EQUITY PLEDGE, PLEDGOR TYPE AND INVESTMENT EFFICIENCY

نویسندگان

چکیده

Equity pledging is susceptible to agency problems and substantial risk, resulting in inefficient corporate investment. We show the negative impact not just induced by controlling shareholders but also pledged non-controlling actual controllers. Our results add that SOEs with control rights via or controllers can mitigate investment inefficiency problems. conclude pledgor type matters of shareholders’ pledges should be neglected.

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ژورنال

عنوان ژورنال: Applied finance letters

سال: 2023

ISSN: ['2253-5802', '2253-5799']

DOI: https://doi.org/10.24135/afl.v12i1.616