This paper takes the A-share listed companies on the Shanghai and Shenzhen Stock Exchange as the research object and examines the impact of enterprise positioning in the cross-ownership network on corporate violations from the perspective of a social relationship network.The paper finds that the higher the degree of centrality of an enterprise positioning in the cross-ownership network,the lower the probability of corporate violations occurring.The mechanism analysis reveals that the cross-ownership network primarily reduces the agency cost of enterprises by leveraging the informational advantages of weak ties,thereby leading to a decrease in the probability of corporate violations occurring.Further research shows that the cross-ownership network can effectively make up for the deficiency of formal governance mechanisms and the inhibitory effect on violations is more significant in enterprises with small supervisory board sizes and low degree of product market competition.
万方数据
维普
