form:

554714
Electronic books.

Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market.
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099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Xie, Fenghua. $3 1182678
245 1 0 $a Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market.
264 0 $c 2017
300 $a 1 online resource (215 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Advisers: Sunil Wahal; Hong Yan.
502 $a Thesis (D.B.A.) $c Arizona State University $d 2017.
504 $a Includes bibliographical references
520 $a Shareholder Activism is a mechanism by which investors who hold a significant but non-majority percentage of a company's stock, exercise their voting rights, participate in corporate governance and influence operational decisions of target companies. The purpose is improve corporate governance, increase firm performance and boost shareholders' returns. Existing studies of shareholder activism, based largely in mature capital markets like the US, come to different conclusions regarding its impact on firm performance.
520 $a In this paper, I collect data on shareholder activism events in the China A Share market between 2006 and 2016. The sample includes 60 companies targeted by 42 activist investors over this period. I find that institutional investors, typically industrial capital and private funds, playing an increasingly important role in corporate governance of Chinese listed companies through activism. The disclosure of the holdings of activists results in large gains in the target firm. I also find subsequent improvements in long -term operational performance of target firms. Activist investors in China focus on smaller targets and those characterized by higher agency costs and lower operating performance. Activists appear to be largely concerned with improvements in business strategy and M&A activity. Non-hostile behavior is more likely to be related to successful activism in China. In addition to statistical evidence, I present case studies of the "BaoWan dispute" and the activist investment of Butterfly Capital in two firms, "Guonong" and "Xiuqiang". The case studies highlight the mechanism employed by these firms to influence performance.
520 $a I conclude with policy recommendations and direction for further research.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Business administration. $3 1148568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0310
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Arizona State University. $b Business Administration. $3 1179476
773 0 $t Dissertation Abstracts International $g 78-09A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10274148 $z click for full text (PQDT)