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

Yumei Feng, Yuying Pan, Lu Wang and Ahmet Sensoy

Research in International Business and Finance, 2021, vol. 57, issue C

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 (search for similar items in EconPapers)
JEL-codes: G32 G34 G38 M14 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:57:y:2021:i:c:s0275531921000295

DOI: 10.1016/j.ribaf.2021.101408

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