The influence mechanism of controlling shareholders' equity pledges on corporate risk-taking

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-11 DOI:10.1016/j.frl.2025.107564

Qin Guo , Yuanping Zhao

引用次数: 0

Abstract

This paper employs China's A-share listed companies from 2012 to 2023 as the research sample to examine the impact of controlling shareholders' equity pledge behavior on corporate risk-taking. It also tests the moderating role of the threat of share withdrawal by non-controlling major shareholders. The findings reveal that controlling shareholders' equity pledges result in lower levels of corporate risk-taking. Further analysis indicates that the threat of withdrawal by non-controlling major shareholders mitigates the negative correlation between controlling shareholders' equity pledges and corporate risk-taking. Additionally, we discover that the quality of disclosure has a mediating effect in controlling shareholders' equity pledges, which reduces corporate risk-taking.

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控股股东股权质押对企业风险承担的影响机制

本文以2012 - 2023年中国a股上市公司为研究样本，考察控股股东股权质押行为对公司风险承担的影响。检验了非控股大股东威胁退股的调节作用。研究发现，控股股东股权质押降低了企业的风险承担水平。进一步分析表明，非控股大股东的退出威胁缓解了控股股东股权质押与企业风险承担之间的负相关关系。此外，我们发现披露质量对控股股东股权质押具有中介作用，从而降低了企业的风险承担。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance