Takeover deterrence with state ownership: Evidence from China

被引：3

作者：

Su, Zhiwei ^{[1
]}

Xue, Yi ^{[2
]}

机构：

[1] Univ Macau, Fac Business Adm, Macau 999078, Peoples R China

[2] Univ Int Business & Econ, Chaoyang 100029, Beijing, Peoples R China

来源：

JOURNAL OF BANKING & FINANCE | 2023年 / 146卷

基金：

中国国家自然科学基金;

关键词：

Deterrence; Privatization; State-owned enterprises; Takeover; PRIVATIZATION; MANAGEMENT; DEFENSES; RIGHTS; STOCK; LAW;

D O I：

10.1016/j.jbankfin.2022.106689

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the role of Chinese state ownership in deterring takeovers. We document state own-ership's reduction in firms' susceptibility to potential takeovers. Using staggered privatization of the state-owned shareholders of public firms, as shocks to the deterrent effect of the state, we find that state-owned shareholders can insulate their portfolio firms from potential takeovers. The deterrent effect of state ownership is concentrated in strategic industries and well-functioning assets, alleviating managerial short-termism.(c) 2022 Elsevier B.V. All rights reserved.

引用

页数：15

共 50 条

[41] State ownership and zombie firms: Evidence from China's 2008 stimulus plan
Li, Jiani
Li, Jie
Zhou, Tianhang
ECONOMICS OF TRANSITION AND INSTITUTIONAL CHANGE, 2023, 31 (04) : 853 - 876
[42] Perceived audit quality, state ownership, and stock price delay: evidence from China
Chen, Jun
Dong, Wang
Li, Shuo
Zhang, Yu
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, 2018, 25 (1-2) : 253 - 275
[43] Innovation output and state ownership: empirical evidence from China's listed firms
Kroll, Henning
Kou, Kou
INDUSTRY AND INNOVATION, 2019, 26 (02) : 176 - 198
[44] Legal Deterrence: the foundation of corporate governance - evidence from China
Zhang, Zhong
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2007, 15 (05) : 741 - 767
[45] State-dominant and non-state-dominant ownership concentration and firm performance Evidence from China
Hess, Kurt
Gunasekarage, Abeyratna
Hovey, Martin
INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2010, 6 (04) : 264 - +
[46] How much state ownership is more conducive to corporate innovation in firms? Evidence from China
Chen, Qi-an
Tang, Shuxiang
Xu, Yuan
Lin, Jianyi
ASIAN JOURNAL OF TECHNOLOGY INNOVATION, 2024, 32 (01) : 37 - 64
[47] Are state ownership and auditors' locality determinants of asset write-downs? Evidence from China
Pauline W.Y.Wong
China Journal of Accounting Research, 2018, 11 (04) : 385 - 405
[48] Government subsidies, state ownership, regulatory infrastructure, and the import of strategic resources: Evidence from China
Qian, Gongming
Liu, Bin
Wang, Qingtao
MULTINATIONAL BUSINESS REVIEW, 2018, 26 (04) : 319 - 336
[49] The value of partial state ownership in publicly listed private sector enterprises: evidence from China
Song, Zengji
Nahm, Abraham
Zhang, Zongyi
POST-COMMUNIST ECONOMIES, 2015, 27 (03) : 336 - 353
[50] State ownership and the risk-reducing effect of corporate derivative use: Evidence from China
Guo, Huimin
Pan, Zheyao
Tian, Gary Gang
JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2021, 48 (5-6) : 1092 - 1133

← 1 2 3 4 5 →