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Trust and the regulation of corporate self-dealing

Author

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  • Cline, Brandon N.
  • Williamson, Claudia R.

Abstract

The economic impact of corporate self-dealing and the regulation against such activity both vary across countries. In this work, we examine the influence of trust on shareholder protection. We hypothesize that anonymous trust can affect self-dealing through two channels. First, trust may complement existing formal regulation. Alternatively, trust and formal regulation can act as substitutes. To test these hypotheses, we examine the association between a country's anti-self-dealing index and anonymous trust. We find that anonymous trust inversely relates to formal self-dealing regulation. We further find that anonymous trust positively relates to financial market development. Collectively, this evidence suggests that trust substitutes for formal self-dealing regulation, providing an alternative mechanism for shareholder protection.

Suggested Citation

  • Cline, Brandon N. & Williamson, Claudia R., 2016. "Trust and the regulation of corporate self-dealing," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 572-590.
    • Handle: RePEc:eee:corfin:v:41:y:2016:i:c:p:572-590
    DOI: 10.1016/j.jcorpfin.2016.07.016
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    Cited by:

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    12. Claudia R. Williamson, 2021. "Culture, democracy and regulation," Constitutional Political Economy, Springer, vol. 32(1), pages 98-126, March.
    13. Brandon N. Cline & Claudia R. Williamson & Haoyang Xiong, 2022. "Trust, regulation, and market efficiency," Public Choice, Springer, vol. 190(3), pages 427-456, March.
    14. Aziz, Saqib & Ashraf, Dawood & El-Khatib, Rwan, 2021. "Societal trust and Sukuk activity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    15. Tao Sun, 2021. "Societal trust, risk avoidance and corporate risk taking: evidence from the global insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(4), pages 513-546, October.
    16. Dutta, Nabamita & Sobel, Russell S., 2023. "Trust and attitudes toward income inequality: Does individualism matter?," European Journal of Political Economy, Elsevier, vol. 78(C).
    17. Quentin Dupont & Jonathan M. Karpoff, 2020. "The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research," Journal of Business Ethics, Springer, vol. 163(2), pages 217-238, May.
    18. Brandon N. Cline & Claudia R. Williamson, 2020. "Trust, regulation, and contracting institutions," European Financial Management, European Financial Management Association, vol. 26(4), pages 859-895, September.
    19. Ali Recayi Ogcem & Ruth Tacneng & Amine Tarazi, 2021. "Trust and Financial Development: Forms of Trust and Ethnic Fractionalization Matter," Working Papers hal-03322592, HAL.
    20. Cline, Brandon N. & Williamson, Claudia R. & Xiong, Haoyang, 2021. "Culture and the regulation of insider trading across countries," Journal of Corporate Finance, Elsevier, vol. 67(C).
    21. Ajai Gaur & Chinmay Pattnaik & Deeksha Singh & Jeoung Yul Lee, 2022. "Societal trust, formal institutions, and foreign subsidiary staffing," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 1045-1061, August.
    22. Cline, Brandon N. & Williamson, Claudia R., 2017. "Individualism, democracy, and contract enforcement," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 284-306.
    23. Cardella, Eric & Kalcheva, Ivalina & Shang, Danjue, 2018. "Financial markets and genetic variation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 64-89.
    24. Shi, Lisi & Ho, Kung-Cheng & Liu, Ming-Yu, 2023. "Does societal trust make managers more trustworthy?," International Review of Financial Analysis, Elsevier, vol. 86(C).

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    More about this item

    Keywords

    Trust; Informal institutions; Shareholder protection; Anti-self-dealing; Corporate governance;
    All these keywords.

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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