TY  - EJOU
AU  - Caby, C. Jérôme
TI  - The Impact of Short Selling on Firms: An Empirical Literature Review
T2  - Journal of Business Accounting and Finance Perspectives

PY  - 2020
VL  - 2
IS  - 3
SN  - 2603-7475

AB  - This review surveys the existing empirical literature on the real effects of short selling on firms, addressing them through three main perspectives: corporate governance, financial decisions, and performance. The results of the (too) few empirical studies under scrutiny converge to a common rationale: a positive impact as a disciplinary mechanism on corporate governance and corporate investment policy and a positive impact on operating and corporate social responsibility (CSR) performance, even if some results are still puzzling. It appears that further investigations are necessary and should test the consequences of short selling on firms from a broader and more systematic perspective, with different theoretical and methodological approaches.
KW  - short selling
KW  - real effects
KW  - corporate governance
KW  - investment
KW  - performance
DO  - 10.35995/jbafp2030019