Megginson, William L.; Ullah, Barkat; Wei, Zuobao - In: Journal of Banking & Finance 48 (2014) C, pp. 276-291
We study the relation between state ownership and cash holdings in China’s share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads...