机构投资者与大股东互惠性行为的治理效应实验
首发时间:2017-05-11
摘要:本文基于互惠理论,运用实验研究方法,研究机构投资者与大股东之间的互惠行为对大股东的投资行为的影响。研究发现:大股东对机构投资者的互惠行为会激发对方的互惠反馈,机构投资者做出强烈的互惠反馈能够激发大股东对投资项目选择的改变,而较低程度互惠反馈行为的激励作用不明显。并且,互惠个体更倾向于给予对方积极互惠反应以建立长期良好的互惠关系。
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An Empirical Research on the Governance Effect of Reciprocal Behavior between Institutional Investor and large shareholder
Abstract:Based on the reciprocity theory, this paper explores how reciprocal behavior between institutional investor and large shareholder to impacts large shareholder's choice of investment, using experimental research method. The findings indicate that, the reciprocal behavior to institutional investor will motivate their reciprocal feedback. And, the strong reciprocal feedback from institutional investor can change shareholder's investment decision. While low levels of feedback does not work. Also, Reciprocal individual tends to provide positive feedback in order to establish a long-term good relationship.
Keywords: Institutional investor Large Shareholder Reciprocity
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