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Executive compensation in business groups : evidence from China
Cai, Guilong; Zheng, Guojian - In: China journal of accounting research : CJAR 9 (2016) 1, pp. 25-39
This paper examines executive compensation in the subsidiaries of business groups in China. Analyzing a sample of China business groups (the so-called “XiZu JiTuan” in Chinese) from 2003 to 2012, we find convincing evidence of the use of Relative Performance Evaluation (RPE) in the executive...
Persistent link: https://www.econbiz.de/10011844591
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Executive compensation in business groups: Evidence from China
Cai, Guilong; Zheng, Guojian - In: China Journal of Accounting Research 9 (2016) 1, pp. 25-39
This paper examines executive compensation in the subsidiaries of business groups in China. Analyzing a sample of China business groups (the so-called 'XiZu JiTuan' in Chinese) from 2003 to 2012, we find convincing evidence of the use of Relative Performance Evaluation (RPE) in the executive...
Persistent link: https://www.econbiz.de/10011937011
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The Emergence of Corporate Pyramids in China
Fan, Joseph P.H.; Wongb, T.J.; Zhang, Tianyu - Center for Economic Institutions, Institute of Economic … - 2006
We examine the pyramidal ownership structure of a large sample of newly listed Chinese companies controlled by local … governments or private entrepreneurs. Both types of the owners use layers of intermediate companies to control their firms … constrained by the Chinese laws prohibiting free transfer of state ownership. Pyramiding allows them to credibly decentralize …
Persistent link: https://www.econbiz.de/10005045175
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Common institutional ownership and investment efficiency : empirical evidence from China
Bai, Yajie; He, Leilei; Tiegang, Zhang - In: Borsa Istanbul Review 23 (2023) 5, pp. 1067-1077
Common institutional ownership has become a significant form of shareholding in the capital market. Using panel data on … 2395 listed companies in China from 2007 to 2020, we examine the investment efficiency of this ownership practice on … microcorporate investment behavior. The estimates indicate that common institutional ownership has a significant positive …
Persistent link: https://www.econbiz.de/10014383545
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Policy Uncertainty and Innovation : Evidence from IPO Interventions in China
Cong, Lin William - 2020
Public equity is an important source of risk capital, especially in China. The Chinese government has occasionally suspended IPOs, exposing firms already approved to IPO to indeterminate listing delays. The temporary bar on going public increases uncertainty about access to public markets for...
Persistent link: https://www.econbiz.de/10012854704
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The Reversal of Privatization in China : A Political Economy Perspective
Huang, Zhangkai - 2020
We document the reversal of privatization in China—local governments re-possessing ownership stakes in a quarter of …
Persistent link: https://www.econbiz.de/10012856887
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Limit to Autocracy : An Analysis of China's Renationalization
Huang, Zhangkai - 2018
We document large-scale reversal of privatization in China — local governments taking back shares in a quarter of previously privatized firms. Politicians who are not affiliated with any of the dominant political factions are more likely to waver under pressure and adopt renationalization...
Persistent link: https://www.econbiz.de/10012931046
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The Political Economy of Corporate Finance : Evidence from ‘Re-nationalization’ in China
Huang, Zhangkai - 2014
document large-scale ‘re-nationalization' — local government re-possessing controlling ownership stakes in previously …
Persistent link: https://www.econbiz.de/10013049682
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Does Governmental Decentralization Accelerate the Accounting Manipulation of State-Owned Enterprises? Evidence from China
Su, Qiaoling - 2019
Pyramidal structures are the common methods to organize enterprises, either private or state-owned around the world. This study considers both political cost and agency cost theory in pyramidal structures constructed by Chinese government mainly for governmental decentralization. Although this...
Persistent link: https://www.econbiz.de/10012867463
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The Reversal of Privatization in China : A Political Economy Perspective
Huang, Zhangkai; Li, Lixing; Ma, Guangrong; Qian, Jun "QJ" - 2021
We document reversals of privatization in China—local governments re-possessing ownership stakes in a quarter of … previously privatized firms during 1998–2007, a period when the privatization process was still ongoing. This type of ownership …
Persistent link: https://www.econbiz.de/10013323932