their performance in the context of international economic integration. It also represents the commitment of the Vietnamese … SOEs to enhance performance and foster the achievement of the reform, including the enhancement of the roles of the state …

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 1993 to … 2007. We find that the level of cash holdings declines as state ownership increases. This negative relation is attributable … to the soft-budget constraint (SBC) inherent in state ownership. The Chinese financial system is dominated by the state …

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 2000 to … 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a … 10 percentage-point decline in state ownership leads to an increase of about RMB 55 million in cash holdings. This …