The rapid growth of local SOEs in China largely depends on high leverage, thus local governments and their SOEs will face harder budget constraints when the central bank implements tight credit policies. Using a sample of listed local SOEs in the Chinese A-share market, this paper attempts to...

Privatization of public-sector enterprises (PSEs) has generated billions of dollars to support fiscal and macroeconomic imbalances in several developing countries. A limited literature evaluates the recent privatization program impacts on the PSEs. This study empirically investigated the...