The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance

Zhe Liu

doi:10.47297/wspeiWSP2516-253516.20261001

PDF
导出
分享
收藏
专辑

The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance

10卷第1期

浏览量: 0 Downloads: 0

The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance
The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance
Zhontong Tech Co.,Ltd., Wuzhong, Ningxia Hui Autonomous Region, 751100, China
2026年10卷第1期页码：77-83
纸质出版：2026-02-28
DOI：10.47297/wspeiWSP2516-253516.20261001
Accepted：

Scan QR Code

Zhe Liu. (2026). The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance. 创业与创新（英文版）, 10(1), 77-83.

Liu Zhe.The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance[J].Entrepreneurship and Innovation,2026,10(01):77-83.
Zhe Liu. (2026). The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance. 创业与创新（英文版）, 10(1), 77-83. DOI： 10.47297/wspeiWSP2516-253516.20261001.

Liu Zhe.The Study on the Impact of Ownership Structure of Listed Manufacturing Companies on Operational Performance[J].Entrepreneurship and Innovation,2026,10(01):77-83. DOI： 10.47297/wspeiWSP2516-253516.20261001.

摘要

Abstract

Ownership structure has a significant impact on corporate governance and business performance. This study uses a sample of 7

959 observations from listed manufacturing companies in China between 2012 and 2024

applying multiple linear regression analysis to examine the influence of different dimensions of ownership structure on business performance. The results show that the shareholding ratio of the largest shareholder

the top five shareholders

and the ownership balance index are all significantly positively correlated with Return on Assets (ROA). When Return on Equity (ROE) is used as a substitute

the conclusion remains robust. Moderate ownership concentration is beneficial for supervision and reducing agency costs

while effective shareholder balance can limit the risks of "single shareholder dominance." Both factors work together to enhance business performance. This study provides empirical evidence for understanding the governance effects of ownership structure in a transforming economy and offers important insights for businesses and regulatory authorities.

关键词

Keywords

references

Ahmad R. , Said R. , & Arsad S . ( 2017 ). The board governance mechanism and the effect of concentration ownership on Malaysia companies performance . International Journal of Academic Research in Business and Social Sciences , 7 ( 2 ), 757 - 768 .

Bykova A. , Molodchik M. , & Shamilova E . ( 2017 ). Ownership concentration, corporate governance development and firm performance in Russian listed companies . Applied Econometrics , 45 , 50 - 74 .

Chen H. , Qiao S. , & Zhang K . ( 2024 ). Equity structure and corporate innovation performance: Evidence from Chinese high-tech companies . Heliyon , 10 .

Cui Y . K . ( 2020 ). The proportion of shares held by the largest shareholder and the performance of agricultural listed companies: Also discussing the equity proportion arrangement in the mixed ownership reform. Financial and Accounting Monthly , 4 , 8 .

Maniruzzaman M. , Hossain S. Z. , & Sayaduzzaman M . ( 2024 ). Ownership concentration and corporate financial performance: A study on listed manufacturing companies in Bangladesh . The Cost and Management , 51 ( 6 ), 12 - 22 .

Ma X. , & Han S . ( 2023 ). Research on capital structure and operating performance of listed banks . Social Security and Administration Management , 4(4) .

Nashier T. , & Gupta A . ( 2023 ). Ownership concentration and firm performance in India . Global Business Review , 24 ( 2 ), 353 - 370 .

Torres P. , Silva P. , & Augusto M . ( 2024 ). Equity ownership concentration and firm growth: The moderating role of industry growth . Management Research Review , 47 ( 7 ), 1096 - 1111 .

Wang L. , Han D. , & Zhang C . ( 2021 ). Ownership concentration, R&D investment, and corporate performance of small and medium-sized board companies . Accounting Friends , ( 03 ), 117 - 123 .

Wei Z . ( 2023 ). Equity concentration and investment efficiency . Frontiers in Business, Economics and Management , 11 ( 2 ), 163 - 170 .

Yang Z. Y. , Li C. H. , & Xu X . R . ( 2016 ). An empirical analysis of the impact of ownership structure on operational performance in forestry listed companies. Forestry Economics Issues , 36 ( 04 ), 380 - 384 .

Zhao G. Y. , & Yu W . ( 2018 ). The corporate governance effect of the controlling shareholder's equity balance: Evidence from private listed companies . Foreign Economics and Management , 11 .

文章被引用时，请邮件提醒。

Submit

No data

Related Author

No data

Related Institution

No data

⁰