期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2021
卷号：13
期号：12
页码：1-13
DOI：10.5539/ijef.v13n12p1
语种：English
出版社：Canadian Center of Science and Education
摘要：Based on the data of listed companies in Shanghai and Shenzhen from 2013 to 2018, this paper analyzes the impact of institutional investors’ shareholding on corporate performance and discusses the intermediary role of control transfer and the moderating role of management power. The results show that institutional investors’ shareholding and control transfer have significant positive effects on corporate performance. Control transfer plays a partial mediating role between institutional investors’ shareholding and corporate performance. Management power has a negative moderating effect on the relationship between institutional investors’ shareholding and a control transfer. This paper provides a new theoretical explanation and empirical evidence for institutional investors to improve corporate performance from the perspective of control transfer, reveals the mechanism of management power in the process of a control transfer, and provides a theoretical basis for the development of institutional investors.
