This study surveys the literature examining the privatization of state-owned enterprises
(SOEs) We review the history of privatization, the theoretical and empirical evidence on the …

This paper reviews and proposes additional research concerning the role of publicly
reported financial accounting information in the governance processes of corporations. We …

To direct financial resources to cleaner production enterprises and achieve the goal of
environmental governance, the Chinese government has devoted increasing efforts to …

Recent research has documented large differences among countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in …

This paper reviews, appraises, and critiques theoretical and empirical research on the
connections between the operation of the financial system and economic growth. While …

This paper evaluates (1) whether the exogenous component of financial intermediary
development influences economic growth and (2) whether cross-country differences in legal …

China is an important counterexample to the findings in the law, institutions, finance, and
growth literature: Neither its legal nor financial system is well developed, yet it has one of the …

We present a model of the effects of legal protection of minority shareholders and of cash‐
flow ownership by a controlling shareholder on the valuation of firms. We then test this …

This paper evaluates the empirical relation between the level of financial intermediary
development and (i) economic growth,(ii) total factor productivity growth,(iii) physical capital …

This paper outlines and tests two agency models of dividends. According to the “outcome
model,” dividends are paid because minority shareholders pressure corporate insiders to …