We examine whether the corporate control market is an important governance mechanism that the controlling shareholders of publicly listed Chinese SOEs employ to improve the performance of less efficiently run Chinese SOEs. Using an econometric methodology advocated by Maddala (1983), we show...

We examine how China's adoption of a new set of Chinese Accounting Standards (CAS) that is substantially converged with the IFRS affects the managerial pay-for-accounting performance sensitivity of publicly listed Chinese firms. We find that central-government-controlled firms adopted an...

Existing research shows that privately held firms face significant financial constraints that limit their investment and growth. In this study, we show privately held firms' financial constraints also create a negative spillover on publicly listed firms due to the prevalent ownership of...