Ultimate ownership, investor relations management and firm value: Evidence from family listed-companies in China

摘要

This thesis analyzes the affection of ultimate ownership to IRM and firm value under family pyramid structure of China. We find that: the IRM of family listed-companies has a negative relation with control rights of family controlling, positive relation with cash flow rights, negative relation with excessive control rights and positive relation with firm value. Further more, the IRM and firm value of family listed-companies has a negative relation with whether or not controlling shareholder appoints to management layer and whether CEO unites as one or not with president.