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Does controlling shareholders' share pledge exacerbate excessive financialization of enterprises?-Evidence from performance pressure perspective

PloS one, 2023-07, Vol.18 (7), p.e0288705-e0288705 [Peer Reviewed Journal]

Copyright: © 2023 Xie et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2023 Public Library of Science ;2023 Xie et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2023 Xie et al 2023 Xie et al ;2023 Xie et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0288705 ;PMID: 37467221

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  • Title:
    Does controlling shareholders' share pledge exacerbate excessive financialization of enterprises?-Evidence from performance pressure perspective
  • Author: Xie, Yue ; Wang, Tianhui ; Zhang, Jinhua ; Wang, Na
  • Subjects: Behavior ; Business enterprises ; China ; Corporate profits ; Economic conditions ; Economic policy ; Engineering and Technology ; Equity ; Evaluation ; Humans ; Industry ; Investments ; Management ; Myopia ; Physical Sciences ; Pressure ; R&D ; Research & development ; Social Sciences ; Stockholders ; Uncertainty
  • Is Part Of: PloS one, 2023-07, Vol.18 (7), p.e0288705-e0288705
  • 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.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0288705
    PMID: 37467221
  • Source: Freely Accessible Journals
    PLoS (Open access)
    PubMed Central (Open access)
    AUTh Library subscriptions: ProQuest Central
    MEDLINE
    DOAJ Directory of Open Access Journals
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