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The voice of minority shareholders: Online voting and corporate social responsibility
Research in International Business and Finance ( IF 6.143 ) Pub Date : 2021-03-08 , DOI: 10.1016/j.ribaf.2021.101408
Yumei Feng , Yuying Pan , Lu Wang , Ahmet Sensoy

In 2014, the Shenzhen Stock Exchange introduced “Rules for the Implementation of Online Voting” to standardize the implementation of online voting for its listed companies. Using this event as an exogenous shock, we design a difference-in-differences model to show that minority shareholders’ participation in online voting improves firms’ corporate social responsibility performance. We reveal that this improvement is achieved through minority shareholders’ positive influence on firms’ internal control and transparency and is more pronounced for private firms and firms with lower levels of profitability and less external monitoring. Accordingly, since the standardization of online voting, minority shareholders have played an important role in corporate governance and have a positive influence on firms’ sustainable development.



中文翻译:

小股东的声音:在线投票和企业社会责任

2014年,深圳证券交易所出台了《网上投票实施细则》,规范了上市公司网上投票的实施工作。使用此事件作为外生冲击,我们设计了差异模型,以表明少数股东参与在线投票可以提高公司的企业社会责任绩效。我们发现,这种改善是通过少数股东对公司内部控制和透明度的积极影响而实现的,对于私营公司和盈利水平较低且外部监控较少的公司而言,这种改善更为明显。因此,自从网络投票标准化以来,少数股东在公司治理中发挥了重要作用,对公司的可持续发展产生了积极的影响。

更新日期:2021-03-11
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