The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China

IF 4.5 2区 管理学 Q1 BUSINESS
Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang
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引用次数: 0

Abstract

This study attempts to shed new light on how the state as a minority shareholder benefits stakeholders, by investigating its role in deterring corporate fraud in non-state-owned enterprises (non-SOEs). Through an analysis of publicly traded non-SOEs in China, this study reveals that minority state ownership negatively impacts firm fraud, and the results hold after alternative tests. The identified channels of this association are that minority state ownership mitigates tunnelling, enhances internal control, and alleviates the financial constraints of non-SOEs. Further analysis shows that this relationship is more pronounced in firms with weaker corporate governance, stronger fraud incentives, and lower levels of political connections. Overall, this study contributes to our understanding of the role of minority state ownership in emerging markets within the context of corporate fraud, highlighting the importance of critically evaluating the effects of government intervention in different contexts.

国家少数股权在非国有企业中的治理作用:中国企业欺诈的证据
本研究试图通过调查国家作为少数股东在阻止非国有企业(非上市公司)中的公司欺诈行为方面所起的作用,对国家作为少数股东如何使利益相关者受益这一问题做出新的阐释。通过对中国公开交易的非国有企业的分析,本研究揭示了国有少数股权对企业欺诈的负面影响,并且在进行了其他检验后结果仍然成立。这种关联的确定渠道是,少数股权国有制可减轻隧道效应、加强内部控制和缓解非国有企业的财务约束。进一步的分析表明,这种关系在公司治理较弱、欺诈动机较强以及政治关系水平较低的企业中更为明显。总之,本研究有助于我们理解少数股权国有制在新兴市场企业欺诈中的作用,强调了在不同情况下批判性评估政府干预效果的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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