This article investigates tunneling by controlling shareholders in China's public companies, and finds that, first, tunneling is pervasive and severe; and, second, private controlling ownership significantly increases the severity of tunneling. This article argues that in China, where there is...

We employ a new classification of ownership identity to analyze the impact of ownership structure on enterprise performance in China. Using both fixed effects model and Generalized Methods of Moments (GMM), this study finds that marketized state-owned enterprises outperform firms controlled by...