Su, Dongwei; He, Xingxing - In: Journal of Productivity Analysis 38 (2012) 3, pp. 303-318
concentration and firm efficiency is U-shaped, indicating that the largest shareholder may engage in tunneling activities. As the …, firm efficiency significantly improves. These results provide strong evidence that political interferences have reduced … firm efficiency. Moreover, firms with more independent board are more efficient, supporting the argument that board of …