Non-controlling shareholders'voting participation in decision-making is an important aspect of safeguarding the interests of investors and improving corporate governance.Based on the voting data of non-controlling shareholders attending shareholder meetings of A-share listed companies in Shanghai and Shenzhen from 2012 to 2020,it is found that:(1)the higher the voting rate of non-controlling shareholders participating in shareholder meetings,the more significant the corporate governance improvement.The digital transformation of companies has strengthened the corporate governance effect of non-controlling shareholders'voting participation in decision-making.(2)Non-state-owned enterprises and companies with a high level of legal environment will strengthen the corporate governance effect of non-controlling shareholders'voting participation in decision-making.(3)Non-controlling shareholders'voting participation in decision-making improves corporate governance by exerting governance effects to suppress controlling shareholders'"hollowing out"and improve the effectiveness of executive compensation contracts.This is manifested in the significant decrease in controlling shareholders'fund occupation,company-related party transactions,and the decrease in executive compensation stickiness.The research findings expand the research on the corporate governance effects of non-controlling shareholders,providing useful references for optimizing equity structure,improving investor protection systems,and enhancing corporate governance levels in the context of the digital economy.
关键词
非控股股东/数字化转型/公司治理/控股股东"掏空"
Key words
non-controlling shareholders/digital transformation/corporate governance/controlling shareholder hollowing out
维普
万方数据