Using a unique list of 528 fake state-owned enterprises (SOEs) exposed in China, we examine whether and how investors react to the government’s property rights protection actions. Our results show that real SOEs with more subsidiaries, pyramid layers, and popularity are more likely to be...

Robots are widely used in industrial manufacturing and service industries around the world. Drawing on a large dataset of more than three million records in China, this study examines the impact of imported industrial robots on firm innovation. Using a difference-in-differences method, we find...

This study examines how social connections between media executives and firms affect initial public offering (IPO) pricing using manually collected Chinese data. We find media-connected firms receive more frequent and more positive coverage than their unconnected peers, resulting in reduced IPO...

By proxying “awe culture” (i.e., reverence for life and ethical behavior) with regional induced abortion rates, we examine the impact of awe culture on corporate social responsibility (CSR) in a sample of Chinese firms. We find that firms located in areas with higher induced abortion rates...