Government intervention and investment comovement: Chinese evidence

Chen, Donghua, Khan, Saqib, Yu, Xin and Zhang, Zhou (2013) Government intervention and investment comovement: Chinese evidence. Journal of Business Finance and Accounting, 40 3-4: 564-587. doi:10.1111/jbfa.12022

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Author Chen, Donghua
Khan, Saqib
Yu, Xin
Zhang, Zhou
Title Government intervention and investment comovement: Chinese evidence
Journal name Journal of Business Finance and Accounting   Check publisher's open access policy
ISSN 0306-686X
1468-5957
Publication date 2013-04
Sub-type Article (original research)
DOI 10.1111/jbfa.12022
Open Access Status
Volume 40
Issue 3-4
Start page 564
End page 587
Total pages 24
Place of publication Chichester, West Sussex, United Kingdom
Publisher Wiley-Blackwell Publishing
Collection year 2014
Language eng
Formatted abstract
This study examines whether government intervention affects corporate investment comovement, and whether this impact varies across firms with different types of ownership. We use a large Chinese sample to investigate these questions, and perform a regional as well as firm-level analysis. We show that government intervention is positively and significantly associated with investment comovement. We also find that the impact of government intervention on investment comovement is higher and more significant for state-owned firms than for domestic private and foreign firms. Finally, we show that investment comovement hinders corporate performance for state-owned and domestic private firms but not for foreign firms.
Keyword Investment comovement
Government intervention
Ownership
China
Firms
Allocation
Ownership
Earnings
Markets
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2014 Collection
UQ Business School Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 5 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 6 times in Scopus Article | Citations
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Created: Sun, 09 Jun 2013, 00:37:29 EST by System User on behalf of UQ Business School