Does the deleveraging policy exacerbate tunneling? Empirical evidence from China

被引：0
|
作者：
Lin, Xin [1 ]
机构：
[1] Tiangong Univ, Sch Econ & Management, Tianjin, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2024年
关键词：
Deleveraging policy; tunneling; creditor; shareholder; difference-in-difference;
D O I：
10.1080/13504851.2024.2386161
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study investigates the impact of the deleveraging policy on tunneling, using China's A-share listed firms. The deleveraging policy exacerbates tunneling and the result is robust after a series of tests. Further investigations show that tunneling of listed companies by non-state-owned controlling shareholders is particularly significant and audit opinions fail to reflect and inhibit tunneling. A way for large shareholders' tunneling under deleveraging is collusion with management.
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页数：7
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