Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang
{"title":"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","authors":"Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang","doi":"10.1111/1467-8551.12771","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1489-1511"},"PeriodicalIF":4.5000,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China\",\"authors\":\"Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang\",\"doi\":\"10.1111/1467-8551.12771\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":48342,\"journal\":{\"name\":\"British Journal of Management\",\"volume\":\"35 3\",\"pages\":\"1489-1511\"},\"PeriodicalIF\":4.5000,\"publicationDate\":\"2023-10-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"British Journal of Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1467-8551.12771\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"British Journal of Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1467-8551.12771","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China
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.
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.