Familism and Firm Ownership Structure—Empirical Evidence from the Chinese Private Controlled Firms
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| Title | Familism and Firm Ownership Structure—Empirical Evidence from the Chinese Private Controlled Firms
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| Author | Xue Shengxi,Shen Yifeng and Li Peigong |
| Organization | XIAMEN UNIVERSITY |
| Email | dchxsx@126.com；yfshen@xmu.edu.cn；pgli@xmu.edu.cn |
| Key Words | Culture; Familism; Private Controlled Firms; Ownership Structure |
| Abstract | Using a sample of the Chinese listed private controlled firms over the period from 2003 to 2012,which comes from prefecture-level city where more than 95% of the population was classified as Han Chinese,this paper employ the sex ratio at birth in the sixth national fertility survey as a proxy for familism.This paper, to our best knowledge，empirically analyzes the influence of familism on the corporate ownership structure for the first time. The results indicate that the more prevailed the familism in a city, the higher the corporate ownership concentration. When other proxy of familism are used, such as the percent of divorced people in prefecture-level city, the empirical results keep unchanged. As a robust test, empirical results remain the same.The result proved the influence of culture on coroporate ownership structure. |
| Serial Number | WP684 |
| Time | 2014-08-29 |
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