Contenido informativo de las Juntas Generales de Accionistas en China

Author

Quineche Verano, Camilo

Abstract

The objective of this paper is to analyze the information content provided to shareholders and potential investors when a General Shareholders' Meeting is held, whether ordinary or extraordinary, in the People's Republic of China. To do this, we selected the CSI300 index and obtained the information from the ordinary and extraordinary meetings that had been held between the years 2010 - 2021. With this information, we carried out a study of events to measure the behavior of three variables: profitability, volatility and volume. In the study we also consider those periods of time in which the Chinese Company Law has submitted an amendment, which could cause the content of General and Shareholders Meetings to be modified.
The results obtained show that there is a greater volatility of the yields after the celebration of an ordinary meeting. In contrast, holding an extraordinary meeting presents this volatility both before and after the event. This can be explained because extraordinary meetings are not planned and could bring unanticipated information that causes positive or negative impacts on the companies. These increases in volatility only caused, for the period 2010-2013, increases in volume.
On the profitability side, we did not find positive or negative abnormal returns on the dates of the General Shareholders' Meetings. Based on this, we can conclude that the increase in the participation of minority shareholders in the meetings and the type of information shared do not have a statistically significant impact on the aggregate returns of the CSI 300 companies.

Director

Martínez Blasco, Mónica

Degree

IQS SM - Master’s Degree in Auditing and Management Control

Date

2022-07-05