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Multinational corporations and share pledging of the controlling shareholder

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  • Wen, Chufu
  • Wen, Fenghua
  • Lin, Diyue
  • Zhao, Lili

Abstract

We identify the difference in share pledging of the controlling shareholders between multinational corporations (MNCs) and domestic corporations (DCs). Specifically, we find that the controlling shareholders' share pledge rate of MNCs are significantly lower compared with that of DCs. Moreover, we draw the conclusion that the alleviation of financial constraints prompts controlling shareholders in MNCs to curtail their share pledging activities. This reduction is particularly conspicuous within MNCs domiciled in tax havens and developed countries.

Suggested Citation

  • Wen, Chufu & Wen, Fenghua & Lin, Diyue & Zhao, Lili, 2024. "Multinational corporations and share pledging of the controlling shareholder," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    • Handle: RePEc:eee:finana:v:95:y:2024:i:pb:s1057521924003764
    DOI: 10.1016/j.irfa.2024.103444
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