中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--公司治理
工作论文
2012-06-19 第5卷 第5期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

Expropriation of minority shareholders in politically connected firms

Meijun Qian NUS Business SchoolDepartment of Finance


论文摘要

Expropriation of minority shareholders in politically connected firms

Meijun Qian NUS Business SchoolDepartment of Finance

The conflict of interest between controlling and minority shareholders is an important issue in firms with concentrated ownership. We document that expropriation behavior by controlling shareholders through tunneling or self-dealing is far more severe in politically connected firms than in nonpolitically connected firms. This severity results more from the formers’ lower concern with capital market punishment than from the possibility that such firms tend to establish political connections for protection. Consistent with the view that a firm’s financing condition influences its corporate governance, we show that such severe expropriation occurs only in firms whose political connection helps them secure bank loan access.


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