The impact of highly concentrated shareholding on the effectiveness of internal controls and financial fraud risksin high-growth startups

High equity concentration is common in high-growth start-ups, but its impact on corporate governance and financial risks has not been fully studied - this is a key research gap in the existing literature. Equity concentration will lead to the failure of internal control and aggravate the risk of financial fraud through factors such as centralization of control, information asymmetry and weakening of governance mechanisms. The critical threshold of shareholders' rights or voting rights will lead