In this paper we present and test a theory of how political corruption, found in many transition and emerging market … institutions that do not punish political corruption result in political connectedness of firms that in turn has a negative effect …

country-level corruption on those two relationships. Results show that government-owned firms face fewer financial constraints … pronounced for firms operating in countries with a lower level of corruption …

From the start of China's "corporatization without privatization" process in the late 1980s, a Chinese corporate … necessary for the continued financing of China's "state capitalism." …

major actor in China's domestic capital allocation, with an active role in strategic financing and restructuring of key …

This paper analyzes understudied aspects of related party transactions (RPTs) in China’s state-owned enterprises (SOEs … two types of RPTs in the SOE sector: “corruption-RPTs” and “policy-RPTs.” Corruption-RPTs are those associated with …, corruption-RPTs are always detrimental and generate cash-outflow wealth-transfers. Policy-RPTs are conducted by the government as …

important public service, there is widespread concern that their activities are negatively affected by corruption. However …, there is limited cross-country analysis on the costs of corruption for SOEs. We present new evidence on how corruption … perform as well as private firms in core sectors when corruption is low. Taking advantage of a novel database reforms, we also …

reform in China. It also conducts empirical studies of the change in ownership and board composition in over 30 SOEs which … have recently completed their MOR experiments, as well as, several case studies including China Unicom's MOR. We observe … argue that the MOR programme is driven by three current beliefs of the Chinese Party-state on the future of SOEs in China …