社会信任
内生性
股东
规范(哲学)
代理(哲学)
业务
会计
经济
政治学
公司治理
计量经济学
社会学
财务
法学
社会资本
社会科学
作者
Shihua Chen,Xu Han,Khalil Jebran
标识
DOI:10.1016/j.jcae.2020.100212
摘要
We show how social trust environment influences tunneling. Using social norm theory, we argue that a high social trust environment mitigates unethical behavior from controlling shareholders and reduces tunneling. We further assume that the association between social trust and tunneling is weaker for enterprises controlled by the state and for those located in regions of high legal development. Using a sample of Chinese listed firms from 2003 to 2016, we find supportive evidence for our hypotheses. Similar conclusions were obtained with alternative measures, endogeneity corrections, and additional analyses. Our findings suggest that as a social norm, social trust can serve as an alternative mechanism for reducing agency problems in an emerging economy.
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