Actual Controller's Characteristics And Institutional Investor Investment:Evidence From NEEQ Private Companies

This paper starts from Hambrick and Mason(1984)'s Upper Echelon theory and Bertrand and Schoar(2003)'s discussion toward the relationship between top management and corporate strategies,based on which this paper holds the view that actual controller's characteristics will have influence on corporate behaviors and institutional investor's investment.Then,this paper reviews the empirical studies of top management's characteristics and corporate strategy and performance,female top management and corporate performance,domestic scholars' research on top management's characteristics and corporate non-performance behaviors.Based on the existing research,this paper collects data from China NEEQ market and introduces marketization index into the regression analysis to explore the relationship between actual controller's characteristics(sex,age and education)and institutional investor's investment.This paper finds that actual controller's age and level of education are negatively and positively correlated with institutional investor's investment,while actual controller's sex has no relationship with institutional investor's investment.The relationship between age and institutional investor's investment will be strengthened in the provinces with high level of marketization.