Associate Professor Kung-Cheng Ho, a researcher of the Base, has published a collaborative paper titled "Corporate governance of weak stakeholders: Minority investorsand investment efficiency" in Emerging Markets Review.

Abstract:

This study explores the impact of minority shareholders' participation in governance on corporate investment efficiency. The study focuses on the effects of online voting rules in China, utilizing data from firms listed on the Shenzhen Stock Exchange between 2011 to 2017. Employing a quasi-natural experiment with the difference-in-differences model, the results reveal that online voting by minority investors increases corporate investment efficiency. This conclusion is verified using a series of robustness tests and endogeneity adjustments. Furthermore, the findings indicate that the impact of minority investors' online voting is more evident in firms with less internal governance and weaker external monitoring mechanisms. Additionally, minority investor participation in governance increases corporate investment efficiency by increasing information transparency and the quality of internal control. Online voting encourages the organization's management to make more favorable decisions and assure the steady growth of the business.

Keywords:Minority investors; Online voting; Investment efficiency; Information transparency; Internal control quality

Link：https://doi.org/10.1016/j.ememar.2023.101057

Teacher profile

Kung-Cheng Ho, Doctor of Taiwan Yuanzhi University, master supervisor of Finance, master supervisor of financial Engineering. His research interest covers Corporate finance, credit risk management, corporate social responsibility, information asymmetry risk and cross-disciplinary research. His research interest is in the Asia-Pacific Journal of Accounting & Economics, Corporate Governance: An International Review, Emerging Markets Review, Energy Economics, International Review of Economics & Finance, International Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance and Accounting and other international SSCI journals published more than 40 articles, including 1 ABS 4-star journals, 12 three-star journals and 17 SSCI first-region journals. In addition, he has preached papers in dozens of important academic conferences at home and abroad. Including China Annual Finance Conference, China Annual Financial Engineering Conference, China Annual Management Conference, CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International, etc. In addition, he has reviewed manuscripts for more than 20 journals at home and abroad, including Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of Emerging Markets, International Review of Economics and Finance,  Managerial and Decision Economics, etc.