Zhizhong, Huang; Xue, Qingmei - In: China journal of accounting research : CJAR 9 (2016) 2, pp. 137-152
In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so. The large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on...
