Cultural Origin and Minority Shareholder Expropriation: Historical Evidence

• 成果类型: Article
• 署名作者: Gu, Zhihui; Sun, Wei; Zhou, Frank s.
• 署名单位: Nankai University; Nankai University; China Agricultural University; University of Pennsylvania
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12517
• 发表日期: 2024
• 页码: 181-228
• 关键词: investor protection; slave-trade; Confucianism; institutions; CHINA; NORMS; FIRMS; LAW; persistence; geography

摘要

Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development.