کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7364471 | 1479104 | 2016 | 44 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Politicians, insiders and non-tradable share reform decisions in China
ترجمه فارسی عنوان
سیاستمداران، خودشان و تصمیمات اصلاح نشده در بازار چین غیر قابل فروش هستند
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 43, July 2016, Pages 58-73
Journal: Journal of International Financial Markets, Institutions and Money - Volume 43, July 2016, Pages 58-73
نویسندگان
Jing Liao, Chris Malone, Martin Young,