EQUITY PLEDGE, PLEDGOR TYPE AND INVESTMENT EFFICIENCY
Equity pledging is susceptible to agency problems and substantial risk, resulting in inefficient corporate investment. We show the negative impact is not just induced by controlling shareholders but also pledged by non-controlling shareholders and actual controllers. Our results add that SOEs with...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Tuwhera Open Access Publisher
2023-05-01
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| Series: | Applied Finance Letters |
| Online Access: | https://ojs.aut.ac.nz/applied-finance-letters/article/view/616 |