Corporate Governance-An International Review最新文献

{"title":"Director Departure and Noncompliance With Securities Laws","authors":"Xiu-Ye Zhang","doi":"10.1111/corg.12638","DOIUrl":"https://doi.org/10.1111/corg.12638","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study investigates director departures surrounding the actual commencement of noncompliance events when public perception of the wrongdoing is less likely to exist.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a manually constructed nonaccounting noncompliance dataset of the Securities and Exchange Commission’s enforcement actions and hand-collected information on directors’ status and characteristics, this study finds that firms not complying with securities laws experienced significantly higher unexpected director departures than control firms during the period in which the noncompliance began. Outside directors, in particular, tend to leave in the pre-noncompliance period but not in the post-noncompliance phase. The findings are robust across propensity score–matched tests, conditional logistic regression, and when controlling for CEO turnover. Further exploration of the characteristics of departing directors provides insights into the dynamics of the internal governance mechanism. It shows that directors with a background in an area of specialized expertise tend to leave noncompliant firms. The evidence also suggests that power struggles between departing directors and managers in noncompliant firms might contribute to director departure.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study extends the literature aimed at unraveling internal governance mechanisms around firms’ negative events. Since there are several important points along the timeline of a negative event, providing evidence on director behavior around these points can offer deeper insights into internal governance mechanisms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study provides unique evidence that there is an abnormal departure rate of directors before the commencement of firms’ wrongdoings. This departure is consistent with explanations that directors with an information advantage from a special background are likely to foresee that problems or power struggles between directors and managers are likely to induce the departure of a director who is in a relatively weak position. The findings offer insights for policy makers, suggesting that regulators may need to reflect upon the shortcomings of the current governance system and how to hold management accountable, rather than putting heavy emphasis on developing doctrines for directors’ duties.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1062-1085"},"PeriodicalIF":5.5,"publicationDate":"2025-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Beyond Ownership: The Role of Institutional Investors in International Corporate Governance","authors":"Wolfgang Drobetz,&nbsp;Sadok El Ghoul,&nbsp;Omrane Guedhami,&nbsp;Xinya Yu","doi":"10.1111/corg.12635","DOIUrl":"https://doi.org/10.1111/corg.12635","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This paper reviews key theories on the governance role of institutional investors, examines institutional ownership trends globally, and highlights recent research on their evolving impact on corporate governance. The paper also incorporates insights from select Special Issue articles dedicated to understanding the role of institutional investors worldwide.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We show that while most existing research focuses on the United States, recent evidence highlights significant global growth in institutional ownership. However, research examining the role of institutional investors outside the United States remains limited, despite some recent progress.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Institutional investors are increasingly shaping global capital markets and corporate governance through growing ownership, increased shareholder activism, and rising passive investment strategies. We provide recommendations for relevant topics to guide future research, including the governance preferences of institutional investors (i.e., voice vs. exit) across different investor types and international settings, as well as the collective influence of multiple institutional investors on corporate governance practices and outcomes.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>There is a meaningful need for future studies to address the influence and effectiveness of institutional investors on corporate governance practices around the world. A better understanding of their role in different settings should improve their impact on corporations and, more broadly, on society.</p>\u0000 \u0000 <section>\u0000 \u0000 <h3> JEL Classification</h3>\u0000 \u0000 <p>G32, G34</p>\u0000 </section>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1024-1038"},"PeriodicalIF":5.5,"publicationDate":"2025-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12635","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Internal Disruption: Examining the Relationship Between Interim CEO Successions and Executive Turnover","authors":"Robert Langan,&nbsp;Nicolas Deuschel","doi":"10.1111/corg.12634","DOIUrl":"https://doi.org/10.1111/corg.12634","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Although research on interim CEO successions has increased, there remains limited knowledge about what internal repercussions interim CEO appointments have on firms, notably on incumbent executives. This study seeks to understand whether and how interim CEO appointments are related to executive turnover, focusing on the role and involvement of the board in the interim succession process.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Interim CEO successions are related to higher executive turnover compared to direct CEO successions. This turnover is further augmented either when the preceding CEO was fired or when the interim CEO is also the board chair. We also find that, when the preceding CEO was fired, the executive turnover related to interim CEO successions is related to poorer subsequent firm performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This research fills an important gap in the interim CEO succession literature, focusing on the internal repercussions of interim CEO appointments, particularly how incumbent executives may be affected and how this may influence firm performance. It reconciles the view that interim CEOs may engage in limited decision-making, whereas the board uses the interim period to plan for the firm's future.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This paper highlights the potential disruptions caused by interim CEO successions and offers some insights into how these may affect executives and firm performance. Moreover, this paper acts as a guide for stakeholders on the nuanced governance decisions around interim CEO appointments.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1009-1023"},"PeriodicalIF":5.5,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12634","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Social Embeddedness of Socioemotional Wealth: A Review and Future Research Agenda","authors":"Yoonjeoung Heo,&nbsp;Chi-Nien Chung,&nbsp;Danyang Chen","doi":"10.1111/corg.12633","DOIUrl":"https://doi.org/10.1111/corg.12633","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Questions/Issues</h3>\u0000 \u0000 <p>Scholarly interest in family firm governance and its strategic decision-making has increased since the invention of socioemotional wealth (SEW). However, the widespread use of the SEW concept raises concerns on its reification and tautology. To address these concerns, we propose analyzing the social embeddedness of family firms to shed light on SEW-driven governance practices and decision-making.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings</h3>\u0000 \u0000 <p>Our two-step method reviewed 85 papers utilizing social network perspectives, institutional theory, and SEW concepts. Our analysis demonstrates that integrating social embeddedness into SEW can help clarify the origins of SEW and its impact on decision-making and governance and practices within family firms. Nonetheless, our analysis also highlights research gaps that future studies should address.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical Implications</h3>\u0000 \u0000 <p>By integrating the social embeddedness perspective with SEW, we offer a novel framework that systematically illustrates the social rationales underpinning diverse SEW-driven behaviors and the evolution of governance practices in family firms. This framework, drawing from social network and institutional theory, elucidates the formation of SEW as driven by multidimensional social motivations, thus reconciling mixed findings from previous SEW research. Furthermore, our review provides a comprehensive research agenda for future studies in family business and corporate governance, encouraging exploration of multiple institutional logics, social networks, and their confounding effects on the SEW of family businesses.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practical Implications</h3>\u0000 \u0000 <p>Our findings guide financial investors and nonfinancial stakeholders to better comprehend family firms' economic and noneconomic concerns, their distinct strategic behaviors from other firms, and their hybrid governance practices. Our discussion suggests practitioners incorporating social context of controlling families into decision.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"985-1008"},"PeriodicalIF":5.5,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Farewell Editorial","authors":"Konstantinos Stathopoulos,&nbsp;Till Talaulicar","doi":"10.1111/corg.12636","DOIUrl":"https://doi.org/10.1111/corg.12636","url":null,"abstract":"","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 1","pages":"3-5"},"PeriodicalIF":4.6,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Family Firms' Boards: A Systematic Review and Research Agenda","authors":"Cristina Bettinelli,&nbsp;Andrea Sangermano,&nbsp;Mara Bergamaschi,&nbsp;Morten Bennedsen","doi":"10.1111/corg.12631","DOIUrl":"https://doi.org/10.1111/corg.12631","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Despite the growing interest in family firms (FFs) and their boards of directors (boards), the empirical research remains fragmented, which makes a comprehensive understanding challenging. This review aims to unify the research landscape and to provide a framework for future studies to better understand boards in FFs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Our analysis of 99 papers published between 2001 and 2023 shows that the literature on boards in FFs relies heavily on input–output models that use archival data. Although traditional perspectives remain dominant, new ideas are gaining traction by recognizing the importance of family ownership, exploring alternative or complementary theoretical lenses, uncovering board processes, and using advanced analytical methods.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We propose five research directions: (1) Investigate how family dimensions shape FF boards and their impact on firm outcomes; (2) examine the impact of board characteristics on board decision-making and effectiveness in FFs; (3) analyze the specific mechanisms through which board processes in FFs influence firm outcomes; (4) expand the research geographically and explore the influence of temporal and institutional contexts on FF boards; and (5) employ a wider range of research methods to study FF boards.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results indicate that research on boards in FFs is evolving and broadening, most notably, through the integration of classical theories borrowed from the general management field (e.g., agency, stewardship, and resource dependence theories) with more specific theories (e.g., socioemotional wealth theory) and themes related to corporate social responsibility.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"926-945"},"PeriodicalIF":5.5,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12631","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The US Individualism–Collectivism and Labor Investment Efficiency","authors":"Rajib Chowdhury,&nbsp;Douglas Cumming,&nbsp;Anjee Gorkhali","doi":"10.1111/corg.12629","DOIUrl":"https://doi.org/10.1111/corg.12629","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine whether the variation in the ndividualism–collectivism dimension within the US affects labor investment efficiency.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using the collectivism index developed by existing literature, we find that firms headquartered in collectivist states are more likely to deviate from the optimal level of hiring. The effect is stronger in firms with high agency problems and information asymmetry. Additional analyses suggest that collectivism induces more inefficiency in firms with larger boards, less independent boards, firms with high R&amp;D intensity, and states that adopt antitakeover laws.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Overall, we find convincing evidence that cultural differences across US states contribute to labor investment decisions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The study extends the existing literature on the effect of cultural dimensions on labor investment decisions, particularly in the context of the United States. It also extends our understanding of how cultural variations across headquarters states can adversely affect firm hiring and firing decisions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Jel Classification</h3>\u0000 \u0000 <p>M14, G30, G34, G40</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"873-899"},"PeriodicalIF":4.6,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12629","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Bibliometric Analysis of Four Decades of Shareholder Activism Research","authors":"Dionysia Katelouzou,&nbsp;Yanqiu Ren,&nbsp;Marti Sagarra","doi":"10.1111/corg.12632","DOIUrl":"https://doi.org/10.1111/corg.12632","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Questions/Issue</h3>\u0000 \u0000 <p>In this bibliometric review of shareholder activism literature spanning 1983–2021, we pursue two objectives. Firstly, we investigate the degree of interdisciplinarity in the field, and second, we scrutinize publication trends, foundational knowledge, core topics, and emerging thematic trends, exploring the trajectory of shareholder activism research over time and providing a roadmap for future scholars.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Systematic analysis of 1055 scholarly works reveals significant growth and a trend toward interdisciplinarity, though disciplinary silos persist. Shareholder activism is evolving beyond traditional, firm-level financial motivations to include sustainability-oriented goals, blending environmental, and social objectives with corporate governance concerns and financial interests. This shift signals broader engagement by diverse activist actors, strategies, and motivations, with a heightened emphasis on the long-term impact of shareholder activism. To capture this complexity, we advocate for research that emphasizes the intricate interrelationships among actors, objectives, strategies and outcomes, encouraging a redefinition of theoretical and methodological approaches.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our analysis underscores the need for greater interdisciplinary engagement in shareholder activism research and highlights an expanding scope of topics, regions and theories. With growing scholarly interest in sustainability-oriented shareholder activism, jurisdictional nuances, and the emergence of new activist actors like index funds and individual investors, we anticipate continued theoretical and methodological diversity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Policymakers and practitioners should adopt a holistic approach to shareholder activism, considering the multifaceted actors, objectives, and strategies involved. Evaluations of activist outcomes should account for both financial and non-financial impacts at the firm-, market-, and macro-levels.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"946-984"},"PeriodicalIF":5.5,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12632","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Business Group Affiliation and Board Independence in India: The Effects of Structural and Situated Attention","authors":"Lerong He,&nbsp;Tara Shankar Shaw","doi":"10.1111/corg.12630","DOIUrl":"https://doi.org/10.1111/corg.12630","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines how business group affiliation shapes firm attention and consequently influences firms' compliance with board independence requirements.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a longitudinal sample of Indian listed firms, we find that group-affiliated firms are more likely to comply with board independence requirements than nongroup firms, especially when the affiliated firm is larger or when a greater proportion of firms in the business group has adopted an independent board structure. However, the likelihood of compliance in group-affiliated firms is subject less to the influence of the industry compliance norm. We also document that group-affiliated firms are less sensitive to the influence of the industry task environment than stand-alone firms. Other things being equal, the influences of industry complexity, munificence, and dynamism on compliance are smaller in group affiliates.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our study contributes to the attention-based view by extending the structural attention argument from organizational structures within firm boundaries to organizational forms across firm boundaries. We argue that the network structure of business groups shapes affiliated firms' attention focus and consequently affects their compliance patterns. We also highlight the joint effects of structural and situated attention on shaping organizational decisions. We reveal that the interplays of business groups' organizational form and industry contexts give rise to distinct compliance patterns between affiliated and unaffiliated firms and among different types of group-affiliated firms. As such, we supplement prior corporate governance literature by stressing the influences of inter-organization networks and industry task environment on board structure.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our study indicates that inter-organizational networks affect compliance with corporate governance regulations. Thus, the government could utilize inter-organizational relationships and peer influence to encourage compliance. Our study also highlights the impact of industry environments and business group structure on board composition and managers' cognitive limitations that prevent them from attending to all situational cues. Thus, it is essential for managers to allocate their scarce attention to scanning various domains of their firms' external environments and internal circumstances when making strategic and corporate governance decisions.</p>\u0000 </secti","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"900-921"},"PeriodicalIF":4.6,"publicationDate":"2024-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can Minority Shareholders' Online Voice Restrain Controlling Shareholders' Tunneling?","authors":"Li Huang,&nbsp;Qianwei Ying,&nbsp;Mengrui Han","doi":"10.1111/corg.12628","DOIUrl":"https://doi.org/10.1111/corg.12628","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Using a sample of Chinese listed firms between 2010 and 2020, this study examines the effect of minority shareholders' online voice on controlling shareholders' tunneling.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that minority shareholders' online voice significantly reduces controlling shareholders' tunneling. The effect is more pronounced in firms with higher information asymmetry and weaker investor protection. We further show that minority shareholders' online voice can attract additional attention from other investors and regulators, exerting market and regulator pressure on controlling shareholders. Additional analysis also suggests that the effect of minority shareholders' online voice on controlling shareholders' tunneling increases with the negative tone of the questions and decreases with firms' responsiveness to these questions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Past findings of the governance role of minority shareholders mainly focus on their voting rights, but less attention has been paid to their online activism through voice. Our results suggest that minority shareholders' online voice plays an important role in corporate governance by curbing the controlling shareholders' tunneling attempt.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study provides an essential implication for the regulators in emerging capital markets that adopting the online interactive platforms for firms and investors helps to enhance the minority shareholders' monitoring role.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"850-872"},"PeriodicalIF":4.6,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}