Tunneling is a type of expropriation of resources from the minority shareholders of a company by its largest shareholder. Previous research has found mixed results on the relationship between board independence and tunneling, and on the relationship between minority shareholder concentration and...

This paper explores the relationship between ownership structure and cost of capital. Prior studies have established links between ownership structure, firm performance and cost of capital but their results are mixed and inconclusive. As ownership structure is one of the important issues faced...

China restructured its state assets management system through the establishment of the State-owned Assets Supervision and Administration Commission (SASAC) in 2003. In consequence, de facto ownership rights to local state-owned enterprises (lo-cal SOEs) were granted to local governments. Chinese...