From the perspective of exit threat,this paper takes the listed companies in Shanghai and Shenzhen A-share that have made OFDI from 2009 to 2022 as the research sample to examine how non-controlling major shareholders governance affects the business performance of"going-out"enterprises.Findings reveal that non-controlling major shareholders governance can effec-tively improve the business performance of"going-out"enterprises and the finding remains after considering the endogeneity is-sue.Further research finds that the exit threat of non-controlling major shareholders keeps more significant in three models:over-seas M&A,overseas M&A plus greenfield investment and greenfield investment.The positive effect is weakened when the con-centration of equity is higher,and that kind of effect can be more significant when the enterprises are non-SOEs.
关键词
非控股大股东/退出威胁/"走出去"企业/经营绩效/股权集中度/绿地投资/大股东治理
Key words
non-controlling major shareholders/exit threat/"going-out"enterprises/business performance/concentration of equity/greenfield investment/major shareholder governance
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