Using the recent anti-corruption cases in China as a natural experiment, this study documents that connections with the government officials through bribing and personal connecting enable Chinese non-SOEs to increase their M&A activities, enjoy a better post-M&A performance, pay less M&A premium...

This study examines the effect of excess control rights on cash holding policy of Chinese family controlled firms. We find that excess control rights are positively associated to firms' cash holding of family controlled firms and that the high cash holding are tunnelled by controlling families...