Takeover deterrence with state ownership: Evidence from China

被引：3
|
作者：
Su, Zhiwei [1 ]
Xue, Yi [2 ]
机构：
[1] Univ Macau, Fac Business Adm, Macau 999078, Peoples R China
[2] Univ Int Business & Econ, Chaoyang 100029, Beijing, Peoples R China
来源：
JOURNAL OF BANKING & FINANCE | 2023年 / 146卷
基金：
中国国家自然科学基金;
关键词：
Deterrence; Privatization; State-owned enterprises; Takeover; PRIVATIZATION; MANAGEMENT; DEFENSES; RIGHTS; STOCK; LAW;
D O I：
10.1016/j.jbankfin.2022.106689
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the role of Chinese state ownership in deterring takeovers. We document state own-ership's reduction in firms' susceptibility to potential takeovers. Using staggered privatization of the state-owned shareholders of public firms, as shocks to the deterrent effect of the state, we find that state-owned shareholders can insulate their portfolio firms from potential takeovers. The deterrent effect of state ownership is concentrated in strategic industries and well-functioning assets, alleviating managerial short-termism.(c) 2022 Elsevier B.V. All rights reserved.
引用
收藏
页数：15
相关论文
共 50 条
  • [1] Family Ownership and Value of Takeover: Evidence from India
    Dixit, Jyoti
    Singh, Poonam
    REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES, 2023, 26 (02)
  • [2] State ownership and acquisition speed: evidence from China
    Niu, Xiaotong
    Tang, Meiling
    Li, Jinhong
    APPLIED ECONOMICS LETTERS, 2024,
  • [3] State ownership and the value of sustainability: Evidence from China
    Wu, Zhenshu
    Pownall, Rachel
    Shih, Yi-Cheng
    Zhang, Chendi
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2025, 102
  • [4] State ownership and credit rationing: Evidence From China✩
    Gao, Han
    Li, Jie
    Liu, Fang
    Wu, Jin
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 88 : 237 - 257
  • [5] Privatisation, State Ownership and Productivity: Evidence from China
    Driffield, Nigel
    Du, Jun
    INTERNATIONAL JOURNAL OF THE ECONOMICS OF BUSINESS, 2007, 14 (02) : 215 - 239
  • [6] State Ownership and Corporate Performance: Evidence from China
    Jun, Bai
    ADVANCES IN MANAGEMENT OF TECHNOLOGY, PT 1, 2008, : 808 - 812
  • [7] The takeover market's effect on managerial ownership: evidence from hostile takeover susceptibility
    Chatjuthamard, Pattanaporn
    Kijkasiwat, Ploypailin
    Jiraporn, Pornsit
    Uyar, Ali
    MANAGEMENT RESEARCH REVIEW, 2023, 46 (07): : 996 - 1015
  • [8] The takeover market's effect on managerial ownership: evidence from hostile takeover susceptibility
    Chatjuthamard, Pattanaporn
    Kijkasiwat, Ploypailin
    Jiraporn, Pornsit
    Uyar, Ali
    MANAGEMENT RESEARCH REVIEW, 2022,
  • [9] Corporate Governance Reform and State Ownership: Evidence from China
    Lu, Yao
    Shi, Xinzheng
    ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2012, 41 (06) : 665 - 685
  • [10] State ownership and banks' information rents: Evidence from China
    Yu, Fengyan
    Liang, Qi
    Wang, Wei
    FINANCIAL REVIEW, 2020, 55 (02) : 277 - 305
12345