In Central and Eastern Europe, outward foreign direct investment (FDI) has not yet become as a prominent factor in the regions reintegration into the world economy as trade liberalisation used to be in the early 1990s or inward foreign direct investment is currently. In the terminology of the...

We provide a novel empirical finding that the recent anti-corruption investigations in China are associated with credit reallocation from less productive, state-owned enterprises (SOEs) to more productive, non-SOEs. The empirical strategy exploits staggered investigations as exogenous shocks to...

From the start of China's "corporatization without privatization" process in the late 1980s, a Chinese corporate governance regime apparently shareholder-empowering and determined by enabling legal norms has been altered by mandatory governance mechanisms imposed by a state administrative...

We take a state-stewardship view on the corporate governance model and executive compensation policies in economies with strong political involvement. In such a highly politically-oriented institutional environment, the business elites are not just professional managers but are also de facto...

From the start of the People's Republic of China's (PRC) "corporatization" project in the late 1980s, a Chinese corporate governance regime subject to increasingly enabling legal norms has been determined by mandatory regulations imposed by the PRC securities regulator, the China Securities...

We study how Chinese private entrepreneurs benefit from participating in politics. Using original hand-collected data on listed firms controlled by private entrepreneurs, we document a significant positive relationship between political participation and change in firm performance. We also...

The English version of this paper is at: http://ssrn.com/abstract=878672 Chinese Abstract:...

We show that Chinese firms engaging in corrupt practices pay significantly higher salaries to their management team as well as to their directors, although important differences arise between the private and the state sector. Our evidence suggests that managers in private companies use...

This paper examines the effect of executive board gender diversity on the relationship between economic policy uncertainty (EPU) and bank liquidity hoarding (LH). We focus on the Russian banking sector, which, relative to most of the world, has a high share of women on bank executive boards....