Chen, Shihua; Ye, Yan; Jebran, Khalil; Majeed, Muhammad … - In: International Journal of Emerging Markets 15 (2020) 6, pp. 1127-1159
Purpose: This study examines how Confucianism, as an informal system, alleviates manager–shareholder conflicts and thus decreases managerial behavior of keeping higher levels of cash reserves. This study also investigates whether formal governance mechanisms (state ownership and institutional...