Equity concentration and investment efficiency of energy companies in China: Evidence based on the shock of deregulation of QFIIs

Does COVID-19 make the firms’ performance worse? Evidence from the Chinese listed companies

“…In previous studies, the heterogeneous concentration degree of ownership may alter the operati behaviors either for listed firms or private firms ( Wruck, 1989 ). In some cases, the higher concentration may relate the decision efficiency, corporate governance, and so forth ( Wang et al, 2021 ). state control status, which is measured by the dummy variable based on the status of control equity, if the controlling equity belongs to state-owned ownership, then we make it a value of 1; otherwise, the value of 0.…”

“…In previous studies, the heterogeneous concentration degree of ownership may alter the operati behaviors either for listed firms or private firms ( Wruck, 1989 ). In some cases, the higher concentration may relate the decision efficiency, corporate governance, and so forth ( Wang et al, 2021 ).…”

Entrepreneurial human capital, equity concentration and firm performance: Evidence from companies listed on China's Growth Enterprise Market

“…Gaur et al (2015) argued that a lack of ownership concentration could lead to agency problems, resulting in poor performance. Wang et al (2021) found that a higher ownership concentration significantly increased the investment efficiency of energy companies in China. Gürsoy and Aydo gan (2002) argued that higher ownership concentration leads to better market performance but poorer accounting performance.…”

Overnight-Intraday Mispricing of Chinese Energy Stocks: A View from Financial Anomalies

“…Energy finance is an interdisciplinary, setting up a bridge between two most important industries in real life. In recent years, topics on asset pricing, financial risk management, investment, and so on have been widely applied in the energy industry area (Lian et al, 2020;Ye et al, 2020;Zolfaghari et al, 2020;Dai et al, 2021;Ghoddusi and Wirl, 2021;Si et al, 2021;Wang et al, 2021). Specifically, Lian et al (2020) examine how the tail behavior of various risk factors affects the tail behavior of individual oil stock returns; Ye et al (2020) investigate the interaction between crude oil prices and investor sentiment from the time and the frequency domains; Zolfaghari et al (2020) verify that the energy market and the stock market have stronger co-volatility spillover than foreign currency market; Ghoddusi and Wirl (2021) discuss the risk-hedging feature of the refinery industry when the crude oil market faces supply vs. demand shocks; Dai et al (2021) demonstrate that the skewness of oil price return can predict the aggregate stock market returns; Si et al (2021) investigate the effects of financial deregulation on the energy enterprises' operational risks in China; Wang et al (2021) examine the impact of equity concentration on the investment efficiency of Chinese energy companies based on the shock that the shareholding ratio restriction of qualified foreign institutional investors (QFIIs) is relaxed.…”