Professor Guochao Yang, a researcher of the base, has published a collaborative paper titled "Anti-takeover provisions in the articles of association:Value creation or private interest grabbing?" in the Journal of Management Sciences in China.

Abstract:

This paper constructs a database of anti-takeover provisions through text analysis. The two hypotheses of value creation and private-interest grabbing are tested based on anti-takeover provisions from the perspective of corporate investment. Our results supports the hypothesis of private-interest grabbing on the whole: the enterprises having anti-takeover provisions will reduce corporate investment efficiency. Specifically, the management of firms having anti-takeover provisions tends to seek over-investment in "empire building" rather than under-investment in enjoying "quiet life". Mechanism test shows that anti-takeover provisions will intensify corporate insider control and affect corporate investment behavior. Furthermore, the private-interest grabbing is more significant when an enterprise has stronger effect anti-takeover provisions, pre-defensive effect provisions or strengthening management position provisions. Anti-takeover provisions in family enterprises has a value creation effect, but a private-interest grabbing effect in other private enterprises. share dispersing enterprises or enterprises without actual controller. This paper reveals the path of corporate terms on economic behavior, and provides ideas for deepening the reform of the capital market and promoting the improvement of corporate governance.

Keywords：anti-takeover provisions; corporate investment: value creation; private-interest grabbing; insider control

Link：https://xkw.zuel.edu.cn/upload/20231106/202311061557190363.pdf

Teacher profile

Guochao Yang, Professor of the school of accounting, Zhongnan University of economics and law, director of the big data center of "income distribution and modern financial discipline innovation and talent introduction base" of the Ministry of education and the Ministry of science and technology, and Wenlan young scholar. The papers have been published in (including to be published) Economic Research (4), management world, China Economic Quarterly (4), world economy, financial research, accounting research (2), China Journal of Accounting Studies (2) and other top-level domestic academic journals. He has won the 2017 China Financial Research Conference (CFRC) best paper award, the first prize of the 12th Hubei social science outstanding achievement award, the first prize of the 16th Wuhan social science outstanding achievement award, the "top ten papers" of the first China empirical research (Finance) paper competition, the special prize of the annual accounting excellent paper of Hubei Accounting Society (twice), and the 2019 national MPAcc excellent teaching cases. He presided over the National Natural Science Foundation of China, the humanities and Social Sciences Foundation of the Ministry of education and a number of projects in Hubei Province.