More and more Chinese-listed companies report the loss of controlling shareholders in recent years. This seems to be a … boon to the Chinese capital market, which is plagued by tunnelling from controlling shareholders. Employing the absence of … controlling shareholders as a novel event, this study analyzes its influence on management rent-seeking behaviour, as measured by …

results found that operation cash flow and centration of shareholders have positive impact on equity control reduction and the …

announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates … conditional model the results indicate that after controlling for the self-selection bias effect, shareholders of bidder firms …

a greater likelihood of goodwill impairment. Overall, our findings indicate that controlling shareholders increasingly … expropriate minority shareholders through self-serving corporate takeovers after the stock pledge …