We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than local-government-controlled and non-government-controlled companies. Cash-based...

We study the benefits of opening up local equity markets to foreign institutional investors using data on Qualified Foreign Institutional Investors (QFIIs) in China around the reform floating non-tradable shares. We find evidence supporting the view (Stulz (1999)) that as “outsiders,”...

Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions helps reduce value-decreasing corporate decisions for...

This study investigates the determinants of residual government ownership and the impact of such ownership on post-privatization performance in China. Using panel data on 514 firms for the period from 1999 to 2004, the similar sample period with previous studies, we find that government...

Chinese listed firms recruit independent directors in order to build up connections with people who can provide useful sources and/or protection rather than for their monitoring of top managements. It is found that Chinese listed firms particularly prefer two types of Guanxi provided by...

This paper examines the relation between firm ownership structure, bilateral political relations and firm performance using a sample of 219 cross-border mergers conducted by Chinese listed companies from 2000 to 2013. First, we find that government-affiliated bidder abnormal returns do not...

In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and debt financing on agency costs making use of a large...

Based on hand-collected information on private companies listed in the Chinese SME stock market, this paper studies how family involvement and political connection affect firms' IPO underpricing. Especially, we investigate how underpricing varies with higher- and ordinary level political...

The aim of this paper is to examine the effect of 2005-ownership reform and state ownership on the linkages between corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we find that following the reform managerial ownership,...