Does Large Shareholders’ Social Capital Have Positive Effect on Corporate Governance?
LIU Ting-li1,2, WANG Zhi-hua1,2, YANG Song-ling1,2
1.College of Economics and Management, Beijing University of Technology, Beijing 100124, China; 2.Research Base of Beijing Modern Manufacturing Development, Beijing 100124, China
Abstract Based on the theory of social capital, this paper analyzes the relationship among the top ten shareholders of China’s A-share listed companies from 2011 to 2015 from the perspective of relations and measures the social capital of those shareholders. It then establishes the logistic regression model and the intermediary effect model to clarify the role as well as the economic effects that large shareholders’ social capital has on corporate governance. The study finds that the social capital of large shareholders has the positive effect of restraining the related party transactions, and the suppression of the related transactions by the large shareholders’ social capital will lead to the improvement of the earnings quality.
LIU Ting-Li,WANG Zhi-Hua,YANG Song-Lian. Does Large Shareholders’ Social Capital Have Positive Effect on Corporate Governance?. Economic Survey, 2018, 35(4): 0129.
2018, Vol. 35 
