科学研究
报告题目：Benefits of having friends: Multiple large shareholders and corporate resilience
报告人：梁上坤
报告时间：2024年4月12日（周五）13:30-15:00
报告地点：劝学楼245
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
This paper investigates the effect of multiple large shareholders (MLS) on corporate resilience to the Covid-19 using a large sample of Chinese listed firms from 2020 to 2022. We find that firms with MLS exhibit higher corporate resilience to the Covid-19 crisis (i.e., lower productivity decrease and lower market performance decline during the pandemic period) compared to firms with single large shareholder (SLS). Delving into the mechanisms, we show that firms with MLS receive more bank credits and enjoy a lower cost of debt, as well as have higher product diversity and lower supplier concentration, suggesting MLS provide more financial and supply-chain resources to help firms develop resilience compared to SLS. Cross‑sectional tests further show that the positive impact of MLS on corporate resilience is significantly stronger for firms lack a bank background and business association experiences, and for firms where other large shareholders operate more diversified industries and provinces, further confirming the resource providing role of MLS. Overall, this paper contributes to the existing literature by showing how MLS shape the firms’ response to adverse events.
【报告人简介】
梁上坤，中央财经大学会计学院教授、博士生导师，国家级高层次青年人才、财政部全国会计领军人才、中央财经大学“龙马学者”青年学者。主要研究领域为公司治理、公司财务。在《经济研究》《管理世界》及The Accounting Review等期刊发表论文七十余篇。担任《经济研究》《管理世界》及Journal of Business Ethics等期刊的匿名审稿人。担任国家自然科学基金、国家社会科学基金通讯评议专家。主持国家自然科学基金三项。获得教育部科学研究成果奖等多项省部级奖项。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
