This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer (CEO) agency costs. We investigate investment efficiency prior to CEO retirement based on a sample of Chinese state-owned enterprises (SOEs) during the 1999-2007 period and...

We take advantage of data from Chinese listed business groups to investigate how the intra-firm decision rights allocation affects the firm’s innovation. Using the abnormal concentration of cash flows as a proxy for the centralization of decision rights between the top managers and the...