The split share structure reform in China aligned the incentive of controlling shareholders with that of minority shareholders by granting trading rights to previously non-tradable shares. We find that the reform increases firms' tax avoidance activities that are value-enhancing. However, the...

The aim of this paper is to review China's institutional reforms and consequent development of Chinese corporate governance system and financial system. As part of the wider economic reform initiated since the late 1970s, the Chinese government has adopted various measures aimed at reforming...

The fact that the consistently poor performance of China's stock markets has not matched China's rapid economic growth has been puzzling. Using samples of private-owned enterprises publicly traded on China's stock markets, this article finds that 74% of these firms are politically-connected and...

This paper elaborates whether women bringing their diversity, cross-cultural awareness and transformational leadership skills to corporate boards offer strategic advantages for firms. In the analysis the effect of women in the board room on innovation activity and corporate firm performance as...

Using hand-collected data on IPOs by private-owned enterprises, this article examines the regulatory benefits of political connections in China's state-controlled going public process, a subject that has rarely been investigated in existing literature. This article makes the following findings:...

The paradox that the performance of China's stock market has not matched the performance of China's real economy has been puzzling. This article argues that one of the major causes of the poor performance of China's stock markets is that ever since their establishment, China's stock markets have...

Research on capital structure has broadened its scope from a single capital structure decision (the debt/equity choice) to various attributes of the debt in firms' capital structure. This study examines the effects of growth opportunities, debt maturity and liquidity risk on leverage, making use...

This study finds that Chinese firms that issue high-quality corporate social responsibility (CSR) reports are perceived as having greater legitimacy (operationalized by government endorsement and media endorsement) by the Chinese government and media. Chinese firms that issue higher quality CSR...

The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE output, profits, and employment, but did not change...

We study how economic policy uncertainty (EPU) influences firms' overseas investment in Chinese listed companies. We find a significant negative relationship between EPU and firms' overseas investment after controlling for firm characteristics and macroeconomic variables. Chinese firms seem to...