Despite the recent focus from researchers on various social outcomes of firms with celebrity executives, this stream of literature has not been extended to the ecological context. Drawing on identity control theory, this study aims to contribute to closing this research gap by investigating the...

This study examines capital allocation efficiency in the business group when parent firms experience adverse shocks of financial conditions. We exploit a quasi-experiment in China, the mandatory dividend of a state-owned business group in 2007, to conduct difference-in-differences estimation,...