Multiple large shareholders and cost stickiness: evidence from China

被引：5

作者：

Zhang, Bo ^{[1
]}

Geng, Heyu ^{[1
]}

Zhou, Ruixue ^{[2
]}

Yang, Limei ^{[3
]}

机构：

[1] Renmin Univ China, Sch Business, Accounting Dept, Beijing, Peoples R China

[2] Jinan Univ, Sch Management, Accounting Dept, Guangzhou, Peoples R China

[3] Beijing Technol & Business Univ, Sch Business, Accounting Dept, Beijing, Peoples R China

来源：

ACCOUNTING AND BUSINESS RESEARCH | 2025年 / 55卷 / 02期

关键词：

multiple large shareholders; ownership structure; cost stickiness; M41; G32; OWNERSHIP STRUCTURE; AGENCY COSTS; INVESTOR PROTECTION; CORPORATE; BEHAVIOR; MANAGEMENT; CHOICE;

D O I：

10.1080/00014788.2023.2266804

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a sample of Chinese listed firms from 2001 to 2017, this study investigates the impact of multiple large shareholders (MLS) on cost stickiness from the agency costs perspective. We find a positive association between MLS and cost stickiness after controlling for various determinants of cost stickiness. The results of additional analyses suggest that coordination costs among large shareholders make it challenging to monitor managers, and stronger protection of minority shareholders helps to eliminate the effect of MLS on cost stickiness. This paper extends our understanding of the 'dark side' of MLS and complements existing research investigating the determinants of cost stickiness from the ownership structure perspective.

引用

页码：188 / 216

页数：29

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