In the face of business competition, a company strategy is needed by seeking and exploiting opportunities in the business environment, one of which is through political connections. Ownership structure plays an essential role in the company to determine the firm performance. The high...

This study examines the financial consequences of the moral hazard of the controlling shareholder. Using a sample of Chinese listed companies during the 2003–2009 period, we find that companies characterized by a wider divergence between the controlling shareholder's control and cash flow...