The Impact of Equity Concentration on Enterprise Overinvestment —Based on the Perspective of Internal Control

DOI

10.2991/aebmr.k.191217.162How to use a DOI?

Keywords

Equity concentration, Internal control, Overinvestment, Investment efficiency

Abstract

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.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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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  - 10.2991/aebmr.k.191217.162
ID  - Pan2019
ER  -