Cultural Origin and Minority Shareholder Expropriation: Historical Evidence
ABSTRACT Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce m...
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| Veröffentlicht in: | Journal of accounting research 2024-03, Vol.62 (1), p.181-228 |
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| creator | GU, ZHIHUI SUN, WEI ZHOU, FRANK S. |
| description | ABSTRACT
Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development. |
| doi_str_mv | 10.1111/1475-679X.12517 |
| format | Article |
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Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development.</description><identifier>ISSN: 0021-8456</identifier><identifier>EISSN: 1475-679X</identifier><identifier>DOI: 10.1111/1475-679X.12517</identifier><language>eng</language><publisher>Chicago: Blackwell Publishing Ltd</publisher><subject>Capital markets ; culture ; economic institutions ; Expropriation ; Financial reporting ; financial reporting quality ; generalized morality ; governance ; historical persistence ; minority shareholder expropriation ; Minority stockholders ; Political movements ; Regional variations ; Regions ; Stockholders ; tunneling ; Values</subject><ispartof>Journal of accounting research, 2024-03, Vol.62 (1), p.181-228</ispartof><rights>2023 The Authors. published by Wiley Periodicals LLC on behalf of The Chookaszian Accounting Research Center at the University of Chicago Booth School of Business.</rights><rights>2023. This article is published under http://creativecommons.org/licenses/by-nc-nd/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c4477-9f9fd16c243d1e408789876fefb5288990b16b1d21a2af285ebfa1cdda7cebcb3</citedby><cites>FETCH-LOGICAL-c4477-9f9fd16c243d1e408789876fefb5288990b16b1d21a2af285ebfa1cdda7cebcb3</cites><orcidid>0000-0003-0376-6207</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2F1475-679X.12517$$EPDF$$P50$$Gwiley$$Hfree_for_read</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2F1475-679X.12517$$EHTML$$P50$$Gwiley$$Hfree_for_read</linktohtml><link.rule.ids>314,776,780,1411,27903,27904,45553,45554</link.rule.ids></links><search><creatorcontrib>GU, ZHIHUI</creatorcontrib><creatorcontrib>SUN, WEI</creatorcontrib><creatorcontrib>ZHOU, FRANK S.</creatorcontrib><title>Cultural Origin and Minority Shareholder Expropriation: Historical Evidence</title><title>Journal of accounting research</title><description>ABSTRACT
Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development.</description><subject>Capital markets</subject><subject>culture</subject><subject>economic institutions</subject><subject>Expropriation</subject><subject>Financial reporting</subject><subject>financial reporting quality</subject><subject>generalized morality</subject><subject>governance</subject><subject>historical persistence</subject><subject>minority shareholder expropriation</subject><subject>Minority stockholders</subject><subject>Political movements</subject><subject>Regional variations</subject><subject>Regions</subject><subject>Stockholders</subject><subject>tunneling</subject><subject>Values</subject><issn>0021-8456</issn><issn>1475-679X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2024</creationdate><recordtype>article</recordtype><sourceid>24P</sourceid><recordid>eNqFkEtLw0AUhQdRsFbXbgOuY-dOk3m4K6VatVLwAe6GyTzslJjUSaL23zs1okvv5sLlO-ceDkKngM8hzggylqeUiedzIDmwPTT4veyjAcYEUp7l9BAdNc0aYyzyMQzQ7bQr2y6oMlkG_-KrRFUmufNVHXy7TR5WKthVXRobktnnJtSb4FXr6-oimfumjZCOytm7N7bS9hgdOFU29uRnD9HT5exxOk8Xy6vr6WSR6ixjLBVOOANUk2xswGaYMy44o866IiecC4ELoAUYAoooR3huC6dAG6OYtoUuxkN01vvGQG-dbVq5rrtQxZeSCAJ4nFMMkRr1lA510wTrZAz_qsJWApa7xuSuH7nrR343FhVJr7C6rnzzx3NOKOYEaERoj3z40m7_c5Q3y8l97_0FQrl5FA</recordid><startdate>202403</startdate><enddate>202403</enddate><creator>GU, ZHIHUI</creator><creator>SUN, WEI</creator><creator>ZHOU, FRANK S.</creator><general>Blackwell Publishing Ltd</general><scope>24P</scope><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><orcidid>https://orcid.org/0000-0003-0376-6207</orcidid></search><sort><creationdate>202403</creationdate><title>Cultural Origin and Minority Shareholder Expropriation: Historical Evidence</title><author>GU, ZHIHUI ; SUN, WEI ; ZHOU, FRANK S.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4477-9f9fd16c243d1e408789876fefb5288990b16b1d21a2af285ebfa1cdda7cebcb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2024</creationdate><topic>Capital markets</topic><topic>culture</topic><topic>economic institutions</topic><topic>Expropriation</topic><topic>Financial reporting</topic><topic>financial reporting quality</topic><topic>generalized morality</topic><topic>governance</topic><topic>historical persistence</topic><topic>minority shareholder expropriation</topic><topic>Minority stockholders</topic><topic>Political movements</topic><topic>Regional variations</topic><topic>Regions</topic><topic>Stockholders</topic><topic>tunneling</topic><topic>Values</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>GU, ZHIHUI</creatorcontrib><creatorcontrib>SUN, WEI</creatorcontrib><creatorcontrib>ZHOU, FRANK S.</creatorcontrib><collection>Wiley Online Library Open Access</collection><collection>ECONIS</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of accounting research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>GU, ZHIHUI</au><au>SUN, WEI</au><au>ZHOU, FRANK S.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Cultural Origin and Minority Shareholder Expropriation: Historical Evidence</atitle><jtitle>Journal of accounting research</jtitle><date>2024-03</date><risdate>2024</risdate><volume>62</volume><issue>1</issue><spage>181</spage><epage>228</epage><pages>181-228</pages><issn>0021-8456</issn><eissn>1475-679X</eissn><abstract>ABSTRACT
Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development.</abstract><cop>Chicago</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1111/1475-679X.12517</doi><tpages>48</tpages><orcidid>https://orcid.org/0000-0003-0376-6207</orcidid><oa>free_for_read</oa></addata></record> |
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| ispartof | Journal of accounting research, 2024-03, Vol.62 (1), p.181-228 |
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| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete |
| subjects | Capital markets culture economic institutions Expropriation Financial reporting financial reporting quality generalized morality governance historical persistence minority shareholder expropriation Minority stockholders Political movements Regional variations Regions Stockholders tunneling Values |
| title | Cultural Origin and Minority Shareholder Expropriation: Historical Evidence |
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