科研成果详情

In this study, I reexamined the key assumption about alignment between controlling shareholder and manager under principal- principal conflict framework. I look at how Principal-Principal (PP) conflict can result in Principal-Agent (PA) conflict. Specifically, I examine how controlling shareholder tunneling behavior result in CEO turnover. Moreover, I investigate how such relationship is contingent on different institutional logics and how the influence of institutional logic change is contingent on the controlling shareholder identity. Using data from listed firms in China during 2000-2012, I found that tunneling is more likely to result in CEO turnover in political logic, while tunneling is less likely to result in CEO turnover when the institutional logic shift to market logic. I only found weakly support about the argument that institutional logic change is stronger for state owned firms.