-the-big-and-letting-go-the-small' privatization program in China. Our empirical results suggest that government connections play an important role in explaining …We examine the role of firms' government connections, defined by government intervention in CEO appointment and the … government connections are associated with substantially less severe financial constraints (i.e., less reliance on internal cash …

in explaining the enormous but puzzling county-level variations in development performance in Fujian province of China …