Abstract
There are various or even contradictory conclusions about the relationships between enterprises' shareholding concentration ratio and firm value: positive correlation, negative correlation, inverted U-shaped, or no relationship. These disagreements make this proposition attract more and more attention. However, there are few studies on the relationship under family governance. This paper investigates the annual reports in 2007 of family owned listed companies in Zhejiang province, using statistical regression method to analyze the relationship between shareholding concentration ratio and firm value. The result displays inverted U-shaped relationship between these two, which would provide some suggestions to the structural adjustment of family business governance.
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