This study examines the effect of excess control rights on cash holding policy of Chinese family controlled firms. We find that excess control rights are positively associated to firms' cash holding of family controlled firms and that the high cash holding are tunnelled by controlling families...

This paper examines the effect of state control and ownership structure on leverage decision of firms listed in Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have...

This paper investigates venture capitalists' monitoring of managerial behaviour by examining their impact on CEO pay-performance sensitivity across various controlling structures in Chinese firms. We find that the effectiveness of venture capitalists' monitoring depends on different types of...