Unpacking the black box: Board co-option and equity pledging by controlling shareholders

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-27 DOI:10.1016/j.frl.2025.107598

Ziqi Li , Zhihao Cai , Ho-Chuan Huang

引用次数: 0

Abstract

This study examines the impact of board co-option on controlling shareholders’ equity pledging using data from Chinese A-share listed firms (2003–2023). Results show that board co-option significantly reduces equity pledging, with male directors having a stronger inhibitory effect. Mechanism tests confirm that this effect operates through reduced financing constraints, while heterogeneity analyses reveal stronger impacts in non-state firms, high-investment firms, and large-scale firms. These findings contribute to corporate governance literature and offer regulatory insights for mitigating equity pledging risks in emerging markets.

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打开黑箱：董事会增选和控股股东的股权质押

本文利用2003-2023年中国a股上市公司的数据，考察了董事会增选对控股股东股权质押的影响。结果表明，董事会增选显著降低了股权质押，且男性董事的抑制作用更强。机制测试证实，这种效应通过减少融资约束而起作用，而异质性分析显示，非国有企业、高投资企业和大型企业的影响更大。这些发现有助于公司治理文献，并为减轻新兴市场股权质押风险提供监管见解。

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

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