2023
DOI: 10.1371/journal.pone.0281120
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Governance of non-state-owned shareholders and corporate capital structure decision: A mechanism test from the opportunistic behavior of management

Abstract: It is an important measure in the reform of state-owned enterprises to improve the efficiency of capital operation by introducing non-state-owned shareholders. This paper explores the impact of non-state shareholder governance on capital structure decision-making by using the data of 2008–2021 A-share state-owned listed companies from the perspective of the speed and deviation of capital structure adjustment. The results reveal that only non-state shareholding has no significant impact on the capital structure… Show more

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Cited by 6 publications
(3 citation statements)
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“…Under China’s SOE reform system, more and more heterogeneous shareholders are involved in the management and governance of SOEs [ 27 – 29 ]. Studies find that firms supervised or managed by shareholders or boards with heterogeneous backgrounds tend to the good governance characteristics [ 30 ]. They are fewer agency costs [ 31 ], are more technological innovations [ 32 ], and are more efficient with investments [ 33 ].…”
Section: Literature Reviewmentioning
confidence: 99%
See 1 more Smart Citation
“…Under China’s SOE reform system, more and more heterogeneous shareholders are involved in the management and governance of SOEs [ 27 – 29 ]. Studies find that firms supervised or managed by shareholders or boards with heterogeneous backgrounds tend to the good governance characteristics [ 30 ]. They are fewer agency costs [ 31 ], are more technological innovations [ 32 ], and are more efficient with investments [ 33 ].…”
Section: Literature Reviewmentioning
confidence: 99%
“…In the internal environment of enterprises, the participation of heterogeneous equity subjects in corporate decision-making can expand the set of opportunities for decision-making. Moreover, it also contributes to the specialization of decision-making and capital and risk-taking, which is conducive to forming a democratic and scientific decision-making mechanism and improving corporate risk control [ 30 ]. As Bennedsen and Wolfenzon (2001) note [ 45 ], when there are multiple heterogeneous shareholders in a company, they can make the right business decisions and strengthen corporate governance capabilities.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Enterprises should give full play to the checks and balances of non-state-owned shareholders, and realize complementary equity advantages and equity balances by sharing control rights, so as to improve the current governance situation and reduce the policy burden (Wang, Hu, Liao & Xu, 2023).…”
Section: Policy Suggestionsmentioning
confidence: 99%