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In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.

The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.

The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.

This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

The aim of this paper is to investigate (1) whether the different dimensions of internationalization experience have different effects on internationalization speed? (2) And how the degree of digitalization plays a moderating role in these relationships?

The authors test the hypotheses on a sample of 431 Chinese listed companies export data from 2007 to 2016, using multiple regression analysis.

The international expansion experience to developed economies will accelerate the internationalization speed of MNCs, while international expansion experience to emerging economies has an inverted U-shaped relationship with internationalization speed. The digitalization degree weakens the relationship between international experience and internationalization speed, whether it is international expansion experience to developed or emerging economies.

By decomposing the dimensions of international experience and considering the degree of digitalization as a new moderating variable, the paper helps to clarify the debate on the relationship between international experience and speed of internationalization, thus contributing to the internationalization speed literature and the digital technology perspective. Revealing the process of international experience affecting internationalization speed has implications for MNCs to achieve high-quality and rapid internationalization.

To examine how shareholding affects optimal profits, R&D innovation, NEV market scale and social welfare in two supply chain models with partial and cross ownership patterns.

The gradual retreat of government subsidies has directly weakened the financial support available to the stakeholders of new energy vehicles (NEVs). In this context, upstream and downstream enterprises of NEV are constantly seeking new business models of cooperation to achieve possible win-wins. NEV supply chain shareholding is an emerging new practice for such explorations. However, its performance in the NEV supply chain is seldom investigated. In this paper, we employ a Stackelberg game model to investigate how partial and cross-ownership affect the optimal decisions in a NEV supply chain.

Results showed that: (1) Compared with the unilateral shareholding model, the battery supplier will benefit from cross-ownership in the supply chain, while the NEV manufacturer will not necessarily benefit from it. At the same time, cross-ownership will bring the greatest incentive for battery R&D (2) Supply chain downstream competition will not necessarily lead to the improvement of the total consumption of NEVs or the level of battery design. Pareto improvement can be brought only when one of the manufacturers holds less than a certain equity threshold. In addition, downstream competition will also not necessarily bring more benefits to the battery supplier.

At present, NEV supply chain management has attracted widespread attention from scholars from all walks of life. Previous studies have been carried out that covers topics such as pricing strategies and optimal profits and the role of NEV in the sustainable development of the automotive industry supply chain, or disparate impacts of government subsidies and carbon emission regulation on supply chain members. However, as far as the authors know, compared with the new emerging NEV corporate practice, the shareholding phenomenon between upstream and downstream in the supply chain of NEV has not been studied in the existing studies.

This paper considers carbon abatement in a competitive supply chain that is composed of a manufacturer and two retailers under vertical shareholding. The authors emphasize the equilibrium decision problem of stakeholders under vertical shareholding and different power structures.

A game-theoretic approach was used to probe the influence of power structure and retailer competition on manufacturers' carbon abatement under vertical shareholding. The carbon abatement decisions, environmental imp4cacts (EIs) and social welfare (SW) of different scenarios under vertical shareholding are obtained.

The findings show that manufacturers are preferable to carbon abatement and capture optimal profits when shareholding is above a threshold under the retailer power equilibrium, but they may exert a worse negative impact on the environment. The dominant position of the held retailer is not always favorable to capturing the optimal SW and mitigating EIs. In addition, under the combined effect of competition level and shareholding, retailer power equilibrium scenarios are more favorable to improving SW and reducing EIs.

This paper inspects the combined influence of retailer competition and power structure on manufacturers' carbon abatement. Distinguishing from previous literature, the authors also consider the impact of vertical shareholding and consumer preferences. In addition, the authors analyze the SW and EIs in different scenarios.

We focus on multi-level heterogeneity in board interlocks by accounting for the experience of the “tied-to” firm and the efficacy of the channel for knowledge transfer. Specifically, we study the role of board interlocks of a focal firm with cross-border acquirers and their implications on the entry mode decision (greenfield vs acquisitions). While studying board interlocks, we also consider the type of directors (inside vs independent) that form the interlocks. We situate our research within the context of knowledge-intensive industries in emerging markets. By focusing on heterogeneity in board interlocks, we consider the interplay between experiential and vicarious learning and its implication on a firm’s foreign market entry mode choice.

We conduct our analysis on a propriety dataset of 450 foreign market entries by Indian firms belonging to knowledge-intensive industries during the period 2003 to 2013. We use a binomial logistic regression model to analyze the choice between greenfield ventures and cross-border acquisitions.

We find that firms are more likely to choose cross-border acquisitions over greenfield ventures when connected to other cross-border acquirers through inside and independent director interlocks. However, this effect is more substantial for inside director interlocks. Foreign institutional investors’ shareholding weakens the impact of inside director interlocks but strengthens the effect of independent director interlocks. A firm’s cross-border acquisition experience weakens the impact of independent director interlocks. Still, it enhances the effect of inside director interlocks on the likelihood of choosing cross-border acquisitions over greenfield ventures.

The study highlights heterogeneity in board interlocks and the effectiveness of channels of transfer of learning. It also highlights boundary conditions of board interlocks’ effectiveness in shaping the entry mode decision by elucidating the biases within different actors in the organizational learning process.

Despite the widespread prevalence of share pledging by Indian promoters, this area remains out of the researchers’ purview. This study aims to bridge this research gap by delineating the impact of promoter share pledging on future stock price crash risk and financial performance in India.

A sample of 257 companies listed on the Standard and Poor’s Bombay Stock Exchange 500 (S&P BSE 500) Index has been analysed using panel (fixed-effects) data regression methodology over 2011–2020. Further, alternative proxies for crash risk and financial performance are adopted to ensure that the study’s initial findings are robust. Finally, the instrumental variable with the two-stage least squares (IV-2SLS) method has also been employed to alleviate endogeneity concerns.

The results suggest a significantly positive relationship between promoter share pledging and future stock price crash risk in India. Conversely, this association is significantly negative for future financial performance. Moreover, the results hold, even after including alternative proxies of stock price crash risk and financial performance and addressing endogeneity concerns.

Owing to the sizeable equity shareholdings of the promoters, share pledging has remained a lucrative source of finance in India. Despite the popularity, the findings of this study question the relevance of share pledging by Indian promoters considering its impact on aggravating future stock price crash risk and deteriorating future financial performance.

Leveraging signalling theory and institutional environment theory, this study aims to examine how the entrepreneurial orientation of emerging market firms impacts initial public offering (IPO) performance.

The authors conduct regression analysis based on archival data from 312 firms’ IPOs in India.

The results in the Indian context suggest it differs from IPO performance in developed markets. In an emerging market context, the findings suggest that only competitive aggressiveness is valued by investors in IPOs. The findings further show that proactiveness and autonomy negatively influence IPO underpricing.

The research propositions imply that, owing to institutional voids in emerging markets, investors’ risk propensity and, hence, rewarding a firm’s entrepreneurial orientation differ from those in developed markets.

Extant literature has given limited attention to the dynamics of entrepreneurial orientation and the effect of each dimension of entrepreneurial orientation on IPO performance in emerging markets.

1. Explore the important role of sole actual controller in the innovation decision of the firm and the different effects of the ownership of sole actual controller on innovation; 2. Explore whether the role played by sole actual controllers varies in different types of firms; 3. Explore the important role of cooperative culture in the internal governance of firms and whether sole actual controller firms feel a rejection effect on cooperative culture.

The authors collect data on Shanghai and Shenzhen A-share listed companies from 2011 to 2021 to analyze the role of the sole actual controller on innovation investment, as well as the moderating effect of cooperative culture in corporate annual reports using natural language processing.

The authors find that sole actual controllers promote corporate innovation investment and that concentrated equity inhibits corporate innovation investment, while dispersed equity concentration promotes it. In addition, cooperative culture has a nonlinear moderating effect on the relationship between SACs and innovation.

On the one hand, this study focuses chiefly on the decision-making behavior of top managers, such as the SACs and shareholders, and does not account for the role of bottom-level employees or professional R&D teams in innovation. On the other hand, although this study discusses the moderating role of corporate cooperative culture, it is limited to internal cooperative culture; cooperative culture should also consider external cooperation, such as cooperation between companies or between companies and universities.

First, companies should actively implement the SAC model and scientifically select a truly compassionate and visionary SAC as the dominant person in the company. Second, the Chinese government needs to standardize the identification of actual controllers, who should not be a shareholder of the company. Third, policymakers should promote the reform of the mixed system of enterprises, optimize the shareholding structure of firms, make executives an important part of corporate governance. Fourth, cooperation culture is a good start, though firms should avoid letting it become a “double-edged sword” of the management mode of the SAC.

First, existing studies do not address the impact of SACs on innovation from the perspective of SACs, who have most influence the firm's decision-making. Focusing on the SAC's decision-making style has sufficient practical implications for future corporate innovation planning. This study used the natural language processing (NLP) module in ChatGPT to analyze the culture of cooperation in corporate annual reports. Currently, corporate culture is an obstacle to the study of corporate governance because of its obscurity and difficulty of quantification. The authors adopted a PSM (propensity score matching) approach to eliminate the endogeneity of the data, which makes the results more scientific.

This paper aims to examine the impact of ownership structure on the accounting-based performance of listed Nigerian deposit money banks (DMBs) on Nigerian Exchange Group (NGX) from 2011 to 2020.

The study adopts ex post facto research design, using initially “the panel fixed and random effects regression analysis and Hausman specification test and thereafter, the IV Generalised method of moments (GMM) to check for endogeneity issues and strengthen the robustness of the results.

The one lagged value result reveals that ownership structure of DMBs in Nigeria has cumulative significant impact to influence corporate financial performance of the banks in the future. Overall, CEO, board/managerial, family, government and foreign ownership structures in DMBs in Nigeria do not have significant influence on accounting-based corporate financial performance of the banks. However, the study reveals that board/managerial ownership could significantly improve market value/growth of DMBs in Nigeria.

Policy makers, investors (both local and foreign), academics, corporate governance administrators, and the government could apply the study's findings to the management of banking operations in Nigeria.

The paper highlights the impact of five ownership structures on the accounting-based performance of DMBs in Nigeria from 2011 to 2020, providing valuable insights into the influence of stockholding categories on corporate financial performance, which is a shift from extant literatures with limited insights.

The purpose of this study is to empirically examine the impact of ownership structure variables on the level of sustainability reporting (SR) of listed BRICS energy firms as well as the moderating role of the board sustainability committee on this relationship.

This study used a sample of 1,260 firm-year observations from BRICS for the period 2010–2019. This study uses the Bloomberg database, companies’ annual reports and companies’ websites for data collection and the ordinary least squares (OLS) and instrutemental variables (IV) two-stage least squares (2SLS) regressions for data analysis.

This study provides empirical evidence that foreign ownership, managerial ownership and blockholder ownership have a positive and statistically significant impact on the level of SR. However, the results indicate institutional ownership impacts SR negatively. The findings remain qualitatively the same after addressing endogeneity concerns using the IV 2SLS regression method.

This paper has some limitations. This study focuses on listed companies in BRICS. Therefore, future studies should look at non-listed small and medium enterprises. Similarly, because this study focuses on emerging economies, future studies should consider comparative studies between developed and developing economies.

This study makes significant empirical, theoretical and regulatory contributions to policymakers, investors and management on the ownership type that positively influence the level of SR.

This study contributes to the corporate governance and sustainability literature and extends existing empirical literature on the role of ownership structure on the level of SR in the context of emerging economies. This study provides important theoretical and empirical evidence for regulators and policymakers.