Using a sample of state-owned enterprises (SOEs) listed on the Shanghai and Shenzhen Stock Exchanges during the 1999-2009 period, we investigate the effects of overemployment on executives’ pay-for-performance sensitivity (PPS) and analyze how the behavior of firms with high/low PPS affects...

This paper investigates the influence of the economic value added (EVA) performance evaluation, issued in 2010 by the State-owned Assets Supervision and Administration Commission of the State Council, on the value of the cash holdings of central state-owned enterprises (CSOEs). We find that EVA...

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more...

Since its foundation, China’s government auditing system has played a very important role in maintaining financial and economic order and improving government accountability and transparency. Though a great deal of research has discussed the role of government auditing in discovering and...

We investigate whether pledgee competition affects the disclosure choice of firms whose controlling shareholders pledge their shares. We find that pledgee competition is positively related to pledge firms' annual report tone management. This positive relationship is stronger for pledge firms...

We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation. We find...