家族董事会席位的过度控制和企业融资约束

IF 2.5 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2024-10-04 DOI:10.1002/mde.4367

Yuqi Yang, Tianle Meng

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引用次数: 0

摘要

本文利用2008-2021年中国上市家族企业的数据，研究了家族董事会席位控制权过剩（ECFBS）与融资约束（fc）之间的关系。我们发现ECFBS加剧了第二类代理问题，从而恶化了公司的财务状况。我们还研究了家族企业创始人特征、家族所有者特征和外部股东股权结构对企业财务稳定性和财务稳定性的影响。我们的研究结果为家庭控制的侵蚀效应提供了证据。

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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Excess control of family board seats and corporate financing constraints

We examine the relationship between excess control of family board seats (ECFBS) and financing constraints (FCs) using 2008–2021 data for listed family firms in China. We find that ECFBS intensifies Type II agency problems, thereby worsens corporate FCs. We also investigate the impact of family firm founder characteristics, family owner characteristics, and external shareholder equity structure on the ECFBS and FCs. Our findings provide evidence of the encroachment effect of family control.

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来源期刊

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.