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CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China

Author

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  • Jiandong Chen

    (Southwestern University of Finance and Economics)

  • Douglas Cumming

    (York University)

  • Wenxuan Hou

    (University of Edinburgh Business School)

  • Edward Lee

    (University of Manchester Crawford House)

Abstract

We use institutional-related theories and a unique natural experiment that enables an exogenous test of the influence of controlling shareholders on managerial accountability to corporate fraud. In China, prior to the Split Share Structure Reform (SSSR), state shareholders held restricted shares that could not be traded. This restriction mitigated state-owned enterprise controlling shareholders’ incentives to monitor managers. The data examined show the SSSR strengthens incentives of state-owned enterprise controlling shareholders to replace fraudulent management. Our findings support the view that economic incentives are important to promote corporate governance and deter fraud.

Suggested Citation

  • Jiandong Chen & Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China," Journal of Business Ethics, Springer, vol. 138(4), pages 787-806, November.
    • Handle: RePEc:kap:jbuset:v:138:y:2016:i:4:d:10.1007_s10551-014-2467-2
    DOI: 10.1007/s10551-014-2467-2
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