Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board
ABSTRACTUsing the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterpr...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2023-12-01
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| Series: | Journal of Applied Economics |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/15140326.2023.2183629 |
| _version_ | 1797404434190303232 |
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| author | Jingwan Liu Wei Tang Xingzhu Zhao |
| author_facet | Jingwan Liu Wei Tang Xingzhu Zhao |
| author_sort | Jingwan Liu |
| collection | DOAJ |
| description | ABSTRACTUsing the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China’s unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization. |
| first_indexed | 2024-03-09T02:54:54Z |
| format | Article |
| id | doaj.art-40520c1a6a6b4b048aec33352328aac4 |
| institution | Directory Open Access Journal |
| issn | 1514-0326 1667-6726 |
| language | English |
| last_indexed | 2024-03-09T02:54:54Z |
| publishDate | 2023-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Journal of Applied Economics |
| spelling | doaj.art-40520c1a6a6b4b048aec33352328aac42023-12-05T07:07:33ZengTaylor & Francis GroupJournal of Applied Economics1514-03261667-67262023-12-0126110.1080/15140326.2023.2183629Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third BoardJingwan Liu0Wei Tang1Xingzhu Zhao2Anhui Institute of Public Security Education, Hefei, ChinaSchool of Accountancy, Anhui University of Finance and Economics, Bengbu, ChinaSchool of Accountancy, Anhui University of Finance and Economics, Bengbu, ChinaABSTRACTUsing the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China’s unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization.https://www.tandfonline.com/doi/10.1080/15140326.2023.2183629Celebrity shareholderscorporate riskcorporate governanceNew Third Board |
| spellingShingle | Jingwan Liu Wei Tang Xingzhu Zhao Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board Journal of Applied Economics Celebrity shareholders corporate risk corporate governance New Third Board |
| title | Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board |
| title_full | Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board |
| title_fullStr | Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board |
| title_full_unstemmed | Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board |
| title_short | Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board |
| title_sort | celebrity shareholders and corporate risk based on empirical evidence gathered from chinese companies listed on the new third board |
| topic | Celebrity shareholders corporate risk corporate governance New Third Board |
| url | https://www.tandfonline.com/doi/10.1080/15140326.2023.2183629 |
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