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Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective
Based on the perspective of performance pressure, we explore the influence of controlling shareholders’ share pledge on excessive financialization behavior of enterprises and its internal mechanism. The results show that the share pledge of controlling shareholders is positively correlated with the...
Autores principales: | , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Public Library of Science
2023
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10355460/ https://www.ncbi.nlm.nih.gov/pubmed/37467221 http://dx.doi.org/10.1371/journal.pone.0288705 |
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author | Xie, Yue Wang, Tianhui Zhang, Jinhua Wang, Na |
author_facet | Xie, Yue Wang, Tianhui Zhang, Jinhua Wang, Na |
author_sort | Xie, Yue |
collection | PubMed |
description | Based on the perspective of performance pressure, we explore the influence of controlling shareholders’ share pledge on excessive financialization behavior of enterprises and its internal mechanism. The results show that the share pledge of controlling shareholders is positively correlated with the excessive financialization behavior of enterprises. After the controlling shareholder’s share pledge, the actual performance of the enterprise is lower than expected, causing the short-sighted behavior of the management, which makes the management willing to conspire with the controlling shareholder to cause the excessive financialization of the enterprise. The results are especially evident among the uncertainty of economic policy is low, the industry competition is not fierce and the executives have overseas experience. |
format | Online Article Text |
id | pubmed-10355460 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | Public Library of Science |
record_format | MEDLINE/PubMed |
spelling | pubmed-103554602023-07-20 Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective Xie, Yue Wang, Tianhui Zhang, Jinhua Wang, Na PLoS One Research Article Based on the perspective of performance pressure, we explore the influence of controlling shareholders’ share pledge on excessive financialization behavior of enterprises and its internal mechanism. The results show that the share pledge of controlling shareholders is positively correlated with the excessive financialization behavior of enterprises. After the controlling shareholder’s share pledge, the actual performance of the enterprise is lower than expected, causing the short-sighted behavior of the management, which makes the management willing to conspire with the controlling shareholder to cause the excessive financialization of the enterprise. The results are especially evident among the uncertainty of economic policy is low, the industry competition is not fierce and the executives have overseas experience. Public Library of Science 2023-07-19 /pmc/articles/PMC10355460/ /pubmed/37467221 http://dx.doi.org/10.1371/journal.pone.0288705 Text en © 2023 Xie et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. |
spellingShingle | Research Article Xie, Yue Wang, Tianhui Zhang, Jinhua Wang, Na Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title | Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title_full | Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title_fullStr | Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title_full_unstemmed | Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title_short | Does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—Evidence from performance pressure perspective |
title_sort | does controlling shareholders’ share pledge exacerbate excessive financialization of enterprises?—evidence from performance pressure perspective |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10355460/ https://www.ncbi.nlm.nih.gov/pubmed/37467221 http://dx.doi.org/10.1371/journal.pone.0288705 |
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