Abstract
This paper studies the impact of investor sentiment on corporate investment efficiency from perspective of controlling shareholders’ catering. Using a sample comprises of the listed Chinese manufacturing companies from 2004-2013, the paper concludes that the controlling shareholders in highly share-concentrated companies not only have the ability and motivation to garb interests from the minority shareholders for PBC, but also can moderate the investor sentiment’s impact on corporate investment efficiency. Besides, different share-holding ratio of controlling shareholders, separation of control rights and cash flow rights, controlling shareholders’ nature were found to have different moderating effect.
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