We study the determinants of capital structure, especially the effect of state ownership on corporate debt financing practices in Chinese listed firms from year 2003 to 2015. We employ quantile regression analysis as static model and system GMM as dynamic model to discover whether state...

This paper examines the effect of state control and ownership structure on leverage decision of firms listed in Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have...

We examine the influences of top management succession on firm strategies in the case of innovation. Our main results show that top manager changes result in less innovation in Chinese listed companies. The evidence supports the hypothesis that succession events exert much pressure on managers...

Market imperfections such as taxes, asymmetric information and agency problems make capital structure decisions relevant to the value of the firm. More specially, the agency theory suggests that debt financing is one of the governance mechanisms to mitigate agency costs of equity capital and...

The research investigates the relationship between ownership structure and the financial performance of Chinese manufacturing firms after the implementation of the 2005 reform of tradable and non-tradable shares. Using data from 2011 to 2014 and hand-collected ownership information, the results...