The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms and the stock market. In this paper, we analyse shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed...

This study investigates the relation between managerial foreign experience and corporate risk-taking in China. We find that foreign experienced managers are positively associated with corporate risk-taking and this relationship mainly exists in private firms rather than in state owned...

This paper examines the determinants of privatization in Chinese rural industry by using data that we collected from Southern China in 1998. By employing several econometric specifications, we find that the probability of a firm being privatized increases with the degree of product market...

This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connections (i.e., politically connected firms) are more likely to list overseas than non-politically connected firms. We find that connected firms' post-overseas listing performance is worse than that of...

Starting from the 3rd Plenary Session of the 18th Central Committee of the Communist Party of China, held in November 2013, China initiated another round of state-owned enterprise (SOE) reform. This study examines policy documents, analyzes pilot SOEs, and conducts an empirical study using a...

Using a sample of privately owned listed firms in China, we document that firms' political connections have a positive effect on their likelihood of becoming insolvent and inefficient (which we call zombies or zombie firms). The results are more pronounced for firms that are located in regions...

Enthused by China's conversion to the free market system in 1978 and its adoption of Western-style market institutions, the world has spent the last few decades turning a blind eye to China's real “governance” problem: that a shadow Party-State system permeates all branches of the economy....