Before thrive, first survive: The impact of controlling shareholder pledging on corporate ESG performance
被引:4
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作者:
Gao, Yang
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机构:
Huazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R ChinaHuazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R China
Gao, Yang
[1
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Ling, Yun
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机构:
City Univ Macau, Fac Finance, Ave Padre Tomas Pereira, Taipa, Macau, Peoples R ChinaHuazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R China
Ling, Yun
[2
]
Peng, Hui
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Huazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R ChinaHuazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R China
Peng, Hui
[1
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机构:
[1] Huazhong Univ Sci & Technol, Sch Econ, 1037 Luoyu Rd, Wuhan 430074, Peoples R China
[2] City Univ Macau, Fac Finance, Ave Padre Tomas Pereira, Taipa, Macau, Peoples R China
This paper investigates the impact of controlling shareholder pledging on corporate environmental, social, and governance (ESG) performance. Using data from Chinese listed firms, we show that controlling shareholder pledging significantly weakens firms' ESG performance and that this effect is robust to endogeneity and the choice of ESG metrics and controlling shareholder pledging measures. In addition, we show that the main channel through which ESG performance deteriorates for firms with controlling shareholder pledging is the risk of losing control. The adverse impact of controlling shareholder pledging on ESG is much less when control rights are not at risk. On the other hand, limited resources (e.g. tunnelling and financial constraints) contribute little to the impact. Our further analyses demonstrate that internal monitoring mechanisms can mitigate the negative impact of controlling shareholder pledging on corporate ESG performance, but external monitoring mechanisms cannot.
机构:
Jilin Univ Finance & Econ, Sch Int Exchange, Changchun, Peoples R ChinaJilin Univ Finance & Econ, Sch Int Exchange, Changchun, Peoples R China
Huang, Youwei
Liu, Chaoyang
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Jilin Univ, Sch Econ, Publ Finance Dept, Room 133,Kuang Yaming Bldg,2699 Qianjin St, Changchun 130012, Peoples R ChinaJilin Univ Finance & Econ, Sch Int Exchange, Changchun, Peoples R China
Liu, Chaoyang
Wang, Li
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机构:
Univ Akron, Coll Business, G W Daverio Sch Accountancy, 259 S Broadway St, Akron, OH 44325 USAJilin Univ Finance & Econ, Sch Int Exchange, Changchun, Peoples R China
Wang, Li
Qi, Yuzhu
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机构:
Jilin Univ, Sch Econ, Jilin, Peoples R ChinaJilin Univ Finance & Econ, Sch Int Exchange, Changchun, Peoples R China
机构:
Guangzhou Coll Technol & Business, Business Coll, Guangzhou 510850, Peoples R ChinaGuangzhou Coll Technol & Business, Business Coll, Guangzhou 510850, Peoples R China
Cheng, Yuhao
He, Chuqian
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机构:
Guangzhou Coll Technol & Business, Business Coll, Guangzhou 510850, Peoples R ChinaGuangzhou Coll Technol & Business, Business Coll, Guangzhou 510850, Peoples R China
He, Chuqian
Tang, Can
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机构:
Univ Int Business & Econ, Lib, Beijing 100029, Peoples R ChinaGuangzhou Coll Technol & Business, Business Coll, Guangzhou 510850, Peoples R China
机构:
IPAG Business Sch, IPAG Inclus Co Chair, Paris, FranceIPAG Business Sch, IPAG Inclus Co Chair, Paris, France
Bruna, Maria Giuseppina
Loprevite, Salvatore
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机构:
Univ Dante Alighieri Reggio Calabria, Dept Social & Educ Sci Mediterranean Area, Reggio Di Calabria, ItalyIPAG Business Sch, IPAG Inclus Co Chair, Paris, France
Loprevite, Salvatore
Raucci, Domenico
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机构:
Univ G dAnnunzio, Dept Econ Studies, Pescara, ItalyIPAG Business Sch, IPAG Inclus Co Chair, Paris, France
Raucci, Domenico
Ricca, Bruno
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机构:
Univ Messina, Dept Econ, Messina, ItalyIPAG Business Sch, IPAG Inclus Co Chair, Paris, France
Ricca, Bruno
Rupo, Daniela
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机构:
Univ Messina, Dept Econ, Messina, ItalyIPAG Business Sch, IPAG Inclus Co Chair, Paris, France