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      The voice of minority shareholders: Online voting and corporate social responsibility

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      Embargo Lift Date: 2024-03-08
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      Author(s)
      Feng, Y.
      Pan, Y.
      Wang, L.
      Şensoy, Ahmet
      Date
      2021-03-08
      Source Title
      Research in International Business and Finance
      Print ISSN
      0275-5319
      Electronic ISSN
      1878-3384
      Publisher
      Elsevier
      Volume
      57
      Pages
      1 - 18
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      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.
      Keywords
      Minority shareholders
      Online voting
      Corporate social responsibility
      Corporate internal control
      Information transparency
      Permalink
      http://hdl.handle.net/11693/77583
      Published Version (Please cite this version)
      https://doi.org/10.1016/j.ribaf.2021.101408
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      • Department of Management 639
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