Impact of share pledging by controlling shareholders on firm value in the context of China’s tightened regulatory reforms

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dc.contributor.authorSu, Zili
dc.contributor.authorAlexiou, Constantinos
dc.date.accessioned2022-08-30T15:16:28Z
dc.date.available2022-08-30T15:16:28Z
dc.date.issued2022-08-28
dc.description.abstractThis study investigates the effect of the 2018 regulatory reforms of share pledging by a controlling shareholder on firm value in China. Using a dataset spanning the period 2015 to 2020, we provide robust results suggesting that tighter regulations effectively reduce firms' crash risk, relax financial constraints, reduce bankruptcy risk, and mitigate the controlling shareholder expropriation of minority shareholders' wealth via tunnelling. Additionally, controlling shareholders, by investing more pledged funds in the listed firm after reforms, foster capital investment and R&D expenditure, which benefit firm growth and competitiveness and ultimately increase firm long-term value.en_UK
dc.identifier.citationSu Z, Alexiou C. (2023) Impact of share pledging by controlling shareholders on firm value in the context of China’s tightened regulatory reforms. Accounting and Finance, Volume 63, Issue S2, June 2023, pp. 2847-2874en_UK
dc.identifier.issn0810-5391
dc.identifier.urihttps://doi.org/10.1111/acfi.12997
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/18374
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectShare Pledgingen_UK
dc.subjectRegulatory Reformsen_UK
dc.subjectFirm Valueen_UK
dc.subjectR&Den_UK
dc.titleImpact of share pledging by controlling shareholders on firm value in the context of China’s tightened regulatory reformsen_UK
dc.typeArticleen_UK

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