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Benefit Embezzlement of Separation of Control Right and Cash Flow Right: Empirical Evidence from China Private Real Estate Listed Companies

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Yan-hong Chen

    (Hunan University)

  • Shi-jian Zhang

    (Hunan University)

  • Pei Zhu

    (Harbin Institute of Technology)

Abstract

Based on a 5 years’ data from 2007 to 2011 of 185 China private real estate companies listed in shanghai and Shenzhen stock market , this paper makes an empirical study on the effects of the deviation between control right and cash flow right on benefit embezzlement. Furthermore, the function of outside director and institutional investor is analyzed. We document that benefit embezzlement is positively associated with the deviation between control right and cash flow right. Then, we find benefit embezzlement is negatively associated with the rate of outside director to directorate, and it is irrelevant to institutional holdings. Furthermore, our results suggest that the influence of deviation between control right and cash flow right on benefit embezzlement is weaker when the rate of outside director to directorate is high.

Suggested Citation

  • Yan-hong Chen & Shi-jian Zhang & Pei Zhu, 2013. "Benefit Embezzlement of Separation of Control Right and Cash Flow Right: Empirical Evidence from China Private Real Estate Listed Companies," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 683-692, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-37270-4_64
    DOI: 10.1007/978-3-642-37270-4_64
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