Abstract：Using samples of Chinese A-share listed firms during 2007~2020, this study investigates the impact of multiple large shareholders on asset divestitures. The result shows that multiple large shareholders could reduce asset divestitures by alleviating executive self-interest behaviors and financing constraints. Further research finds that multiple large shareholders reduce the divestiture of non-related assets and non-strategic asset divestiture that are not conducive to the long-term development of enterprises. The negative effects are more significant in the absence of cross-ownership and unpledged shareholders’ equity. Multiple large shareholders can enhance corporate value by reducing asset divestitures.
张钰婧，薛有志，张荣荣. 多个大股东对资产剥离决策的影响研究[J]. 管理学报, 2023, 20(11): 1600-.
ZHANG Yujing，XUE Youzhi，ZHANG Rongrong. Research on the Impact of Multiple Large Shareholders on Asset Divestiture Strategy. Chinese Journal of Management, 2023, 20(11): 1600-.
