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Listed Companies' Ownership Structure, Capital Structure and Corporate Performance under Different Growth Opportunities: An Empirical Study Based on China Listed Companies in Distribution Industry |
WANG Xu-hui XU Jian |
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Abstract This paper empirically tests the effect of ownership structure and capital structure on corporate performance, as well as the moderating role of growth opportunities on the basis of China A-share listed companies in distribution industry. The results show that the share of the largest shareholder, the share of the second to the tenth largest shareholders, and long debt ratio have significant positive influence on corporate performance, while the proportion of state-owned shares, the proportion of management shareholding, and asset-liability ratio have significant negative influence on corporate performance. With the increase of growth opportunities, the impacts of the stocks owned by the second to the tenth largest shareholders and non-state-owned corporations on corporate performance are rising. The impacts of the largest shareholder's share, state-owned shares, management shareholding, asset-liability ratio and long debt ratio on the firm performance will not change with the differen
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Received: 06 May 2009
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Corresponding Authors:
WANG Xu-hui
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