The evolution of the Chinese takeover market and its integration with the international takeover market are analysed in three ways. First, the paper charts the legal and institutional changes in China in the last two decades to develop a decentralised “Anglo-Saxon” takeover market. Second,...

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially...

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...

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially...

​This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans does not increase the probability that a poorly performing CEO will be...

Using hand-collected data of bank loans and CEO turnovers in China, we investigate whether common ownership compromises creditors’ governance role when borrowers underperform. Unlike prior literature on the overall lack of bank monitoring on state-owned enterprises (SOEs) in China, we argue...

This article critically engages the international debate on regulatory approaches to corporate creditor protection. It analyses recent reforms to the PRC Company Law in 2014, which removed minimum capital requirements for most limited liability companies in China. Using Chinese court cases, the...

This paper considers lending to finance projects in a setting where repayment enforcement appears impossible. The loan was illegal and thus legally unenforceable. Creditors were incapable of applying private coercion to force repayment. Borrowers lacked both collateral and reputation capital....

A Chinese subsidiary of a foreign bank issued yuan-denominated bonds on China's domestic interbank bond market for the first time on 20 May 2010. China's corporate bond market, although split between an exchange and an OTC market, has been growing since 2008, but total corporate bonds...

This paper proposes a Nash Bargaining model to show that there exits the inverted U-shaped relationship between state-owned enterprises (SOEs)' corporate social responsibility (CSR) performance and the level of executive compensation received by SOE managers. Based on annual data for...