Controlling shareholders' equity pledge, digital finance, and corporate digital transformation
Author
Abstract
Suggested Citation
DOI: 10.1016/j.irfa.2023.102853
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2008.
"The Corporate Governance Role of the Media: Evidence from Russia,"
Journal of Finance, American Finance Association, vol. 63(3), pages 1093-1135, June.
- Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2004. "The Corporate Governance Role of the Media: Evidence from Russia," Working Papers w0054, New Economic School (NES), revised Sep 2005.
- Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2004. "The Corporate Governance Role of the Media: Evidence from Russia," Working Papers w0054, Center for Economic and Financial Research (CEFIR), revised Sep 2005.
- Dyck, Alexander & Volchkova, Natalya & Zingales, Luigi, 2007. "The Corporate Governance Role of the Media: Evidence from Russia," Working Papers 07-1, University of Pennsylvania, Wharton School, Weiss Center.
- Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2006. "The Corporate Governance Role of the Media: Evidence from Russia," NBER Working Papers 12525, National Bureau of Economic Research, Inc.
- Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
- Maria Demertzis & Silvia Merler & Guntram B Wolff, 2018.
"Capital Markets Union and the Fintech Opportunity,"
Journal of Financial Regulation, Oxford University Press, vol. 4(1), pages 157-165.
- Maria Demertzis & Silvia Merler & Guntram B. Wolff, 2017. "Capital Markets Union and the fintech opportunity," Policy Contributions 21961, Bruegel.
- Liang, Lin & Li, Yan, 2023. "How does government support promote digital economy development in China? The mediating role of regional innovation ecosystem resilience," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
- Huang, Zhi-xiong & Li, Xiaozhong & Zhao, Yuheng, 2022. "Stock pledge restrictions and investment efficiency," Finance Research Letters, Elsevier, vol. 48(C).
- Erik Brynjolfsson & Daniel Rock & Chad Syverson, 2018.
"Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics,"
NBER Chapters, in: The Economics of Artificial Intelligence: An Agenda, pages 23-57,
National Bureau of Economic Research, Inc.
- Erik Brynjolfsson & Daniel Rock & Chad Syverson, 2017. "Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics," NBER Working Papers 24001, National Bureau of Economic Research, Inc.
- Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75002, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Timothy F. Bresnahan & Erik Brynjolfsson & Lorin M. Hitt, 2002.
"Information Technology, Workplace Organization, and the Demand for Skilled Labor: Firm-Level Evidence,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 339-376.
- Timothy F. Bresnahan & Erik Brynjolfsson & Lorin M. Hitt, 1999. "Information Technology, Workplace Organization and the Demand for Skilled Labor: Firm-Level Evidence," NBER Working Papers 7136, National Bureau of Economic Research, Inc.
- Jiang, Guohua & Lee, Charles M.C. & Yue, Heng, 2010. "Tunneling through intercorporate loans: The China experience," Journal of Financial Economics, Elsevier, vol. 98(1), pages 1-20, October.
- Zhou, Jingting & Li, Wanli & Yan, Ziqiao & Lyu, Huaili, 2021. "Controlling shareholder share pledging and stock price crash risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 77(C).
- Jo Thori Lind & Halvor Mehlum, 2010.
"With or Without U? The Appropriate Test for a U‐Shaped Relationship,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 72(1), pages 109-118, February.
- Lind, Jo Thori & Mehlum, Halvor, 2007. "With or Without U? The appropriate test for a U shaped relationship," Memorandum 21/2007, Oslo University, Department of Economics.
- Lind, Jo Thori & Mehlum, Halvor, 2007. "With or Without U? - The appropriate test for a U shaped relationship," MPRA Paper 4823, University Library of Munich, Germany.
- Mr. Roberto Cardarelli & Ms. Lusine Lusinyan, 2015. "U.S. Total Factor Productivity Slowdown: Evidence from the U.S. States," IMF Working Papers 2015/116, International Monetary Fund.
- Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75202, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Pang, Caiji & Wang, Ying, 2020. "Stock pledge, risk of losing control and corporate innovation," Journal of Corporate Finance, Elsevier, vol. 60(C).
- Wen, Huwei & Zhong, Qiming & Lee, Chien-Chiang, 2022. "Digitalization, competition strategy and corporate innovation: Evidence from Chinese manufacturing listed companies," International Review of Financial Analysis, Elsevier, vol. 82(C).
- Watanabe, Chihiro & Tou, Yuji & Neittaanmäki, Pekka, 2018. "A new paradox of the digital economy - Structural sources of the limitation of GDP statistics," Technology in Society, Elsevier, vol. 55(C), pages 9-23.
- Li, Ziyang & Han, Ning & Zeng, Qing & Li, Yu, 2022. "Executive team heterogeneity, equity pledges, and stock Price crash risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 84(C).
- Christian Matt & Thomas Hess & Alexander Benlian, 2015. "Digital Transformation Strategies," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(5), pages 339-343, October.
- Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-528, June.
- Liu, Wei & Tian, Gary Gang, 2022. "Controlling shareholder share pledging and the cost of equity capital: Evidence from China," The British Accounting Review, Elsevier, vol. 54(6).
- Chen, Ling & Yang, Wenhui, 2019. "R&D tax credits and firm innovation: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 233-241.
- Cheng, Yiran & Zhou, Xiaorui & Li, Yongjian, 2023. "The effect of digital transformation on real economy enterprises’ total factor productivity," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 488-501.
- Amore, Mario Daniele & Schneider, Cédric & Žaldokas, Alminas, 2013. "Credit supply and corporate innovation," Journal of Financial Economics, Elsevier, vol. 109(3), pages 835-855.
- Manuel Arellano & Stephen Bond, 1991.
"Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
- Tom Doan, "undated". "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
- Wanlong Zhao & Wei Zhang & Xiong Xiong & Gaofeng Zou, 2019. "Share pledges, tone of earnings communication conferences, and market reaction: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(5), pages 2817-2853, December.
- Kim, Jeong-Bon & Li, Yinghua & Zhang, Liandong, 2011. "Corporate tax avoidance and stock price crash risk: Firm-level analysis," Journal of Financial Economics, Elsevier, vol. 100(3), pages 639-662, June.
- Si Luo & Miaochao Chen, 2022. "Digital Finance Development and the Digital Transformation of Enterprises: Based on the Perspective of Financing Constraint and Innovation Drive," Journal of Mathematics, Hindawi, vol. 2022, pages 1-10, March.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Mo, Yan & Liu, Xiaotong, 2023. "Climate policy uncertainty and digital transformation of enterprise—Evidence from China," Economics Letters, Elsevier, vol. 233(C).
- Liu, LiHua & Li, YuQian, 2024. "Enterprise financialization and stock price crash risk," Finance Research Letters, Elsevier, vol. 60(C).
- Zuo, Yu & Bai, Tao, 2024. "Major shareholder equity pledges and the risk of stock price crash based on external audit quality," Finance Research Letters, Elsevier, vol. 63(C).
- Zou, Ziran & Fu, Jiayi & Zeng, Yeqin & Huang, Yuxuan, 2024. "Do young CEOs matter for corporate digital transformation?," Economics Letters, Elsevier, vol. 237(C).
- Tian, Zhongliang & Tang, Ruoyuan & Liu, Wenhe & Qi, Yuan, 2024. "Controlling shareholder's equity pledge and corporate financialization," Finance Research Letters, Elsevier, vol. 60(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jiang, Kangqi & Du, Xinyi & Chen, Zhongfei, 2022. "Firms' digitalization and stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 82(C).
- Guo, Xiaochuan & Li, Mengmeng & Wang, Yanlin & Mardani, Abbas, 2023. "Does digital transformation improve the firm’s performance? From the perspective of digitalization paradox and managerial myopia," Journal of Business Research, Elsevier, vol. 163(C).
- Lyu, Wenjing & Liu, Jin, 2021. "Soft skills, hard skills: What matters most? Evidence from job postings," Applied Energy, Elsevier, vol. 300(C).
- Lyu, Wenjing & Liu, Jin, 2021. "Artificial Intelligence and emerging digital technologies in the energy sector," Applied Energy, Elsevier, vol. 303(C).
- Irene Bertschek & Joern Block & Alexander S. Kritikos & Caroline Stiel, 2024.
"German financial state aid during Covid-19 pandemic: Higher impact among digitalized self-employed,"
Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 36(1-2), pages 76-97, January.
- Irene Bertschek & Joern Block & Alexander S. Kritikos & Caroline Stiel, 2022. "German Financial State Aid during COVID-19 Pandemic: Higher Impact among Digitalized Self-Employed," Discussion Papers of DIW Berlin 2018, DIW Berlin, German Institute for Economic Research.
- Bertschek, Irene & Block, Jörn & Kritikos, Alexander S. & Stiel, Caroline, 2022. "German Financial State Aid during COVID-19 Pandemic: Higher Impact among Digitalized Self-Employed," IZA Discussion Papers 15608, Institute of Labor Economics (IZA).
- Bertschek, Irene & Block, Jörn & Kritikos, Alexander & Stiel, Caroline, 2022. "German financial state aid during COVID-19 pandemic: Higher impact among digitalized self-employed," ZEW Discussion Papers 22-045, ZEW - Leibniz Centre for European Economic Research.
- Zhang, Yijun & Meng, Zhenzhen & Song, Yi, 2023. "Digital transformation and metal enterprise value: Evidence from China," Resources Policy, Elsevier, vol. 87(PB).
- Yan, Guan & Liu, Zhidong, 2023. "Interconnectedness of financial institutions based on pledged shares in China," Finance Research Letters, Elsevier, vol. 57(C).
- Luo, Danglun & Piao, Zhirong & Wu, Cen & Zhang, Frank Feida, 2024. "Collateral damage: Evidence from share pledging in China," International Review of Financial Analysis, Elsevier, vol. 93(C).
- Schubert, Torben & Ashouri, Sajad & Deschryvere, Matthias & Jäger, Angela & Visentin, Fabiana & Cunningham, Scott & Hajikhani, Arash & Pukelis, Lukas & Suominen, Arho, 2023. "The role of product digitization for productivity," MERIT Working Papers 2023-004, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
- Zhou, Jingting & Li, Wanli & Yan, Ziqiao & Lyu, Huaili, 2021. "Controlling shareholder share pledging and stock price crash risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 77(C).
- Yang, Hefan & Liu, Xilu & Meng, Yao & Feng, Baoyi & Chen, Zhijun, 2024. "Digital transformation and the allocation of decision-making rights within business groups – Empirical evidence from China," Journal of Business Research, Elsevier, vol. 179(C).
- Sadek, Biland, 2024. "Components and Strategic Routes of Corporate Transformations," MPRA Paper 120332, University Library of Munich, Germany, revised 26 Feb 2024.
- Zhu, Changchun & Li, Na & Ma, Jing, 2024. "Impact of CEO overconfidence on enterprise digital transformation: Moderating effect based on digital finance," Finance Research Letters, Elsevier, vol. 59(C).
- He, Mingfeng & Huang, Dengshi & Zhou, Jianan, 2023. "The impacts of share pledging on firm investment timing and valuation," International Review of Financial Analysis, Elsevier, vol. 87(C).
- Jinkai Liang & Ke Du & Dandan Chen, 2023. "The Effect of Digitalization on Ambidextrous Innovation in Manufacturing Enterprises: A Perspective of Empowering and Enabling," Sustainability, MDPI, vol. 15(16), pages 1-23, August.
- Rodrigues, Ana Rita D. & Ferreira, Fernando A.F. & Teixeira, Fernando J.C.S.N. & Zopounidis, Constantin, 2022. "Artificial intelligence, digital transformation and cybersecurity in the banking sector: A multi-stakeholder cognition-driven framework," Research in International Business and Finance, Elsevier, vol. 60(C).
- Changling Sun & Ziang Lin & Marek Vochozka & Zuzana Vincúrová, 2022. "Digital transformation and corporate cash holdings in China’s A-share listed companies," Oeconomia Copernicana, Institute of Economic Research, vol. 13(4), pages 1081-1116, December.
- Jin, Hong-min & Su, Zhong-qin & Wang, Lu & Xiao, Zuoping, 2022. "Do academic independent directors matter? Evidence from stock price crash risk," Journal of Business Research, Elsevier, vol. 144(C), pages 1129-1148.
- Holmström, Jonny, 2022. "From AI to digital transformation: The AI readiness framework," Business Horizons, Elsevier, vol. 65(3), pages 329-339.
- Satı, Zümrüt Ecevit, 2024. "Comparison of the criteria affecting the digital innovation performance of the European Union (EU) member and candidate countries with the entropy weight-TOPSIS method and investigation of its importa," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
More about this item
Keywords
Equity pledge; Digital finance; Digital transformation; Inverted U-shape;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finana:v:90:y:2023:i:c:s1057521923003691. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620166 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.