Controlling shareholder pledging and corporate ESG behavior

被引：42
|
作者：
Huang, Wei [1 ]
Luo, Yan [2 ]
Wang, Xiaohuan [3 ]
Xiao, Lifu [4 ]
机构：
[1] Univ Nottingham, Nottingham Univ Business Sch China, Ningbo, Peoples R China
[2] Fudan Univ, Sch Management, Shanghai, Peoples R China
[3] Shanghai Natl Accounting Inst, Shanghai, Peoples R China
[4] Asset Management Dept, Bank Guangzhou, Guangzhou, Peoples R China
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 61卷
基金：
中国国家自然科学基金;
关键词：
ESG; Controlling shareholder pledging; Chinese A-share stock markets; SOCIAL-RESPONSIBILITY; INSTITUTIONAL INVESTORS; COST; PERFORMANCE; EQUITY;
D O I：
10.1016/j.ribaf.2022.101655
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Utilizing a large sample of Chinese listed firms, we document strong and robust evidence that both firms' environmental, social, and governance (ESG) performance and their ESG disclosure quality deteriorate significantly after controlling shareholders' pledging of their shares for personal loans. The results are especially evident among firms with higher valuation uncertainty, such as small firms and high-tech firms. Lastly, we show that external monitoring by institutional investors helps to mitigate such adverse impacts of controlling shareholder pledging.
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页数：13
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