the government. The public domain caused by technical factors and owner's real capability are herein excluded. Originality …/value – China's past and present farmland system is a result of the government's compulsory system arrangements instead of market …

We use China as a laboratory to test the effect of government quality on cash holdings. We build on, and extend, the … existing literature on government expropriation and its interaction with firm-level agency problems by proposing a financial … constraint mitigation argument. We find that firms hold less cash when local government quality is high, which is not consistent …