文章基本信息

标题：Controlling shareholder share pledging and Enterprise Cost Stickiness: Evidence from Chinese Firms
本地全文：下载
作者：Ziyang Li ; Yingyue Zhang ; Xiaohan Tan 等
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2020
卷号：214
页码：1-5
DOI：10.1051/e3sconf/202021402003
出版社：EDP Sciences
摘要：Using a sample of Chinese enterprises pledge during the period 2008-2017, this paper investigates the cost management behavior of enterprises during the pledge period of major shareholders’ stock rights. Our findings show that with the increase of the equity pledge rate, the cost stickiness of enterprises is enhanced. Further analysis shows that the behavior that the controlling shareholder invests the equity pledge funds to a third party weakens the cost stickiness of the enterprise. We further contribute to the literature on sticky cost and equity pledge by discussing the strategic choices of major shareholders to avoid risks during the equity pledge period.