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| Influence of Common Ownership on Managerial Myopia |
| WANG Jing，CHEN Shenglan |
| 1. Inner Mongolia University, Hohhot, China; 2. Zhejiang University of Technology, Hangzhou, China |
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Abstract Based on the data of Chinese listed companies in 2011~2020, this study constructs the managerial myopia index through the method of text analysis, and examines the influence of common ownership on the managerial myopia. The results show that common ownership has a significant negative impact on the managerial myopia. Common ownership can strengthen the supervision of companies and improve the level of corporate governance to reduce the managerial myopia; it can also reduce the threat of the withdrawal of major shareholders, thereby relieving the external pressure of managers and reducing the managerial myopia. Further research shows that common ownership mainly affects the managerial myopia of non-state-owned enterprises, but the impact on state-owned enterprises is not significant. It is mainly the long-term common ownership that has an impact on the managerial myopia, and the short-term common ownership has no significant impact on the managerial myopia.
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Received: 27 November 2022
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