Cultural Origin and Minority Shareholder Expropriation: Historical Evidence
研究中国各地区儒家文化历史影响如何减少当地上市公司对中小股东的利益侵占，通过提升财务报告质量和股利支付等监督机制发挥作用。
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.