This paper investigates how politicians' patronage connections affect privatizations in China. The connections to top … political leaders (i.e., Central Committee of the Communist Party of China) make local politicians engage more in rent … privatization deals and jumps in efficiency for privatized SOEs when local politicians lose connections to Central Committee members …

This paper investigates how politicians’ patronage connections affect privatizations in China. The connections to top … political leaders (i.e., Central Committee of the Communist Party of China) make local politicians engage more in rent … privatization deals and jumps in efficiency for privatized SOEs when local politicians lose connections to Central Committee members …

because investment projects require time. This is more evident among younger, well-educated politicians due to age …-based promotion restrictions. Our study may shed light on how the Communist Party of China balancing economic development and …

contested political incumbents in order to improve their reelection prospects. In return, politicians grant such banks access to … powerful incumbent faces a contested election. In line with politicians returning the favor, banks that grant more credit to … establish that, if politicians can control the allocation of rents, then formal independence does not ensure the private sector …

The serious implications of privatizing state-owned enterprises for politicians, managers, and investors make such … decisions highly contingent on firm characteristics and past performance, complicating the identification of the privatization … effects. A unique opportunity for this identification arises from a rule of promotion of local politicians based on age …

-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE … SOE performance are positively correlated to government agents' privatization-led incentive of increasing state …-owned share value. In terms of privatization methodology, the reform adopted a market mechanism that played an effective …

plausibly exogenous variation in privatization generated by a quasi-natural experiment – China's split share structure reform …We examine the real effect of privatization in terms of technological innovation. To establish causality, we explore …, which mandatorily converts non-tradable shares to be freely tradable and opens up the gate to the privatization of state …

plausibly exogenous variation in the expectation of further partial privatization generated by China’s split share structure …We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore … privatization of state-owned enterprises. We find that partial privatization prospects have a positive effect on corporate …