We use a sample of Chinese A-share listed companies from 2003 to 2013 to explore the reputation damage and overflow effect of academic independent directors who have received supervisory punishment. We find that when companies violate information disclosure rules, the market punishes academic...

Drawing on social exchange theory, this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are "stiff but deathless." We find that these enterprises are able to "linger breathlessly" due to government support in the...