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Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...
Persistent link: https://www.econbiz.de/10011624469
Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...
Persistent link: https://www.econbiz.de/10011646329
Persistent link: https://www.econbiz.de/10014474821
We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...
Persistent link: https://www.econbiz.de/10012972324
We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...
Persistent link: https://www.econbiz.de/10012972325
Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with state owned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group,...
Persistent link: https://www.econbiz.de/10012929944
The Granger-causality effects between earnings, cash flow, and capital investment as well as on subsequent annual stock returns are examined for China in an international framework. Overall, there is a Granger causality relationship from earnings to capital investment. Furthermore, there is...
Persistent link: https://www.econbiz.de/10013097354
Firms in transition economies often suffer financial constraints. In Initial Public Offerings (IPOs), however, many newly listed Chinese firms raise funds in excess of what is originally planned. This paper examines whether the excess IPO funds are wasted on value-destroying spending or enable...
Persistent link: https://www.econbiz.de/10012904047