The Impact of Equity Concentration on Enterprise Overinvestment —Based on the Perspective of Internal Control
Lisheng Pan, Wuyou Cheng
Available Online 20 December 2019.
- https://doi.org/10.2991/aebmr.k.191217.162How to use a DOI?
- Equity concentration, Internal control, Overinvestment, Investment efficiency
- This paper takes A-share listed companies from 2013 to 2017 as a sample to empirically study the relationship between equity concentration, internal control and overinvestment, and the impact of internal control on the mechanism of equity concentration. The results show that equity concentration is positively correlated with overinvestment, internal control and overinvestment are negatively correlated, and internal control can weaken the positive effect of equity concentration on overinvestment, that is, internal control effectively mitigates the impact of equity concentration on overinvestment by mitigating information asymmetry and agency conflicts.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Lisheng Pan AU - Wuyou Cheng PY - 2019 DA - 2019/12/20 TI - The Impact of Equity Concentration on Enterprise Overinvestment —Based on the Perspective of Internal Control BT - Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019) PB - Atlantis Press SP - 943 EP - 950 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.191217.162 DO - https://doi.org/10.2991/aebmr.k.191217.162 ID - Pan2019 ER -