Multinational corporations and share pledging of the controlling shareholder

被引：1
作者：
Wen, Chufu [1 ]
Wen, Fenghua [1 ,2 ]
Lin, Diyue [1 ]
Zhao, Lili [3 ]
机构：
[1] Cent South Univ, Sch Business, Changsha 410083, Peoples R China
[2] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai 201209, Peoples R China
[3] Hainan Univ, Int Business Sch, Haikou 570228, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 95卷
关键词：
Multinational corporation; Share pledge; Controlling shareholder; FOREIGN DIRECT-INVESTMENT; DOMESTIC CORPORATIONS; CAPITAL STRUCTURE; GOVERNANCE; RISK; GLOBALIZATION; DIVERSIFICATION; DETERMINANTS; CONSTRAINTS; PERSPECTIVE;
D O I：
10.1016/j.irfa.2024.103444
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We identify the difference in share pledging of the controlling shareholders between multinational corporations (MNCs) and domestic corporations (DCs). Specifically, we find that the controlling shareholders' share pledge rate of MNCs are significantly lower compared with that of DCs. Moreover, we draw the conclusion that the alleviation of financial constraints prompts controlling shareholders in MNCs to curtail their share pledging activities. This reduction is particularly conspicuous within MNCs domiciled in tax havens and developed countries.
引用
收藏
页数：11
相关论文
共 107 条
[1]  
Aggarwal R., 2010, International Review of Financial Analysis, V19, P140
[2]  
Akhtar S., 2009, International Review of Finance, V9, P1, DOI 10.1111/j.1468-2443.2009.01083.x
[3]   Dividend policies across multinational and domestic corporations - an international study [J].
Akhtar, Shumi .
ACCOUNTING AND FINANCE, 2018, 58 (03) :669-695
[4]  
Alexander K, 2006, J BANK REGUL, V7, P17, DOI 10.1057/palgrave.jbr.2340003
[5]   FDI and economic growth: the role of local financial markets [J].
Alfaro, L ;
Chanda, A ;
Kalemli-Ozcan, S ;
Sayek, S .
JOURNAL OF INTERNATIONAL ECONOMICS, 2004, 64 (01) :89-112
[6]   The Impact of Formal and Informal Distance on Gender Equality Approaches: The Case of a British MNC in Saudi Arabia [J].
Alhejji, Hussain ;
Ng, Eddy S. ;
Garavan, Thomas ;
Carbery, Ronan .
THUNDERBIRD INTERNATIONAL BUSINESS REVIEW, 2018, 60 (02) :147-159
[7]   Understanding informal financing [J].
Allen, Franklin ;
Qian Meijun ;
Xie Jing .
JOURNAL OF FINANCIAL INTERMEDIATION, 2019, 39 :19-33
[8]   Corporate governance and firm value: International evidence [J].
Ammann, Manuel ;
Oesch, David ;
Schmid, Markus M. .
JOURNAL OF EMPIRICAL FINANCE, 2011, 18 (01) :36-55
[9]   Prediction of financial distress for multinational corporations: Panel estimations across countries [J].
Apergis, Nicholas ;
Bhattacharya, Mita ;
Inekwe, John .
APPLIED ECONOMICS, 2019, 51 (39) :4255-4269
[10]  
Backer L. C, 2015, Brown Journal of World Affairs, V22, P153
12345678910