{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,28]],"date-time":"2026-08-28T12:49:36Z","timestamp":1787921376902,"version":"build-2784847793"},"reference-count":47,"publisher":"Public Library of Science (PLoS)","issue":"7","license":[{"start":{"date-parts":[[2023,7,19]],"date-time":"2023-07-19T00:00:00Z","timestamp":1689724800000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72002201"],"award-info":[{"award-number":["72002201"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100012456","name":"National Social Science Fund of China","doi-asserted-by":"publisher","award":["21BJY256"],"award-info":[{"award-number":["21BJY256"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["www.plosone.org"],"crossmark-restriction":false},"short-container-title":["PLoS ONE"],"abstract":"<jats:p>Based on the perspective of performance pressure, we explore the influence of controlling shareholders\u2019 share pledge on excessive financialization behavior of enterprises and its internal mechanism. The results show that the share pledge of controlling shareholders is positively correlated with the excessive financialization behavior of enterprises. After the controlling shareholder\u2019s share pledge, the actual performance of the enterprise is lower than expected, causing the short-sighted behavior of the management, which makes the management willing to conspire with the controlling shareholder to cause the excessive financialization of the enterprise. The results are especially evident among the uncertainty of economic policy is low, the industry competition is not fierce and the executives have overseas experience.<\/jats:p>","DOI":"10.1371\/journal.pone.0288705","type":"journal-article","created":{"date-parts":[[2023,7,19]],"date-time":"2023-07-19T17:47:57Z","timestamp":1689788877000},"page":"e0288705","update-policy":"https:\/\/doi.org\/10.1371\/journal.pone.corrections_policy","source":"Crossref","is-referenced-by-count":14,"title":["Does controlling shareholders\u2019 share pledge exacerbate excessive financialization of enterprises?\u2014Evidence from performance pressure perspective"],"prefix":"10.1371","volume":"18","author":[{"given":"Yue","family":"Xie","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0005-6107-5887","authenticated-orcid":true,"given":"Tianhui","family":"Wang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jinhua","family":"Zhang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Na","family":"Wang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"340","published-online":{"date-parts":[[2023,7,19]]},"reference":[{"key":"pone.0288705.ref001","article-title":"Financialization and Corporate Performance in China: Promotion or Inhibition?","author":"Shan Xu","year":"2021","journal-title":"Abacus"},{"issue":"5","key":"pone.0288705.ref002","doi-asserted-by":"crossref","first-page":"1332","DOI":"10.1111\/joes.12242","article-title":"Financialization and Investment: A Survey of the Empirical Literature","volume":"31","author":"Leila E Davis","year":"2017","journal-title":"Journal of Economic Surveys"},{"issue":"2","key":"pone.0288705.ref003","doi-asserted-by":"crossref","first-page":"105","DOI":"10.1007\/s10887-015-9115-2","article-title":"Too much finance?","volume":"20","author":"Enrico Berkes Jean Louis Arcand","year":"2015","journal-title":"Journal of Economic Growth"},{"issue":"1","key":"pone.0288705.ref004","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1111\/auar.12282","article-title":"Relationship Between Controlling Shareholders\u2019 Participation in Share Pledging and Accounting Conservatism in China","volume":"31","author":"Jingjing Xu","year":"2021","journal-title":"Australian Accounting Review"},{"issue":"02","key":"pone.0288705.ref005","first-page":"102","article-title":"Controlling Shareholder Equity Pledge and Real Enterprise Financialization\u2014\u2014From the Perspective of Tunneling and the Risk of Losing Control Rights","author":"Yong Du","year":"2021","journal-title":"Accounting Research"},{"issue":"1","key":"pone.0288705.ref006","first-page":"136","article-title":"Equity Pledge, Financing Constraints and Corporate Financialization","volume":"36","author":"Lihui Xiong","year":"2021","journal-title":"Financial Economics Research"},{"issue":"8","key":"pone.0288705.ref007","first-page":"157","article-title":"Controlling Shareholder Equity Pledge, Investor Sentiment and the Financialization of Real Enterprises: Based on the Perspective of Catering Theory","volume":"43","author":"Haifang Wang","year":"2021","journal-title":"Economic Management"},{"key":"pone.0288705.ref008","doi-asserted-by":"crossref","first-page":"96","DOI":"10.1016\/j.jcorpfin.2018.08.003","article-title":"Share pledges and margin call pressure","volume":"52","author":"Konan Chan","year":"2018","journal-title":"Journal of Corporate Finance"},{"issue":"3","key":"pone.0288705.ref009","doi-asserted-by":"crossref","first-page":"4147","DOI":"10.1111\/acfi.12729","article-title":"Share pledging and financial constraints in China","volume":"61","author":"Zijian Cheng","year":"2021","journal-title":"Accounting and Finance"},{"key":"pone.0288705.ref010","doi-asserted-by":"crossref","first-page":"101534","DOI":"10.1016\/j.jcorpfin.2019.101534","article-title":"Stock pledge, risk of losing control and corporate innovation","volume":"60","author":"Caiji Pang","year":"2020","journal-title":"Journal of Corporate Finance"},{"key":"pone.0288705.ref011","doi-asserted-by":"crossref","first-page":"100841","DOI":"10.1016\/j.ememar.2021.100841","article-title":"Does share pledging affect firms\u2019 use of derivatives? Evidence from China","volume":"50","author":"Haomin Shen","year":"2022","journal-title":"Emerging Markets Review"},{"key":"pone.0288705.ref012","doi-asserted-by":"crossref","first-page":"101839","DOI":"10.1016\/j.irfa.2021.101839","article-title":"Controlling shareholder share pledging and stock price crash risk: Evidence from China","volume":"77","author":"Jingting Zhou","year":"2021","journal-title":"International Review of Financial Analysis"},{"issue":"05","key":"pone.0288705.ref013","first-page":"128","article-title":"Is Controlling Shareholder\u2019s Share Pledge a Potential \u201cMine\u201d?","author":"Deren Xie","year":"2016","journal-title":"Management World"},{"issue":"1","key":"pone.0288705.ref014","doi-asserted-by":"crossref","first-page":"290","DOI":"10.1002\/ijfe.1790","article-title":"The impact of institutional investors on firms\u2019 performance in the context of financialization","volume":"26","author":"C Alexiou","year":"2021","journal-title":"International Journal of Finance & Economics"},{"issue":"6","key":"pone.0288705.ref015","doi-asserted-by":"crossref","first-page":"1197","DOI":"10.1093\/cje\/beaa023","article-title":"Managerial myopia and short-termism of innovation strategy: Financialisation of Korean firms","volume":"44","author":"Hwan Joo Seo","year":"2020","journal-title":"Cambridge Journal of Economics"},{"key":"pone.0288705.ref016","doi-asserted-by":"crossref","first-page":"100834","DOI":"10.1016\/j.ememar.2021.100834","article-title":"Diversification and financialization of non-financial corporations: Evidence from China","volume":"50","author":"Yumei Feng","year":"2022","journal-title":"Emerging Markets Review"},{"issue":"07","key":"pone.0288705.ref017","first-page":"152","article-title":"The Financial Assets of Industrial Listed Corporations: The Market Effect and Holding Motivation","volume":"53","author":"Haizhou Yan","year":"2018","journal-title":"Economic research"},{"issue":"5","key":"pone.0288705.ref018","doi-asserted-by":"crossref","first-page":"953","DOI":"10.1016\/j.worlddev.2008.09.003","article-title":"Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets: Private Investment and Cash Flow Relationship Revisited","volume":"37","author":"Demir Fi","year":"2009","journal-title":"World Development"},{"issue":"01","key":"pone.0288705.ref019","first-page":"137","article-title":"Economic Policy Uncertainty and Corporate Financialization","author":"Yuchao Peng","year":"2018","journal-title":"China Industrial Economics"},{"issue":"4","key":"pone.0288705.ref020","doi-asserted-by":"crossref","first-page":"555","DOI":"10.1111\/1468-2427.12521","article-title":"Privatization, Financialization and State Restructuring in Eastern Germany: The case of Am sudpark","volume":"41","author":"M Bernt","year":"2017","journal-title":"International Journal of Urban and Regional Research"},{"key":"pone.0288705.ref021","article-title":"Does climate policy uncertainty really affect corporate financialization?","author":"Xiaohang Ren","year":"2023","journal-title":"Environment, Development and Sustainability"},{"key":"pone.0288705.ref022","article-title":"Do the government subsidies inhibit the entity over-financialization? Fresh evidence from China","author":"Chaohui Xu","year":"2023","journal-title":"Economic Research-Ekonomska Istrazivanja"},{"issue":"2","key":"pone.0288705.ref023","doi-asserted-by":"crossref","first-page":"711","DOI":"10.3390\/su14020711","article-title":"Margin Trading Program, External Profit Pressure and Enterprise Financialization\u2014A Quasi-Natural Experiment Based on Double Difference Model","volume":"14","author":"Shuiwen Gao","year":"2022","journal-title":"Sustainability"},{"key":"pone.0288705.ref024","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jbankfin.2018.01.016","article-title":"The impact of share pledging regulations on stock trading and firm valuation","volume":"89","author":"Yu-Chun Wang","year":"2018","journal-title":"Journal of Banking & Finance"},{"issue":"12","key":"pone.0288705.ref025","doi-asserted-by":"crossref","first-page":"4810","DOI":"10.1093\/rfs\/hhz034","article-title":"Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans","volume":"32","author":"Ying Dou","year":"2019","journal-title":"The Review of Financial Studies"},{"key":"pone.0288705.ref026","doi-asserted-by":"crossref","first-page":"66","DOI":"10.1016\/j.jcorpfin.2018.02.001","article-title":"Multiple large shareholders and corporate investment: Evidence from China","volume":"50","author":"Fuxiu Jiang","year":"2018","journal-title":"Journal of Corporate Finance"},{"key":"pone.0288705.ref027","doi-asserted-by":"crossref","first-page":"139","DOI":"10.1016\/j.jbankfin.2018.06.006","article-title":"Agency problems in firms with an even number of directors: Evidence from China","volume":"93","author":"Wen He","year":"2018","journal-title":"Journal of Banking & Finance"},{"key":"pone.0288705.ref028","doi-asserted-by":"crossref","first-page":"226","DOI":"10.1016\/j.iref.2018.10.019","article-title":"Do insiders share pledging affect executive pay-for-performance sensitivity?","volume":"63","author":"Caiyue Ouyang","year":"2019","journal-title":"International Review of Economics & Finance"},{"issue":"6","key":"pone.0288705.ref029","first-page":"105","article-title":"Information Asymmetry and Investment-Cash Flow Sensitivity: An Empirical Research Based on Market Microstructure Theory","volume":"46","author":"Wenzhou Qu","year":"2011","journal-title":"Economic research"},{"key":"pone.0288705.ref030","article-title":"The controlling shareholder\u2019s personal leverage and firm performance: Applied Economics","author":"Yehning Chen","year":"2007","journal-title":"Applied Economics"},{"issue":"5","key":"pone.0288705.ref031","doi-asserted-by":"crossref","first-page":"836","DOI":"10.1002\/smj.2988","article-title":"Underperformance duration and innovative search: Evidence from the high\u2010tech manufacturing industry","volume":"40","author":"Wei Yu","year":"2019","journal-title":"Strategic Management Journal"},{"issue":"9","key":"pone.0288705.ref032","doi-asserted-by":"crossref","first-page":"1443","DOI":"10.1057\/s41267-020-00370-6","article-title":"The effect of international takeover laws on corporate resource adjustments: Market discipline and\/or managerial myopia?","volume":"51","author":"James N Cannon","year":"2020","journal-title":"Journal of International Business Studies"},{"key":"pone.0288705.ref033","article-title":"Inefficient investment and digital transformation: What is the role of financing constraints?","author":"Guiyang Xu","year":"2023","journal-title":"Finance Research Letters"},{"issue":"2","key":"pone.0288705.ref034","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1007\/s40821-021-00193-x","article-title":"Does financialization of non-financial corporations promote the persistence of innovation: evidence from A-share listed manufacturing corporations in China","volume":"12","author":"Zhengjuan Xie","year":"2022","journal-title":"Eurasian Business Review"},{"issue":"12","key":"pone.0288705.ref035","first-page":"113","article-title":"The Impact of Financialization on Future Development of Real Enterprises\u2019 Core Business: Promotion or Inhibition","author":"Yong Du","year":"2017","journal-title":"China Industrial Economics"},{"issue":"4","key":"pone.0288705.ref036","doi-asserted-by":"crossref","first-page":"609","DOI":"10.1287\/orsc.1070.0320","article-title":"Determinants of Firms\u2019 Backward- and Forward-Looking R&D Search Behavior","volume":"19","author":"Wei-Ru Chen","year":"2008","journal-title":"Organization Science"},{"issue":"1","key":"pone.0288705.ref037","doi-asserted-by":"crossref","first-page":"179","DOI":"10.2308\/accr.2006.81.1.179","article-title":"Fundamentals of accounting losses","volume":"81","author":"April Klein","year":"2006","journal-title":"Accounting Review"},{"issue":"4","key":"pone.0288705.ref038","doi-asserted-by":"crossref","first-page":"1593","DOI":"10.1093\/qje\/qjw024","article-title":"Measuring Economic Policy Uncertainty","volume":"131","author":"Scott R. Baker","year":"2016","journal-title":"Quarterly Journal of Economics"},{"issue":"72","key":"pone.0288705.ref039","first-page":"514","article-title":"Preemptive Patenting and the Persistence of Monopoly","author":"R. Gilbert","year":"1982","journal-title":"The American Economic Review"},{"issue":"3","key":"pone.0288705.ref040","doi-asserted-by":"crossref","first-page":"452","DOI":"10.1111\/j.1468-036X.2010.00605.x","article-title":"Product Market Competition, Corporate Governance, and Firm Value: Evidence from the EU Area","volume":"19","author":"Manuel Ammann","year":"2013","journal-title":"European Financial Management"},{"key":"pone.0288705.ref041","article-title":"Competition, profitability, and discount rates","author":"Winston Wei Dou","year":"2021","journal-title":"Journal of Financial Economics"},{"issue":"5","key":"pone.0288705.ref042","doi-asserted-by":"crossref","first-page":"1629","DOI":"10.1111\/j.1540-6261.1993.tb05123.x","article-title":"Risk Management: Coordinating Corporate Investment and Financing Policies","volume":"48","author":"Kenneth A Froot","year":"1993","journal-title":"The Journal of Finance"},{"issue":"1","key":"pone.0288705.ref043","first-page":"93","article-title":"A Theory of Predation Based on Agency Problems in Financial Contracting","volume":"80","author":"Patrick Bolton","year":"1990","journal-title":"American Economic Review"},{"issue":"7","key":"pone.0288705.ref044","doi-asserted-by":"crossref","first-page":"1183","DOI":"10.1057\/jibs.2009.50","article-title":"Returnee entrepreneurs, knowledge spillovers and innovation in high-tech firms in emerging economies","volume":"41","author":"Xiaohui Liu","year":"2010","journal-title":"Journal of International Business Studies"},{"key":"pone.0288705.ref045","unstructured":"Tinghua Duan, W Hou. The Curse of Returnee CEOs. 2014; https:\/\/www.semanticscholar.org\/paper\/The-Curse-of-Returnee-CEOs-Duan-Hou\/fef5e53e78a046d786d78d5994fd43f01c5686da"},{"issue":"3","key":"pone.0288705.ref046","doi-asserted-by":"crossref","first-page":"257","DOI":"10.1002\/sej.1139","article-title":"Returnees Versus Locals: Who Perform Better in China\u2019s Technology Entrepreneurship?","volume":"6","author":"Haiyang Li","year":"2012","journal-title":"Strategic Entrepreneurship Journal"},{"issue":"1","key":"pone.0288705.ref047","first-page":"202","article-title":"Inhibiting Manipulation or Facilitating Manipulation: The Influence of CFO\u2019s Professional Background","volume":"25","author":"Cheng Fu","year":"2022","journal-title":"Nankai business review"}],"container-title":["PLOS ONE"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/dx.plos.org\/10.1371\/journal.pone.0288705","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,7,19]],"date-time":"2023-07-19T17:49:16Z","timestamp":1689788956000},"score":1,"resource":{"primary":{"URL":"https:\/\/dx.plos.org\/10.1371\/journal.pone.0288705"}},"subtitle":[],"editor":[{"given":"Chenguel Mohamed","family":"Bechir","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"editor"}]}],"short-title":[],"issued":{"date-parts":[[2023,7,19]]},"references-count":47,"journal-issue":{"issue":"7","published-online":{"date-parts":[[2023,7,19]]}},"URL":"https:\/\/doi.org\/10.1371\/journal.pone.0288705","relation":{},"ISSN":["1932-6203"],"issn-type":[{"value":"1932-6203","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,7,19]]}}}