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Media attention and large shareholders' embezzlement behavior

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  • Li, Dong
  • Han, Yushu

Abstract

This paper analyses the relationship between media attention and the appropriation of interests by large shareholders from the perspective of embezzlement behavior. The empirical analysis is conducted by selecting data from listed companies in China's Shenzhen A-share market from 2018 to 2021. It is found that both company media attention and controlling shareholder media attention can effectively restrain the embezzlement behaviors of large shareholders; media attention is more effective in state-owned enterprises in restraining embezzlement behaviors of large shareholders; media attention has better-restraining effects on embezzlement behaviors of controlling shareholders of listed companies under special treatment.

Suggested Citation

  • Li, Dong & Han, Yushu, 2023. "Media attention and large shareholders' embezzlement behavior," Finance Research Letters, Elsevier, vol. 57(C).
    • Handle: RePEc:eee:finlet:v:57:y:2023:i:c:s1544612323005822
    DOI: 10.1016/j.frl.2023.104210
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