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Institutional Investor Heterogeneity on Corporate Governance under the Background of Big Data

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DOI: 10.23977/acccm.2022.040402 | Downloads: 14 | Views: 516

Author(s)

Yisui Wu 1, Pochang Ko 1, Juichan Huang 2

Affiliation(s)

1 Department of Intelligent Commerce, National Kaohsiung University of Science and Technology, Kaohsiung City, 824004, Taiwan
2 Yango University, Fuzhou, 350015, China

Corresponding Author

Juichan Huang

ABSTRACT

With the development of institutional investors, institutional investors have become an active subject in today's capital market. They begin to obtain long-term benefits by improving corporate governance, improving corporate performance and enhancing core competitiveness of listed companies. This study mainly discusses the impact of institutional investors' heterogeneity on corporate governance under the background of big data. The financial data of this study are all from wind database, and statal5.1 software is used for comprehensive operation. In order to ensure the logicality of the whole data research, this study eliminates st and * ST listed companies, companies with various data missing, and finally determines 2043 samples as the object of this study. In this study, ROA is taken as the overall performance index of the company, which shows the overall profit level of the enterprise. In addition, the ratio of research investment to main business income is used as one of the important indicators to evaluate the income intensity. In order to study the relationship between institutional investors and real earnings management activities, this paper uses the method of controlling the shareholding ratio of institutional investors to further explore whether the heterogeneity of institutional investors has different effects. In terms of control variables, we mainly consider several important indicators such as enterprise scale, asset liability ratio, cash flow and equity concentration. The average value of the overall shareholding ratio of institutional investors is 0.1208, and the average shareholding ratio of institutional investors is 12.08%, which is far less than the 50-60% shareholding ratio of mature market. The results show that the proportion of investors holding shares increases with the increase of return on total assets, which means that the higher the proportion of institutional investors, the better the performance of enterprises.

KEYWORDS

Big Data, Institutional Investors, Investor Heterogeneity, Corporate Governance

CITE THIS PAPER

Yisui Wu, Pochang Ko, Juichan Huang, Institutional Investor Heterogeneity on Corporate Governance under the Background of Big Data. Accounting and Corporate Management (2022) Vol. 4: 7-21. DOI: http://dx.doi.org/10.23977/acccm.2022.040402.

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