Ultimate parent's board reform and controlling shareholder entrenchment: Evidence from a quasi-natural experiment in China

Cai Guilong; Xie Sujuan; Xu Yue; Zeng Yamin; Zhang Junsheng

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Ultimate parent's board reform and controlling shareholder entrenchment: Evidence from a quasi-natural experiment in China

机译：最终的母公司董事会改革与控股股东的根深蒂固：来自中国的一项准自然实验的证据

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This paper examines whether the strengthening of board monitoring at the level of the ultimate parent company reduces their expropriation from the listed subsidiaries. Using a quasi-natural experiment in China, we find that a high presence of outside directors on the ultimate parent company significantly reduce the parent company's tunneling from listed subsidiaries. Furthermore, the ultimate parent's board monitoring in reducing the tunneling is more salient when the ultimate parent company has strong management control in listed subsidiaries and complicated pyramid ownership structure in the listed subsidiaries.

机译：本文研究了在最终母公司层面加强董事会监督是否会减少其从上市子公司中被没收的现象。通过在中国进行的准自然实验，我们发现在最终母公司中大量外部董事的出现大大减少了母公司与上市子公司之间的联系。此外，如果最终母公司在上市子公司中拥有强大的管理控制权，并且在上市子公司中具有复杂的金字塔所有权结构，则最终母公司董事会在减少隧道业务方面的监控就更加重要。

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来源
《Emerging markets review》 |2019年第3期|389-403|共15页
作者
Cai Guilong; Xie Sujuan; Xu Yue; Zeng Yamin; Zhang Junsheng;
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作者单位

Sun Yat Sen Univ, Business Sch, Ctr Accounting Finance & Inst, Guangzhou, Guangdong, Peoples R China;

Sun Yat Sen Univ, Business Sch, Ctr Accounting Finance & Inst, Guangzhou, Guangdong, Peoples R China;

Sun Yat Sen Univ, Lingnan Univ Coll, Guangzhou, Guangdong, Peoples R China;

Jinan Univ, Management Sch, Guangzhou, Guangdong, Peoples R China;

Sun Yat Sen Univ, Business Sch, Ctr Accounting Finance & Inst, Guangzhou, Guangdong, Peoples R China;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Board reform; Outside director; Ultimate parent; Tunneling; Emerging market;

机译：董事会改革;外部董事;最终母公司;隧道;新兴市场;

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1. Commitment or entrenchment?: Controlling shareholders and board composition [J] . Yin-Hua Yeh, Tracie Woidtke Journal of banking & finance . 2005,第7期

机译：承诺还是根深蒂固？：控制股东和董事会组成
2. Controlling shareholders' incentives and executive pay-for-performance sensitivity: Evidence from the split share structure reform in China [J] . Shenglan Chen, Bingxuan Lin, Rui Lu, Journal of International Financial Markets, Institutions & Money . 2015,第jana期

机译：控制股东激励和高管绩效薪酬敏感性：来自中国股权分置改革的证据
3. Do independent directors restrain controlling shareholders' tunneling? Evidence from a natural experiment in China [J] . Gong Min, Wang Yanan, Yang Xiandong Economic modelling . 2021,第Jana期

机译：独立董事抑制控制股东隧道吗？来自中国自然实验的证据
4. The excess control of ultimate controlling shareholders and corporation investment: Empirical evidence from Chinese capital market [C] . Cheng Zhong-ming, Zhang Yong 2011 International Conference on Business Management and Electronic Information . 2011

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5. Tax Avoidance, Income Diversion, and Shareholder Value: Evidence from a Quasi-Natural Experiment [D] . Semaan, Samer Ryan 2017

机译：避税，收入转移和股东价值：来自自然试验的证据
6. Effects of County Public Hospital Reform on Procurement Costs and Volume of Antibiotics: A Quasi-Natural Experiment in Hubei Province China [O] . Yuqing Tang, Chaojie Liu, Junjie Liu, -1

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7. The Impact of Ultimate Controlling Shareholders on the Business Diversification of Listed Companies——Evidence from the Private Listed Companies in China [O] . 罗丹妮 2014

机译：最终控股股东对上市公司业务多元化的影响-来自中国民营上市公司的证据

Ultimate parent's board reform and controlling shareholder entrenchment: Evidence from a quasi-natural experiment in China

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