Abstract
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.
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Notes
Chinese listed firms are still forming their codes of ethics, far behind their emphasis on economic development. Felo (2001) argues that ethics programs rely heavily on good corporate governance, and thus suggests that contemporary corporations should combine codes of ethics and corporate governance to alleviate ethical conflicts. However, the execution of ethical programs in Chinese listed firms less likely dependent on weak corporate governance.
Of course, controlling shareholders sometimes transfer resources to listed firms to preserve the listing or financing privileges in the Chinese stock market, namely, prop** behavior (Jian and Wong 2010).
In China, 11 % are religious believers (The World Values Survey 2007, p. 59). Cultural Revolution persecutions caused many to keep their religious beliefs private. Therefore, the number of religious followers may be underestimated and may be 185–300 million (e.g., ** and Qiu 2011; Lim 2010; Yang 2010). In addition, as reported in the Chinese Luxury Consumer White Paper (China's WealthY Hurun Reports Releases, 2012), 29 % of Chinese Luxury Consumers who own 6 million Chinese Yuan believe in Buddhism. Moreover, about 60 % of Chinese Luxury Consumers who own 100 million Chinese Yuan have their respective religious beliefs, and most of them are Buddhists. The results of the Chinese Luxury Consumer White Paper (2012) suggest that Buddhism’s influence in China may be more important than that suggested by the World Values Survey (2007).
Meditation is viewed as the other leg and wisdom as an emergent third element.
The results remain qualitatively similar if I include these deleted firm-years based on criteria (2)–(4) and introduce three dummy variables (i.e., ST, Negative assets, and CROSS) into regressions.
Results are not qualitatively changed by deleting the top and bottom 1 % of the sample, by no deletion, or by no winsorization.
Please note that Confucianism has important influence on ethical philosophy in China. I thank one referee’s valuable suggestion that I should consider the influence of Confucianism on tunneling.
The China Securities Regulatory Commission (CSRC) mandatorily requires that the ratio of independent directors in all Chinese listed firms must reach 1/3 from July 1, 2003.
This study re-estimates Eq. (4) using three dummy variables, DBUD100, DBUD200, and DBUD300, equaling to 1 if the number of Buddhist monasteries within a radius of 100, 200, and 300 km around a listed firm’s registered address is greater than or equal to 1 and 0 otherwise, respectively. Non-tabulated results show that the coefficients on DBUD100, DBUD200, and DBUD300 are negative and significant (−0.00210 with t = −1.73, −0.00541 with t = −2.63, and −0.00742 with t = −2.82, respectively), providing additional support to Hypothesis 1. Moreover, these coefficients on DBUD100, DBUD200, and DBUD300 suggest that tunneling will decrease about 0.210, 0.541, and 0.742 % when the number of Buddhist monasteries within a radius of 100, 200, and 300 km around a listed firm’s registered address switches from 0 to 1 (or greater than 1), equaling about 4.70, 12.10, and 16.60 % of the mean value of TUL (0.0447).
These findings suggest the (quasi-) stickiness of Buddhism’s influence on mitigating tunneling or the asymmetric influence between increased Buddhism intensity and decreased Buddhism intensity on the range of variation in tunneling (See Anderson et al. (2003) and Kama and Weiss (2013) for the definition of “stickiness”). I believe that this finding is interesting and worthy of further study.
The non-tabulated results for the robustness checks are available from the author upon request (similarly hereinafter).
Note that the industry of information technology is not in the list of El Ghoul et al. (2012b), Loughran and Schultz (2005), and John et al. (2011). However, under the context of China, firms in the industry of information technology are inclined to locate in some cities or provinces such as Bei**g, Shanghai, Shenzhen, etc. These selected industries are similar to Du (2012) and Du et al (2013a).
TAO is measured as the number of Taoist temples within a radius of N kilometers (N = 100, 200, 300 km) around a listed firm’s registered address.
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Acknowledgments
I am especially grateful to the section editor (Prof. Domènec Melé) and two anonymous reviewers for their many insightful and constructive suggestions. I appreciate constructive comments from Quan Zeng, Yingjie Du, Wentao Feng, Hongmei Pei, Jianhua Guo, Wei Jian, Guohua Jiang, Donghua Chen, Feng Liu, Shaojuan Lai, Yingying Chang, Jun Lu, and participants of my presentations at **amen University, Anhui University, Ocean University of China, and Shanghai University. I acknowledge the National Natural Science Foundation of China (Approval Number: 71072053), the Key Project of Key Research Institute of Humanities and Social Science in Ministry of Education (Approval Number: 13JJD790027), and the Specialized Research Fund for the Doctoral Program of Higher Education of China (Approval Number: 20120121110007) for financial support.
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Appendices
Appendix 1: Variable Definitions
Variable | Definition | Data source |
|---|---|---|
TUL | the amount of tunneling, measured as other receivables deflated by total assets at the beginning of the year | CSMAR |
BUD100 | The number of Buddhist monasteries within a radius of 100 km around a listed firm’s registered address (Du 2012) | Author’s Calculation (A’C) |
BUD200 | The number of Buddhist monasteries within a radius of 200 km around a listed firm’s registered address (Du 2012) | Author’s Calculation (A’C) |
BUD300 | The number of Buddhist monasteries within a radius of 300 km around a listed firm’s registered address (Du 2012); | Author’s Calculation (A’C) |
ANALYST | The natural log of (1 + the number of analysts following) | A’C based on CSMAR |
C/V | The cash flow rights deflated by the voting rights; V is an ultimate controlling shareholder’s voting rights, equaling to the ownership stake at the weakest link along the control chains connecting the ultimate controlling shareholder (Claessens et al. 2000; Fan and Wong 2005); C is the sum of the products of the ownership stake along all the paths connecting the ultimate controlling shareholder and the listed firm (Claessens et al. 2000; Fan and Wong 2005) | A’C based on CSMAR |
MANSHR | The percentage of shares owned by a firm’s managers | A’C based on CSMAR |
INDR | The ratio of the number of independent directors to the number of diretors in the board of directors | CSMAR |
LNBOARD | The natural log of the number of directors in the boardroom | CSMAR |
DUAL | An indicator variable that is equal to 1 if the CEO and the chairman of the board are the same person, and 0 otherwise | CSMAR |
SIZE | Firm size, measured by the natural log of total assets (Jiang et al. 2010) | A’C based on CSMAR |
LEV | The ratio of total liabilities to total assets (Jiang et al. 2010) | CSMAR |
ROS | Returns on sales revenue, measured as net income scaled by sales revenue | CSMAR |
BIG4 | A dummy variable, equaling to 1 when the auditor is a Big 4 accounting firm (including affiliated firms) according to the official rank of the Chinese Institute of certified public accountants and 0 otherwise (Fan and Wong 2005) | |
LISTAGE | The number of years since a firm’s IPO | CSMAR |
STATE | A dummy variable, equaling to 1 when the ultimate controlling shareholder of a listed firm is a (central or local) government agency or government controlled state-owned enterprises and 0 otherwise (Jiang et al. 2010). | CSMAR |
FINANCE | A dummy variable, equaling to 1if the firm is located within 100 km from the nearest city center of the three financial centers (i.e., Bei**g, Shanghai, and Shenzhen) (El Ghoul et al. 2012a). | A’C based on El Ghoul et al. (2012a) |
CULTURE | Business cultural variable, equaling to the distance (in thousand kilometers) between a listed firm and the nearest cultural center (Please note that China has ten well-known cultural centers, i.e., **, Hui, Yue, Min, Zhe, Yong, Su, Lu, Gan, and Qin) | Author’s calculation (A’C) |
CONFUCIAN | Confucianism variable, measured as the distance (in thousand kilometers) between a listed firm and the nearest Confucianism center (Please note that China has seven well-known Confucianism centers, i.e., Lu, Luo, Shu, Min, Linchuan, Zhedong, Taizhou) | Author’s calculation (A’C) |
BUD_R | The number of Buddhist monasteries within a radius of R kilometers around a listed firm’s registered address (Du 2012) | Author’s calculation (A’C) |
GDP_PC | GDP per capita (in thousand RMB) in the province in which a listed firm locates | China statistical yearbook |
BUD_PRO | Province-level religion intensity, equaling to the number of Buddhist monasteries in a province | Author’s calculation (A’C) |
ΔTUL | The change of the amount of tunneling, measured as the change of “other receivables deflated by total assets at the beginning of the year” | A’C based on CSMAR |
ΔBUD_DIS_N | The change of Buddhism intensity for a relocated firm, measured as “the average distance between the new registered address of a listed firm and the nearest N Buddhist monasteries (1 ≤ N ≤ 5)”—“the average distance between the original registered address of a listed firm and the nearest N Buddhist monasteries (1 ≤ N ≤ 5).” | Author’s calculation (A’C) |
Appendix 2: A List of National Key Buddhist Monasteries in China
Name of B. M. | Province | Name of B. M. | Province | Name of B. M. | Province | Name of B. M. | Province | Name of B. M. | Province |
|---|---|---|---|---|---|---|---|---|---|
Mingjiao Si | Anhui | Nan Putuo Si | Fujian | Zhusheng Si | Hunan | Chongshan Si | Shanxi | Baoguang Si | Sichuan |
Yingjiang Si | Anhui | Guanghua Si | Fujian | Fuyan Si | Hunan | Shanghuayan Si | Shanxi | Wuyou Si | Sichuan |
Qianyuan Si | Anhui | Cishou Si | Fujian | Nantai Si | Hunan | Xuanzhong Si | Shanxi | Baoguo Si | Sichuan |
Langya Si | Anhui | Guangxiao Si | Fujian | Shangfeng Si | Hunan | **antong Si | Shanxi | Wangnian Si | Sichuan |
Guangji Si | Anhui | Wanfu Si | Fujian | Banruo Si | Jilin | Tayuan Si | Shanxi | Hongchun ** | Sichuan |
Huacheng Si | Anhui | Kaiyuan Si | Fujian | Dizang Si | Jilin | Pusa Ding | Shanxi | **xiang Chi | Sichuan |
Roushen Dian | Anhui | Longshan Si | Fujian | Guanyin Gusha | Jilin | Shuxiang Si | Shanxi | ** Ding | Sichuan |
Baisui Gong | Anhui | Nanshan Si | Fujian | Linggu Si | Jiangsu | Luohou Si | Shanxi | Dabei Yuan | Tian** |
Ganlu Si | Anhui | Zhitihuayan Si | Fujian | **xia Si | Jiangsu | **ge Si | Shanxi | Yuantong Si | Yunnan |
Zhiyuan Si | Anhui | Liurong Si | Guangdong | Hanshan Si | Jiangsu | Guangzong Si | Shanxi | Qiongzhu Si | Yunnan |
Tiantai Si | Anhui | Nanhua Si | Guangdong | **yuan Rongdong Si | Jiangsu | Bishan Si | Shanxi | Huating Si | Yunnan |
Zhantan Lin | Anhui | Yumen Si | Guangdong | Lingyanshan Si | Jiangsu | Shifang Tang | Shanxi | Zhusheng Si | Yunnan |
Huiju Si | Anhui | Qingyun Si | Guangdong | Jiangtian Si | Jiangsu | Dailuo Ding | Shanxi | Tongwa Dian | Yunnan |
Shangchan Tang | Anhui | Lingshan Si | Guangdong | Dinghui Si | Jiangsu | Guanyin Dong | Shanxi | Lingyin Si | Zhejiang |
Guangji Si | Bei**g | Kaiyuan Si | Guangdong | Tianning Si | Jiangsu | DaciEn Si | Shaanxi | **gci Si | Zhejiang |
Fayuan Si | Bei**g | **shi An | Guangxi | **ngfu Si | Jiangsu | Daxingshan Si | Shaanxi | Qita Si | Zhejiang |
Foyasheli Ta | Bei**g | Hongfu Si | Guizhou | Guangjiao Si | Jiangsu | Wolong Si | Shaanxi | Tiantong Si | Zhejiang |
Guanghua Si | Bei**g | Qianming Si | Guizhou | Daming Si | Jiangsu | Guangren Si | Shaanxi | Ayuwang Si | Zhejiang |
Tongjiao Si | Bei**g | Jita Yuan | Hebei | Gao Si | Jiangsu | **ngjiao Si | Shaanxi | Dafo Si | Zhejiang |
Yonghe Gong | Bei**g | Puning Si | Hebei | Longchang Si | Jiangsu | **angji Si | Shaanxi | Puji Si | Zhejiang |
**huang Si | Bei**g | Baima Si | Henan | Nengren Si | Jiangxi | **gye Si | Shaanxi | Fayu Si | Zhejiang |
Luohan Si | Chongqing | Shaolin Si | Henan | Donglin Si | Jiangxi | Caotang Si | Shaanxi | Huiji Si | Zhejiang |
Ciyun Si | Chongqing | Jile Si | Heilongjiang | Zhenru Si | Jiangxi | Yufo Si | Shanghai | Guoqing Si | Zhejiang |
Shuanggui Tang | Chongqing | Guiyuan Si | Hubei | **gju Si | Jiangxi | **g An Si | Shanghai | Gaoming Si | Zhejiang |
Yongquan Si | Fujian | Baotong Si | Hubei | Banruo Si | Liaoning | Longhua Si | Shanghai | Fangguang Si | Zhejiang |
**chan Si | Fujian | Wuzu Si | Hubei | CiEn Si | Liaoning | Chenxiang Ge | Shanghai | Jiangxin Si | Zhejiang |
Linyang Si | Fujian | Yuquan Si | Hubei | Haibaota Si | Ningxia | Yuanming Tang | Shanghai | ||
Dizang Si | Fujian | Yuelushan Si | Hunan | **ngguo Chansi | Shandong | Shaojue Si | Sichuan | ||
Xuefeng Chongsheng Si | Fujian | Kaifu Si | Hunan | Zhanshan Si | Shandong | Wenshu Yuan | Sichuan |
Note (1) Appendix 2 reports the list of national key Buddhist monasteries in China based on the State Council of the People’s Republic of China (1983). Moreover, Appendix 2 reports the names of national key Buddhist monasteries in Chinese pinyin rather than in English because there are not generally accepted English expressions for many Buddhist monasteries’ names. (2) Some Buddhist monasteries have the same names but they locate in different provinces (Du 2012; Du et al. 2013a, b). (3) Appendix 2 suggests that some Buddhist monasteries abut each other (e.g., Fayu Si and Huiji Si in Pu tuo Mountain in Zhejiang province), and thus this study re-estimates Eqs. (1) and (2) by merging adjacent Buddhist monasteries to define Buddhism variables (as a result, the number of most popular Buddhist monasteries is reduced to some extent). Non-tabulated results reveal that the results remain qualitatively similar
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Du, X. Does Religion Mitigate Tunneling? Evidence from Chinese Buddhism. J Bus Ethics 125, 299–327 (2014). https://doi.org/10.1007/s10551-013-1917-6
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DOI: https://doi.org/10.1007/s10551-013-1917-6