Enhancing Stock Pricing Efficiency through Common Institutional Ownership:Evidence from Chinese Listed Companies
This study investigates the impact of common institutional ownership on the efficiency of stock pricing in Chinese listed companies spanning from 2003 to 2021,leveraging the emerging ownership paradigm of common institutional ownership.Employing empirical analysis grounded in theoretical frameworks,the paper examines the mechanism through which common institutional ownership influences the pricing efficiency of sampled firms.Findings reveal a significant enhancement in stock pricing efficiency attributable to common institutional ownership,a conclusion validated through a battery of robustness tests.Mediation analysis underscores the pivotal role of corporate information disclosure quality as a conduit through which common institutional ownership shapes the stock pricing dynamics of listed companies.Moreover,moderation analysis reveals that the positive influence of common institutional ownership on stock pricing efficiency is more pronounced within manufacturing firms,entities audited by lesser-known audit institutions,those boasting robust corporate governance structures,non-state-owned enterprises,firms characterized by high comparability of accounting information,and those navigating high external environmental uncertainty.The study elucidates how common institutional ownership fosters improved stock pricing efficiency,ultimately mitigating the risk of stock price crashes and attenuating their adverse impact on capital markets.
国家科技期刊平台
NSTL
万方数据
维普
