Institutional theory has explained the greater prevalence of many strategic actions by
increases in their legitimacy over time, but it has not explained how firms choose among …

This paper examines the effect of excess control rights on the leverage decisions made by
Chinese non-SOEs before and after the Non-tradable share reform (NTS reform). We find …

This study examines the effect of family control on the cash holding policy in China. We find
that family firms with excess control rights tend to have high cash holdings that are tunneled …

Coalitions are important in organizational decision making, but the question of how
coalitions are built and make decisions in response to firm performance is still not sufficiently …

This study examines the impact of social trust, the state ownership and their joint effects on
investment efficiency in China using 6885 firm-year observations from 2010 to 2018. We find …

This study explores how a firm's performance feedback (relative to its aspirations) may
influence its likelihood of involvement in misconduct. We propose and test curvilinear …

If government holds ownership in corporate firms, principal–principal conflict may arise
between government and private owners. I argue conflict aggravates when government is …

We extend the current empirical literature on privatization by exploring the effect of ultimate
privatization on the performance of Chinese listed companies. Ultimate privatization is …

The state creates and changes rules that coerce firms, but firms can delay or decouple
responses to rule changes to manage the cost of demands. Theory of compliance to the …

The paper analyzes the effects of privatization on the performance of firms switching their
ownership from state-owned to private-owned ownership. By using difference-in-difference …