Corporate governance of weak stakeholders: Minority investors and investment efficiency

Bebchuk, 2005, The case for increasing shareholder power, Harvard Law Rev., 118, 835 Bendell, 2020, Does stakeholder engagement through corporate social and environmental behaviors affect innovation?, J. Bus. Res., 119, 685, 10.1016/j.jbusres.2018.10.028 Berkman, 2010, Political connections and minority-shareholder protection: evidence from securities-market regulation in China, J. Financ. Quant. Anal., 45, 1391, 10.1017/S0022109010000608 Bertrand, 2003, Enjoying the quiet life? Corporate governance and managerial preferences, J. Polit. Econ., 111, 1043, 10.1086/376950 Bharath, 2013, Exit as governance: an empirical analysis, J. Financ., 68, 2515, 10.1111/jofi.12073 Biddle, 2006, Accounting quality and firm-level capital investment, Account. Rev., 81, 963, 10.2308/accr.2006.81.5.963 Billett, 2011, The influence of governance on investment: evidence from a hazard model, J. Financ. Econ., 102, 643, 10.1016/j.jfineco.2011.07.004 Bohl, 2009, Institutional investors and stock returns volatility: empirical evidence from a natural experiment, J. Financ. Stab., 5, 170, 10.1016/j.jfs.2008.02.003 Bushman, 2001, Financial accounting information and corporate governance, J. Account. Econ., 32, 237, 10.1016/S0165-4101(01)00027-1 Bushman, 2004, What determines corporate transparency?, J. Account. Res., 42, 207, 10.1111/j.1475-679X.2004.00136.x Caban-Garcia, 2020, The effects of operating cash flow disclosure on earnings comparability, analysts’ forecasts, and firms’ investment decisions during the pre-IFRS era, Br. Account. Rev., 52, 10.1016/j.bar.2020.100883 Cao, 2022, Minority shareholders protection and corporate financial leverage: evidence from a natural experiment in China, Pac. Basin Financ. J., 73, 10.1016/j.pacfin.2022.101742 Carroll, 1993 Casciaro, 2005, Power imbalance, mutual dependence, and constraint absorption: a closer look at resource dependence theory, Adm. Sci. Q., 50, 167, 10.2189/asqu.2005.50.2.167 Chen, 2012, Corporate governance and capital allocations of diversified firms, J. Bank. Financ., 36, 395, 10.1016/j.jbankfin.2011.07.013 Chen, 2013, Minority shareholders’ control rights and the quality of corporate decisions in weak investor protection countries: a natural experiment from China, Account. Rev., 88, 1211, 10.2308/accr-50424 Chen, 2018, Does crackdown on corruption reduce stock price crash risk? Evidence from China, J. Corp. Finan., 51, 125, 10.1016/j.jcorpfin.2018.05.005 Cheng, 2013, Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?, J. Account. Econ., 56, 1, 10.1016/j.jacceco.2013.03.001 Claessens, 2002, Disentangling the incentive and entrenchment effects of large shareholdings, J. Financ., 57, 2741, 10.1111/1540-6261.00511 Cornaggia, 2015, Does banking competition affect innovation?, J. Financ. Econ., 115, 189, 10.1016/j.jfineco.2014.09.001 Dang, 2018, Corporate debt maturity and stock price crash risk, Eur. Financ. Manag., 24, 451, 10.1111/eufm.12134 Debreceny, 2005, Firm-specific determinants of continuous corporate disclosures, Int. J. Account., 40, 249, 10.1016/j.intacc.2005.06.002 Diamond, 1991, Disclosure, liquidity, and the cost of capital, J. Financ., 46, 1325, 10.1111/j.1540-6261.1991.tb04620.x Djankov, 2008, The law and economics of self-dealing, J. Financ. Econ., 88, 430, 10.1016/j.jfineco.2007.02.007 Duchin, 2013, Divisional managers and internal capital markets, J. Financ., 68, 387, 10.1111/jofi.12003 Dyck, 2004, Private benefits of control: an international comparison, J. Financ., 59, 537, 10.1111/j.1540-6261.2004.00642.x Ezzamel, 2020, Can small shareholders protect their interests from expropriation: the case of a Chinese bank, Manag. Organ. Rev., 16, 139, 10.1017/mor.2019.23 Freeman, 1984 Fried, 2020, The effect of minority veto rights on controller pay tunneling, J. Financ. Econ., 138, 777, 10.1016/j.jfineco.2020.06.015 Galbreath, 2006, Does primary stakeholder management positively affect the bottom line? Some evidence from Australia, Manag. Decis., 44, 1106, 10.1108/00251740610690649 Gao, 2020, Can online annual general meetings increase shareholders’ participation in corporate governance?, Financ. Manag., 49, 1029, 10.1111/fima.12301 Gomariz, 2014, Financial reporting quality, debt maturity and investment efficiency, J. Bank. Financ., 40, 494, 10.1016/j.jbankfin.2013.07.013 Gong, 2014 Gong, 2019, Impacts of ambiguity aversion and information uncertainty on momentum: an international study, Pac. Basin Financ. J., 55, 1, 10.1016/j.pacfin.2019.01.011 Grossman, 1980, Takeover bids, the free-rider problem, and the theory of the corporation, Bell J. Econ., 11, 42, 10.2307/3003400 Guo, 2019, Institutional ownership and corporate governance of public companies in China, Pac. Basin Financ. J., 57, 10.1016/j.pacfin.2019.101180 Hamdani, 2013, Institutional investors as minority shareholders, Rev. Finance, 17, 691, 10.1093/rof/rfr039 Huang, 2020, Management forecast errors and corporate investment efficiency, J. Contemp. Account. Econ., 16 Huang, 2022, China’s secondary privatization and corporate investment efficiency, Res. Int. Bus. Financ., 61, 10.1016/j.ribaf.2022.101651 Huang, 2022, Impact of internal control quality on the information content of social responsibility reports: a study based on text similarity—evidence from China, Int. J. Account. Inf. Syst., 45, 10.1016/j.accinf.2022.100558 Hussain, 2022, Optimal green technology investment and emission reduction in emissions generating companies under the support of green bond and subsidy, Technol. Forecast. Soc. Chang., 183, 10.1016/j.techfore.2022.121952 Irani, 2016, Analyst coverage and real earnings management: Quasiexperimental evidence, J. Financ. Quant. Anal., 51, 589, 10.1017/S0022109016000156 Jensen, 1993, The modern industrial revolution, exit, and the failure of internal control systems, J. Financ., 48, 831, 10.1111/j.1540-6261.1993.tb04022.x Jensen, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, J. Financ. Econ., 3, 305, 10.1016/0304-405X(76)90026-X Jiang, 2015, Corporate governance in China: a modern perspective, J. Corp. Finan., 32, 190, 10.1016/j.jcorpfin.2014.10.010 Jiang, 2010, Tunneling through intercorporate loans: the China experience, J. Financ. Econ., 98, 1, 10.1016/j.jfineco.2010.05.002 Johnson, 2000, Tunneling, Am. Econ. Rev., 90, 22, 10.1257/aer.90.2.22 Johnstone, 2011, Changes in corporate governance associated with the revelation of internal control material weaknesses and their subsequent remediation, Contemp. Account. Res., 28, 331, 10.1111/j.1911-3846.2010.01037.x Kaufman, 2011, Behavioral economics, federalism and the triumph of stakeholder theory, J. Bus. Ethics, 102, 421, 10.1007/s10551-011-0822-0 Ke, 2015, The effect of China’s weak institutional environment on the quality of big 4 audits, Account. Rev., 90, 1591, 10.2308/accr-50943 Kim, 2007, Large shareholders, board independence, and minority shareholder rights: evidence from Europe, J. Corp. Finan., 13, 859, 10.1016/j.jcorpfin.2007.09.001 Kolbel, 2017, How media coverage of corporate social irresponsibility increases financial risk, Strateg. Manag. J., 38, 2266, 10.1002/smj.2647 Kong, 2013, Does corporate social responsibility affect the participation of minority shareholders in corporate governance?, J. Bus. Econ. Manag., 14, S168, 10.3846/16111699.2012.711365 La Porta, 2002, Investor protection and corporate valuation, J. Financ., 57, 1147, 10.1111/1540-6261.00457 La Porta, 2000, Investor protection and corporate governance, J. Financ. Econ., 58, 3, 10.1016/S0304-405X(00)00065-9 Lee, 2022, Shall we talk? The role of interactive investor platforms in corporate communication, J. Account. Econ., 74 Lee, 2018, Managerial ability and corporate investment opportunity, Int. Rev. Financ. Anal., 57, 65, 10.1016/j.irfa.2018.02.007 Lee, 2022, Crossing the rivers by feeling the stones: the effect of China’s green credit policy on manufacturing firms’ carbon emission intensity, Energy Econ., 116, 10.1016/j.eneco.2022.106413 Liu, 2016, Corruption culture and corporate misconduct, J. Financ. Econ., 122, 307, 10.1016/j.jfineco.2016.06.005 Pan, 2020, How does bank ownership affect firm investment? Evidence from China, J. Bank. Financ., 105108 Petersen, 2009, Estimating standard errors in finance panel data sets: comparing approaches, Rev. Financ. Stud., 22, 435, 10.1093/rfs/hhn053 Pinnuck, 2007, Profits versus losses: Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees?, Account. Rev., 82, 1031, 10.2308/accr.2007.82.4.1031 Poulsen, 2010, Voting power and shareholder activism: a study of Swedish shareholder meetings, Corp. Govern. Intern. Rev., 18, 329, 10.1111/j.1467-8683.2010.00811.x Richardson, 2006, Over-investment of free cash flow, Rev. Acc. Stud., 11, 159, 10.1007/s11142-006-9012-1 Schneiberg, 1999, Political and institutional conditions for governance by association: private order and price controls in American fire insurance, Polit. Soc., 27, 67, 10.1177/0032329299027001004 Schwartz-Ziv, 2020 Serfling, 2016, Firing costs and capital structure decisions, J. Financ., 71, 2239, 10.1111/jofi.12403 Shi, 2020, Does supply network location affect corporate investment efficiency?, Res. Int. Bus. Financ., 101107 Song, 2020, Shareholder voting in China: the role of large shareholders and institutional investors, Corp. Govern. Intern. Rev., 28, 69, 10.1111/corg.12303 Stiglitz, 1981, Credit rationing in markets with imperfect information, Am. Econ. Rev., 71, 393 Tagesson, 2010, What explains the extent and content of social and environmental disclosures on corporate websites: a study of social and environmental reporting in Swedish listed corporations, Corp. Soc. Responsib. Environ. Manag., 16, 352, 10.1002/csr.194 Wan, 2023, Corporate investment and the dilemma of the monetary policy: evidence from China, Econ. Analys. Pol., 78, 106, 10.1016/j.eap.2023.03.002 Wang, 2023, Minority shareholders’ activism and stock price crash risk: evidence from China, Int. Rev. Financ. Anal., 87, 10.1016/j.irfa.2023.102594 Wang, 2020, How does bank ownership affect firm investment? Evidence from China, J. Bank. Financ., 105741 Wang, 2022, The effects of economic policy uncertainty and country governance on banks’ liquidity creation: international evidence, Pac. Basin Financ. J., 71, 10.1016/j.pacfin.2022.101708 Wen, 2023, Impact of low-carbon city construction on financing, investment, and total factor productivity of energy-intensive enterprises, Energy J., 44, 79, 10.5547/01956574.44.2.hwen Whited, 1992, Debt, liquidity constraints and corporate investment: evidence from panel data, J. Financ., 47, 1425, 10.1111/j.1540-6261.1992.tb04664.x Wong, 2023 Wu, 2022, Geographic proximity and corporate investment efficiency: evidence from high-speed rail construction in China, J. Bank. Financ., 140, 10.1016/j.jbankfin.2022.106510 Wurgler, 2001, Financial markets and the allocation of capital, J. Financ. Econ., 58, 187 Xu, 2014, Excess perks and stock price crash risk: evidence from China, J. Corp. Finan., 25, 419, 10.1016/j.jcorpfin.2014.01.006 Yao, 2019, Idiosyncratic skewness, gambling preference, and cross-section of stock returns: evidence from China, Pac. Basin Financ. J., 53, 464, 10.1016/j.pacfin.2019.01.002 Yao, 2023, Building eco-friendly corporations: the role of minority shareholders, J. Bus. Ethics, 182, 933, 10.1007/s10551-022-05291-y Yin, 2020, Impact of CEO-board social ties on accounting conservatism: internal control quality as a mediator, N. Am. J. Econ. Financ., 101172 Zheng, 2019, Influential factors and economic consequences of minority shareholders’ decisions: evidence from listed companies in China (in Chinese), J. World Econ., 42, 170