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Business diversification could be a channel through which controlling shareholders encroach on the interests of listed companies. Using China’s private listed companies of SME (small and medium-sized enterprises) board from 2009 to 2011 as sample, this study investigates the effects of large shareholders’ controlling power on the diversification of both listed companies and their holding groups. Our findings demonstrate that the level of listed companies’ diversification is positively related to the degree of separation of control rights and cash flow rights of controlling shareholders. Moreover, the higher the separation degree of control and cash flow rights, the higher the level of diversification of the holding groups, indicating diversification is also adopted by the holding group as a channel to expropriate listed companies.

The Impact of Separation of Control and Cash Flow Rights on Diversification—Evidence from China