Xu, Xixiong; Li, Yaoqin - In: China journal of accounting research : CJAR 11 (2018) 4, pp. 307-324
This study investigates the impact of corruption on corporate cash holdings in China. The political extraction argument predicts that firms might shelter liquid assets to avoid extraction by corrupt officials. Using data on A-shared listed firms between 2007 and 2012, we find that firms located...