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《Journal of Finance and Economics》 2009-04
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Governmental Control,Stock Holding of Institutional Investors and Protection of Investors' Rights

LIU Zhi-yuan,HUA Gui-ru (Department of Accounting,Nankai University,Tianjin 300071, China)  
Based on the institutional-level factors of governmental control,the paper discusses the shareholder activism behaviors of institutional investors through analyzing the case of controlling shareholders' embezzlement.The results show that,generally,institutional investors can restrain shareholders' embezzlement behaviors and protect shareholders' rights.However,compared with listed companies which are non-governmentally controlled, the shareholder activism behaviors of institutional investors are limited more. Its effects on restraining embezzlement behaviors and protecting shareholders' rights are worse and this situation is caused by local governmental control on listed companies.It means that the institutional-level factors of governmental control have significant impacts on the shareholder activism behaviors of institutional investors.
【Fund】： 国家自然科学基金资助项目(70672031);; 国家自然科学基金资助项目(70872052);; 南开大学“985”工程资助项目(1050821210)
【CateGory Index】： F275
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