Share pledging and corporate misconduct

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2025-05-01 DOI:10.1016/j.bar.2024.101508

Lawrence Kryzanowski , Mingyang Li , Sheng Xu , Jie Zhang

引用次数: 0

Abstract

We investigate and find a significant and positive relation between share pledging by controlling shareholders and the likelihood of corporate misconduct. The results remain robust after classifying misconduct into accounting and non-accounting misconduct, and misconduct receiving severe and light penalties. Alleviation of financial constraints, inflation of stock prices, mitigation of margin calls, and expropriation under poor corporate governance are the main motives for corporate misconduct by firms with pledging controlling shareholders. The positive relation between share pledging and corporate misconduct propensity remains after accounting for endogeneity issues, political connections, intensified bank monitoring, and share repurchasers.

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股票质押和公司不当行为

我们调查发现，控股股东的股权质押与公司发生不当行为的可能性之间存在明显的正相关关系。将不当行为分为会计不当行为和非会计不当行为，以及受到严厉处罚和轻微处罚的不当行为后，结果依然稳健。缓解资金紧张、哄抬股价、减少追加保证金以及公司治理不善下的征用是控股股东质押股份的公司实施不当行为的主要动机。在考虑了内生性问题、政治关系、银行监管加强和股票回购者等因素后，股票质押与公司不当行为倾向之间的正相关关系依然存在。

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

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.