{"title":"在线互动媒体监测是否有效？中国企业隧道效应的证据","authors":"","doi":"10.1016/j.irfa.2024.103505","DOIUrl":null,"url":null,"abstract":"<div><p>We examined the impact of the volume of Q&As from minority shareholders on interactive questions and answers (IQA) platforms in restraining tunneling. The findings suggest that Q&A volumes contribute to less tunneling. We find that by lowering information asymmetry and enhancing firms' internal control effectiveness, IQA platforms play a monitoring function, effectively restraining tunneling. The moderating analysis reveals that the impact of IQA platforms on restraining tunneling is more salient when a firm has (1) only small shareholdings from other large blockholders, (2) low-quality auditors, (3) low institutional investor shareholdings, (4) a large wedge of ownership and control, or (5) controlling shareholders who pledge their shares to financial institutions. Additional analysis suggests that the effectiveness of IQA platforms improves with more timely, thorough, readable, and related replies. Our results support the public policy of providing online platforms for minority shareholders to exercise their rights.</p></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Is online interactive media monitoring effective? Evidence from corporate tunneling in China\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103505\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We examined the impact of the volume of Q&As from minority shareholders on interactive questions and answers (IQA) platforms in restraining tunneling. The findings suggest that Q&A volumes contribute to less tunneling. We find that by lowering information asymmetry and enhancing firms' internal control effectiveness, IQA platforms play a monitoring function, effectively restraining tunneling. The moderating analysis reveals that the impact of IQA platforms on restraining tunneling is more salient when a firm has (1) only small shareholdings from other large blockholders, (2) low-quality auditors, (3) low institutional investor shareholdings, (4) a large wedge of ownership and control, or (5) controlling shareholders who pledge their shares to financial institutions. Additional analysis suggests that the effectiveness of IQA platforms improves with more timely, thorough, readable, and related replies. Our results support the public policy of providing online platforms for minority shareholders to exercise their rights.</p></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-07-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S105752192400437X\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S105752192400437X","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Is online interactive media monitoring effective? Evidence from corporate tunneling in China
We examined the impact of the volume of Q&As from minority shareholders on interactive questions and answers (IQA) platforms in restraining tunneling. The findings suggest that Q&A volumes contribute to less tunneling. We find that by lowering information asymmetry and enhancing firms' internal control effectiveness, IQA platforms play a monitoring function, effectively restraining tunneling. The moderating analysis reveals that the impact of IQA platforms on restraining tunneling is more salient when a firm has (1) only small shareholdings from other large blockholders, (2) low-quality auditors, (3) low institutional investor shareholdings, (4) a large wedge of ownership and control, or (5) controlling shareholders who pledge their shares to financial institutions. Additional analysis suggests that the effectiveness of IQA platforms improves with more timely, thorough, readable, and related replies. Our results support the public policy of providing online platforms for minority shareholders to exercise their rights.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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