Purpose: Are board ties among competitors harmful to customers? The prevalent assumption on board ties among competitors is that they harm customer benefits. This study examines the mechanism by which board ties with competitors result in an outcome conducive to customers....

The Census Bureau's Longitudinal Business Database (LBD) underpins many studies of firm-level behavior. It tracks longitudinally all employers in the nonfarm private sector but lacks information about business financing and owner characteristics. We address this shortcoming by linking LBD...

This study examines the role of ownership concentration, measured by the top-five shareholders’ equity ownership, in shaping corporate finance policies in China. Among privately-owned enterprises (POEs), ownership concentration has negative and positive effects on their debt and cash reserves,...