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Does Religion Mitigate Tunneling? Evidence from Chinese Buddhism

机译:宗教会缓解隧道现象吗?来自中国佛教的证据

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In the Chinese stock market, controlling shareholders often use inter-corporate loans to expropriate a great amount of cash from listed firms, through a process called "tunneling." Using a sample of 10,170 firm-year observations from the Chinese stock market for the period of 2001-2010, I examine whether and how Buddhism, China's most influential religion, can mitigate tunneling. In particular, using firm-level Buddhism data, measured as the number of Buddhist monasteries within a certain radius around Chinese listed firms' registered addresses, this study provides strong evidence that Buddhism intensity is significantly negatively associated with tunneling. This finding is consistent with the view that Buddhism has important influence on corporate behavior and can serve as a set of social norms and/or an alternative mechanism to mitigate controlling shareholders' unethical tunneling behavior. In addition, my findings also reveal that the negative association between Buddhism intensity and tunneling is attenuated for firms that have high analyst coverage. The results are robust to various measures of Buddhism intensity and a variety of sensitivity tests.
机译:在中国股票市场,控股股东经常通过称为“隧道”的过程,利用公司间贷款从上市公司中挪用大量现金。我使用2001年至2010年期间从中国股市获得的10,170个公司年度观测数据作为样本,考察了佛教(中国最有影响力的宗教)是否以及如何缓解隧道现象。特别是,使用企业级佛教数据(以中国上市企业注册地址周围一定半径内的佛教寺院数量来衡量),该研究提供了强有力的证据,表明佛教强度与隧道活动显着负相关。这一发现与佛教对公司行为具有重要影响并且可以作为一套社会规范和/或替代机制来减轻控制股东的不道德隧道行为的观点相一致。此外,我的发现还表明,对于具有较高分析员覆盖率的公司,佛教强度与隧道效应之间的负相关性会减弱。该结果对于各种佛教强度测量和各种敏感性测试都是可靠的。

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