Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the comp...Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the company.This paper uses a sample of companies listed on the Shenzhen and Shanghai stock exchanges between 2008 and 2017 to investigate the relationship between multiple large shareholders and corporate environmental protection investment(CEPI).We find that multiple large shareholders will significantly reduce CEPI.Specifically,external supervision and a company’s ownership structure affect the relationship between multiple large shareholders and CEPI.In addition,after participating in SOEs,non-state-owned shareholders will significantly improve CEPI of SOEs.展开更多
According to classic corporate governance theory,strengthening large shareholders’cash flow rights without changing their control rights should reduce expropriation incentives by better aligning their interests with ...According to classic corporate governance theory,strengthening large shareholders’cash flow rights without changing their control rights should reduce expropriation incentives by better aligning their interests with those of minority shareholders.However,due to the weaker investor protections and low dividend payouts of listed firms in China,large shareholders typically extract private benefits instead of seeking shared benefits through dividends.They therefore care more about control rights than cash flow rights.An empirical study using the exogenous changes of two rounds of dividend tax reductions reveals that strengthening the largest shareholders’cash flow rights leaves their expropriation activities unchanged and firm value does not increase.However,when other shareholders supervise the largest shareholder,expropriation activities ease significantly.展开更多
文摘Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the company.This paper uses a sample of companies listed on the Shenzhen and Shanghai stock exchanges between 2008 and 2017 to investigate the relationship between multiple large shareholders and corporate environmental protection investment(CEPI).We find that multiple large shareholders will significantly reduce CEPI.Specifically,external supervision and a company’s ownership structure affect the relationship between multiple large shareholders and CEPI.In addition,after participating in SOEs,non-state-owned shareholders will significantly improve CEPI of SOEs.
基金funded by grants from the Natural Science Foundation of China(No.71772029)LiaoNing Revitalization Talents Program(No.XLYC2007052)Tax Accounting Research Center of Dongbei University of Finance and Economics
文摘According to classic corporate governance theory,strengthening large shareholders’cash flow rights without changing their control rights should reduce expropriation incentives by better aligning their interests with those of minority shareholders.However,due to the weaker investor protections and low dividend payouts of listed firms in China,large shareholders typically extract private benefits instead of seeking shared benefits through dividends.They therefore care more about control rights than cash flow rights.An empirical study using the exogenous changes of two rounds of dividend tax reductions reveals that strengthening the largest shareholders’cash flow rights leaves their expropriation activities unchanged and firm value does not increase.However,when other shareholders supervise the largest shareholder,expropriation activities ease significantly.
