Equity Pledge by Controlling Shareholders and Corporate Misconduct——From the Perspective of Internal Control and External Supervision
Taking Chinese A-share listed companies from 2013 to 2021 as samples,this paper explores the impact of equity pledge by controlling shareholders on corporate misconduct.The results show that equity pledge by controlling shareholders significantly increases the tendency of enterprises to violate regulations and has a greater impact on informa-tion disclosure violations.For enterprises with high financing constraints and equity concentration,this impact is more pro-nounced.In addition,internal control and external supervision can effectively alleviate the risk of corporate misconduct caused by controlling shareholder equity pledge,and the impact of internal control is more effective.
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