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Identifier to cite or link to this item: https://hdl.handle.net/10086/29286

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Title
The helping hand, the lazy hand, or the grabbing hand? Central vs. local government shareholders in publicly listed firms in China
Creator
Creator Name
Cheung, Yan-Leung Cheung, Yan-Leung
Affiliation
Affiliation Name
City University of Hong Kong
Creator Name
Rau, P. Raghavendra Rau, P. Raghavendra
Affiliation
Affiliation Name
Krannert Graduate School of Management, Purdue University
Creator Name
Aris, Stouraitis Aris, Stouraitis
Affiliation
Affiliation Name
City University of Hong Kong
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Affiliation
Affiliation Name
Institute of Economic Research, Hitotsubashi University
Key Word
Law and economics
Government ownership
China
State-Owned Enterprises (SOE)
Related party transactions
Political connections
JEL
G15
G34
K33
Abstract
We analyze related party transactions between Chinese publicly listed firms and their stateowned enterprise (SOEs) shareholders to examine whether companies benefit from the presence of government shareholders and politically connected directors appointed by the government. We find that related party transactions between firms and their government shareholders seem to result in expropriation of the minority shareholders in firms controlled by local government SOEs or with a large proportion of local government affiliated directors on their board, and in provinces where local government bureaucrats are less likely to be prosecuted for misappropriation of state funds. On the other hand, firms controlled by the central government (or with a large proportion of central government affiliated directors) are benefited in their related party transactions with their central government SOEs.
Description
February 2008
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-04
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2008-11
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
31
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29286