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Stock Pledge by Controlling Shareholder and Corporate Social Responsibility
Tong Lijing,Wen Wen,Xie Lu,Zhang Siting 한국증권학회 2023 Asia-Pacific Journal of Financial Studies Vol.52 No.5
We examine the influence of stock pledge by controlling shareholders on corporate social responsibility (CSR). Results show that firms exhibit poorer CSR performance when the controlling shareholders have more shares under pledge to financial institutions. Further analyses suggest that the negative relation between stock pledge and CSR only exists in financially constrained firms and non‐state‐owned firms, in which the pledging controlling shareholders have greater incentive to increase stock price and maintain their control rights. Our findings support a margin call hypothesis that firms tend to cut off CSR spending to improve short‐term financial performance and reduce the risk of losing control rights.
Frictional and Tensile Properties of Conducting Polymer Coated Wool and Alpaca Fibers
Wang Lijing,Lin Tong,Wang Xungai,Kaynak Akif The Korean Fiber Society 2005 Fibers and polymers Vol.6 No.3
Wool and alpaca fibers were coated with polypyrrole by vapor-phase polymerisation method. The changes in frictional and tensile properties of the single fibers upon coating with the conductive polymer are presented. Coating a thin layer of polypyrrole on the alpaca and wool fibers results in a significant reduction in the fiber coefficient of friction, as the conducting polymer layer smooths the protruding edges of the fiber scales. It also reduces the directional friction effect of the fibers. Depending on the type of fiber, the coating may slightly enhance the tensile properties of the coated fibers.