This study investigates the influence of government subsidies on recipients’ growth potential and subsequent performance in cultural and creative industries (CCIs). We find that CCI firms significantly increase their R&D expenditure after receiving direct government subsidies. Direct subsidy...

This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership...

Most Chinese listed companies have been transformed from state-owned enterprises; the resulting institutional transformation is characterized by the emergence of highly concentrated ownership and state-owned shares, which may exert an influence on corporate finance. We examine the relationship...