Multinational corporations and share pledging of the controlling shareholder

被引：0
|
作者：
Wen, Chufu [1 ]
Wen, Fenghua [1 ,2 ]
Lin, Diyue [1 ]
Zhao, Lili [3 ]
机构：
[1] Cent South Univ, Sch Business, Changsha 410083, Peoples R China
[2] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai 201209, Peoples R China
[3] Hainan Univ, Int Business Sch, Haikou 570228, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 95卷
关键词：
Multinational corporation; Share pledge; Controlling shareholder; FOREIGN DIRECT-INVESTMENT; DOMESTIC CORPORATIONS; CAPITAL STRUCTURE; GOVERNANCE; RISK; GLOBALIZATION; DIVERSIFICATION; DETERMINANTS; CONSTRAINTS; PERSPECTIVE;
D O I：
10.1016/j.irfa.2024.103444
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We identify the difference in share pledging of the controlling shareholders between multinational corporations (MNCs) and domestic corporations (DCs). Specifically, we find that the controlling shareholders' share pledge rate of MNCs are significantly lower compared with that of DCs. Moreover, we draw the conclusion that the alleviation of financial constraints prompts controlling shareholders in MNCs to curtail their share pledging activities. This reduction is particularly conspicuous within MNCs domiciled in tax havens and developed countries.
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页数：11
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