Gao, Lei; Kling, Gerhard - In: Pacific-Basin Finance Journal 16 (2008) 5, pp. 591-605
) outsiders in the board of directors, audit without non-clean opinion, and dispersed ownership prevent operational tunneling; (2 … mechanisms, stock characteristics matter in that larger firms exhibit less tunneling, whereas highly leveraged firms experience … the opposite. We find a decline of tunneling in 2001, which might be due to economic reforms. …