Does ownership structure affect performance? Evidence from Chinese mutual funds
Mamatzakis, Emmanuel and Xu, B. (2021) Does ownership structure affect performance? Evidence from Chinese mutual funds. Review of Quantitative Finance and Accounting 56 , pp. 1399-1435. ISSN 1573-7179.
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Abstract
This paper examines the impact of ownership structure on Chinese mutual fund performance and market share. We focus on two dimensions of ownership structure, namely the background of the owners and the degree of ownership concentration. Using a hand-collected dataset comprising 731 observations for 94 fund management companies over the period from 2005 to 2015, we provide evidence with panel estimation shows that the government ownership ratio and government-controlled companies have a positive effect on funds’ performance. On the other hand, foreign ownership has a negative impact on performance and market share. Having a higher ownership concentration is more likely to increase the company’s market share, whereas government-controlled companies experience a negative impact on their market share.
Metadata
| Item Type: | Article |
|---|---|
| Keyword(s) / Subject(s): | Chinese mutual fund performance, Ownership structure, Market share, GMM |
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Research Centres and Institutes: | Accounting and Finance Research Centre |
| Depositing User: | Emmanuel Mamatzakis |
| Date Deposited: | 24 Sep 2020 08:32 |
| Last Modified: | 02 Aug 2023 18:04 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/40890 |
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