科研成果详情

This study examines the effect of corporate site visits on resource extraction. Taking advantage of China's mandatory disclosure of detailed investors' site visits information, we find that firms with more investors' site visits have lower levels of managerial private consumption and tunnelling. This association is more pronounced when the monitoring effect of corporate site visits is more efficient, and the agency problem is more severe. We utilise the two-stage least squares (2SLS) estimation approach to demonstrate the robustness of our results. Collectively, our findings highlight the external monitoring role of investors' site visits in reducing corporate agency conflicts.