Title :
Shareholder-Manager Disagreement and Corporate Investment: Evidence from China Stock Market
Author :
Xu Yue ; Liu Zhi-xin
Author_Institution :
Sch. of Econ. & Manage., BeiHang Univ., Beijing, China
Abstract :
This article theoretically analyses how shareholder-manager disagreement affects corporate investment, and firstly tests this theory using panel data of China listed companies. The results confirm the negative effect of shareholder-manager disagreement on real investment in China stock market, and originally prove that disagreement theory may act as one possible explanation for investment sensitivity to stock price.
Keywords :
investment; pricing; stock markets; China stock market; corporate investment; investment sensitivity; panel data; shareholder-manager disagreement; stock price; Conference management; Data engineering; Economic forecasting; Engineering management; Finance; Information analysis; Information science; Investments; Stock markets; Testing;
Conference_Titel :
Information Science and Engineering (ICISE), 2009 1st International Conference on
Conference_Location :
Nanjing
Print_ISBN :
978-1-4244-4909-5
DOI :
10.1109/ICISE.2009.1061
