基地研究员何恭政副教授与合作者（Yumei Feng, College of Finance, Shandong University of Finance and Economics; Yuying Pan, College of Finance, Shandong University of Finance and Economics; Guanchun Liu, Lingnan College, Sun Yat-sen University）的论文 "Corporate governance of weak stakeholders: Minority investorsand investment efficiency" 在重要学术期刊Emerging Markets Review在线发表。

        Abstract:

       This study explores the impact of minority shareholders' participation in governance on corporate investment efficiency. The study focuses on the effects of online voting rules in China, utilizing data from firms listed on the Shenzhen Stock Exchange between 2011 to 2017. Employing a quasi-natural experiment with the difference-in-differences model, the results reveal that online voting by minority investors increases corporate investment efficiency. This conclusion is verified using a series of robustness tests and endogeneity adjustments. Furthermore, the findings indicate that the impact of minority investors' online voting is more evident in firms with less internal governance and weaker external monitoring mechanisms. Additionally, minority investor participation in governance increases corporate investment efficiency by increasing information transparency and the quality of internal control. Online voting encourages the organization's management to make more favorable decisions and assure the steady growth of the business.

       Keywords：Minority investors; Online voting; Investment efficiency; Information transparency; Internal control quality

       链接：https://doi.org/10.1016/j.ememar.2023.101057

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。