Previous studies have shown that regulated firms diversify for reasons that are different than for unregulated firms. We explore some of these differences by providing a theoretical model that starts by considering the firm-regulator relationship as an incomplete information issue, in which a...

Purpose: This paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically...

This paper uses biform games to examine the endogenous decision to invest in relationship-specific assets. It addresses the questions of how competition affects suppliers' decisions to produce a general-purpose product or a relationship-specific product for a buyer and under what circumstances a...

This paper examines whether politically connected firms engage more or less in corporate philanthropy than politically unconnected firms. We argue that political connections have countervailing effects on corporate philanthropy and that the study of publically traded firms (“public firms”)...

Using novel transaction-level data on Chinese business groups, this study provides the first direct evidence of the coinsurance theory of business groups, by investigating when different types of internal resources are transferred within a business group. We find that in Chinese business groups,...