This paper examines whether politically connected firms engage more or less in corporate philanthropy than politically unconnected firms. We argue that political connections have countervailing effects on corporate philanthropy and that the study of publically traded firms (“public firms”)...

Using novel transaction-level data on Chinese business groups, this study provides the first direct evidence of the coinsurance theory of business groups, by investigating when different types of internal resources are transferred within a business group. We find that in Chinese business groups,...

Has the value of firms' political connections declined during the course of China's market transition? Some argue that China has experienced a tipping point after which the importance of political connections in conducting business has diminished, whereas others expect the value of political...

Economic transitions from state planning and redistribution to market exchange create many businesses opportunities. But such transitions also create great uncertainty because many interdependent factors – modes of exchange, types of products, and forms of organizations – are in flux....

Do investors with concentrated shareholding infringe on the value of more-fragmented shareholders ("parasites") or facilitate the growth of firm value for all shareholders ("paragons")? In a major ownership reform of Chinese listed firms, we obtain evidence which suggests that larger minority...

We argue that the influence of public stakeholders (the state) and private stakeholders (non-state social or economic stakeholders) on corporate philanthropy is interdependent, in that satisfying the state may increase the degree of scrutiny and pressure exerted by private stakeholders on the...