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State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms

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Cited by:

  1. Chen, Hanwen & Yang, Daoguang & Zhang, Joseph H. & Zhou, Haiyan, 2020. "Internal controls, risk management, and cash holdings," Journal of Corporate Finance, Elsevier, vol. 64(C).
  2. Ralph de Haas & Sergei Guriev & Alexander Stepanov, 2022. "State Ownership and Corporate Leverage Around the World," SciencePo Working papers Main hal-03878686, HAL.
  3. Lin, Tsui-Jung & Chang, Hai-Yen & Yu, Hui-Fun & Kao, Ching-Pao, 2019. "The impact of political connections and business groups on cash holdings: Evidence from Chinese listed firms," Global Finance Journal, Elsevier, vol. 40(C), pages 65-73.
  4. Karlo Kauko, 2021. "The Vanishing Interest Income of Chinese Banks," Asian Economic Papers, MIT Press, vol. 20(3), pages 94-113, Fall.
  5. Karlo Kauko, 2021. "The Vanishing Interest Income of Chinese Banks," Asian Economic Papers, MIT Press, vol. 20(3), pages 94-113, Fall.
  6. Feng, Xiaoli & Li, Wenjing & Peng, Yuanhuai & Tan, Youchao, 2021. "International trade friction and the cost of debt: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  7. Li, Wencong & Yang, Xingquan & Yin, Xingqiang, 2022. "Non-state shareholders entering of state-owned enterprises and equity mispricing: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 84(C).
  8. Rumokoy, Lawren J. & Neupane, Suman & Chung, Richard Y. & Vithanage, Kulunu, 2019. "Underwriter network structure and political connections in the Chinese IPO market," Pacific-Basin Finance Journal, Elsevier, vol. 54(C), pages 199-214.
  9. Chen, Yuhuilin & Yuan, Ruizhi & Guo, Xinran & Ni, Tao, 2024. "Do foreign acquisitions improve target firms’ green innovation performance?," International Review of Economics & Finance, Elsevier, vol. 95(C).
  10. repec:zbw:bofitp:2018_019 is not listed on IDEAS
  11. Li, Yanqiong & He, Jie & Chan, Kam C., 2021. "Information transmission along supply chains: Stock price reaction of suppliers upon a customer's release of qualitative risk information," International Journal of Production Economics, Elsevier, vol. 239(C).
  12. Wang, Wei & Wang, Hua & Wu, Ji (George), 2021. "Mixed ownership reform and corporate tax avoidance: Evidence of Chinese listed firms," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
  13. Liu, Yuanyuan & Li, Jing & Liu, Guanchun & Lee, Chien-Chiang, 2021. "Economic policy uncertainty and firm’s cash holding in China: The key role of asset reversibility," Journal of Asian Economics, Elsevier, vol. 74(C).
  14. Zhang, Xiang & Zhang, Zongyi & Zhou, Han, 2020. "Oil price uncertainty and cash holdings: Evidence from China," Energy Economics, Elsevier, vol. 87(C).
  15. Wang, Qing Sophie & Chen, Lihan & Lai, Shaojie & Anderson, Hamish D., 2024. "Judicial reform and corporate cash holdings: Evidence from the establishment of circuit courts in China," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
  16. Yu, Chin-Hsien & Wu, Xiuqin & Zhang, Dayong & Chen, Shi & Zhao, Jinsong, 2021. "Demand for green finance: Resolving financing constraints on green innovation in China," Energy Policy, Elsevier, vol. 153(C).
  17. Dong Shao & Shukuan Zhao & Shuang Wang & Hong Jiang, 2020. "Impact of CEOs’ Academic Work Experience on Firms’ Innovation Output and Performance: Evidence from Chinese Listed Companies," Sustainability, MDPI, vol. 12(18), pages 1-21, September.
  18. He, Xinming & Rizov, Marian & Zhang, Xufei, 2022. "Workforce size adjustment as a strategic response to exchange rate shocks: A strategy-tripod application to Chinese firms," Journal of Business Research, Elsevier, vol. 138(C), pages 203-213.
  19. Xinyu Yu & Ping Wang, 2020. "Government control and the value of cash: evidence from listed firms in China," Review of Quantitative Finance and Accounting, Springer, vol. 55(4), pages 1341-1369, November.
  20. Wang, Hongjian & Luo, Tianpei & Tian, Gary Gang & Yan, Huanmin, 2020. "How does bank ownership affect firm investment? Evidence from China," Journal of Banking & Finance, Elsevier, vol. 113(C).
  21. Shehub Bin Hasan & Md Samsul Alam & Sudharshan Reddy Paramati & Md Shahidul Islam, 2022. "Does firm-level political risk affect cash holdings?," Review of Quantitative Finance and Accounting, Springer, vol. 59(1), pages 311-337, July.
  22. Yanfei Bai & Dongxue Zhai & Xuefeng Zhao & Delin Wu, 2023. "The Impact of Property Rights Structure on High-Quality Development of Enterprises Based on Integrated Machine Learning—A Case Study of State-Owned Enterprises in China," Sustainability, MDPI, vol. 15(4), pages 1-23, February.
  23. Jiang, Fuxiu & Jiang, Zhan & Kim, Kenneth A., 2020. "Capital markets, financial institutions, and corporate finance in China," Journal of Corporate Finance, Elsevier, vol. 63(C).
  24. Pedro Naso Author name: Tim Swanson, 2017. "How Does Environmental Regulation Shape Economic Development? A Tax Competition Model of China," CIES Research Paper series 54-2017, Centre for International Environmental Studies, The Graduate Institute.
  25. Akhtar Tahir, 2022. "Corporate governance, excess-cash and firm value: Evidence from ASEAN-5," Economics and Business Review, Sciendo, vol. 8(4), pages 39-67, December.
  26. Korkeamäki, Timo & Virk, Nader & Wang, Haizhi & Wang, Peng, 2019. "Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 190-203.
  27. Sanyun Zeng & Lihong Wang, 2015. "CEO gender and corporate cash holdings. Are female CEOs more conservative?," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 22(4), pages 449-474, December.
  28. Song, Gaoya & Li, Quan, 2024. "Mixed ownership reform and trade credit: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PC).
  29. Zhang, Xiaoqian & Yu, Mingqiang & Chen, Gaoquan, 2020. "Does mixed-ownership reform improve SOEs' innovation? Evidence from state ownership," China Economic Review, Elsevier, vol. 61(C).
  30. Yao, Youfu & Hong, Yun, 2023. "Can comment letters impact excess cash holdings? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 900-922.
  31. Xiaohong Xian & Xiang Zhang & Zongyi Zhang & Stavros Sindakis & Sakshi Aggarwal, 2024. "Examining the Impact of Idiosyncratic Risk on Corporate Cash Holdings: Evidence from China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 5151-5173, June.
  32. Qiao, Lu & Fei, Junjun, 2022. "Government subsidies, enterprise operating efficiency, and “stiff but deathless” zombie firms," Economic Modelling, Elsevier, vol. 107(C).
  33. Ahmad Alkhataybeh & Safaa Adnan AlSmadi & Mohammad Ziad Shakhatreh & Mohammad A. Khataybeh, 2022. "Government Ownership and Corporate Cash Holdings: Empirical Evidence from the Amman Stock Exchange," Sustainability, MDPI, vol. 14(18), pages 1-14, September.
  34. Al-Hadi, Ahmed & Eulaiwi, Baban & Al-Yahyaee, Khamis Hamed & Duong, Lien & Taylor, Grantley, 2020. "Investment committees and corporate cash holdings," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
  35. Zhang, Wenjia & Mauck, Nathan, 2018. "Government-affiliation, bilateral political relations and cross-border mergers: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 220-250.
  36. Yu, Lin & Bai, Tao & Yin, Jingwei & Tan, Xue, 2024. "Overcoming the liability of origin by hiring foreign independent directors: Evidence from Chinese firms' cross-border M&As," Journal of World Business, Elsevier, vol. 59(2).
  37. Liu, Yu & Sah, Nilesh & Ullah, Barkat & Wei, Zuobao, 2020. "Financing patterns in transition economies: Privatized former SOEs versus ab initio private firms," Emerging Markets Review, Elsevier, vol. 43(C).
  38. Ben-Nasr, Hamdi & Bouslimi, Lobna & Ebrahim, M. Shahid & Zhong, Rui, 2020. "Political uncertainty and the choice of debt sources," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 64(C).
  39. Yang, Yulong & Qian, Youhua & Li, Shengnan, 2023. "State capital and cash holdings in natural private enterprises: New evidence and a new explanation," Finance Research Letters, Elsevier, vol. 51(C).
  40. Huimin Guo & Zheyao Pan & Gary Gang Tian, 2021. "State ownership and the risk‐reducing effect of corporate derivative use: Evidence from China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1092-1133, May.
  41. Li, Jingxin & Ye, Yong & Li, Jingxuan, 2024. "Performance feedback and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PB).
  42. Zijian Cheng & Grant Fleming & Zhangxin (Frank) Liu, 2017. "Financial constraints and investment thirst in Chinese reverse merger companies," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(5), pages 1315-1347, December.
  43. Ben-Nasr, Hamdi, 2016. "State and foreign ownership and the value of working capital management," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 217-240.
  44. Alam, Md Samsul & Safiullah, Md & Islam, Md Shahidul, 2022. "Cash-rich firms and carbon emissions," International Review of Financial Analysis, Elsevier, vol. 81(C).
  45. Amess, Kevin & Banerji, Sanjay & Lampousis, Athanasios, 2015. "Corporate cash holdings: Causes and consequences," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 421-433.
  46. Liu, Yu, 2020. "The comparative and interactive effects of political, academic and financial directors," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 546-565.
  47. Alghamdi, Fatmah Saeed & Eulaiwi, Baban & Hussein, Satam Salih & Duong, Lien & Taylor, Grantley, 2024. "Non-arm's-length transactions, offshore financial centres, transfer pricing agreements and corporate cash holdings: Evidence from U.S. multinational corporations," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  48. Dmitry V. RODNYANSKY & Alina M. KHAMIDULINA, 2022. "Sustainability Of Transport Systems: The Case Of Large Russian Cities," Theoretical and Empirical Researches in Urban Management, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 17(1), pages 79-88, February.
  49. Zhao, Yiyun, 2023. "Does the Antimonopoly Law improve companies’ cash-holding management efficiency? Empirical evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 55(PB).
  50. Xin Li & Qiong Xu & Fei Guo & Hecheng Wang, 2023. "State‐owned equity participation and private sector enterprises' strategic risk taking: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1107-1124, March.
  51. Xiao, Ling & Ge, Chao & Luo, Zhenghan & Zhang, Weidong & Chen, Zihuang, 2024. "How partial nationalizations affect technological innovation in mixed-ownership enterprises: A theoretical explanation based on the effects of heterogeneous shareholder governance and resource acquisi," International Review of Economics & Finance, Elsevier, vol. 94(C).
  52. Gupta, C.P. & Bedi, Prateek, 2020. "Corporate cash holdings and promoter ownership," Emerging Markets Review, Elsevier, vol. 44(C).
  53. Wu, Weijun & Yang, Yang & Zhou, Sili, 2017. "Multinational firms and cash holdings: Evidence from China," Finance Research Letters, Elsevier, vol. 20(C), pages 184-191.
  54. Shi, Wenxiang & Fang, Peijie, 2023. "Delisting regulation and corporate financialization: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PD).
  55. repec:zbw:bofitp:2020_002 is not listed on IDEAS
  56. Liu, Yixin & Liu, Yu & Wei, Zuobao, 2022. "Property rights protection, financial constraint, and capital structure choices: Evidence from a Chinese natural experiment," Journal of Corporate Finance, Elsevier, vol. 73(C).
  57. Chen, Lirong & Gao, Feiyang & Guo, Tongtong & Huang, Xuanhao, 2023. "Mixed ownership reform and the short-term debt for long-term investment of non-state-owned enterprises: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
  58. Jizhe Yang & Tingfeng Jiang & Lu Dai, 2022. "State‐ownership and corporate cash holding: Evidence from China," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 217-233, June.
  59. Feng Xiong & Yaping Zheng & Zhe An & Si Xu, 2021. "Does internal information quality impact corporate cash holdings? Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2151-2171, April.
  60. Wang, Mengyue & Huang, Hongxuan, 2019. "The design of a flexible capital-constrained global supply chain by integrating operational and financial strategies," Omega, Elsevier, vol. 88(C), pages 40-62.
  61. Aimin Qian & Jingyan Li, 2024. "Effect of Appointed Directors on Corporate Carbon Emission Intensity: Evidence from Mixed-Ownership Reform in Chinese Private Industrial Enterprises," Sustainability, MDPI, vol. 16(13), pages 1-37, July.
  62. Lou, Xu & Qian, Aimin & Zhang, Chenyu, 2021. "Do CEO's political promotion incentives influence the value of cash holdings: Evidence from state-owned enterprises in China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  63. Grira, Jocelyn, 2020. "Back to government ownership: The Sovereign Wealth Funds phenomenon," Finance Research Letters, Elsevier, vol. 34(C).
  64. Guo, Chun & Su, Wunhong & Song, Xiaobao & Hu, Xingxing, 2022. "Heterogeneous debt financing and environmental research & development: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 65-81.
  65. Huang, Haijie & Lee, Edward & Lyu, Changjiang & Zhao, Yiyi, 2020. "Bequest motive, information transparency, and family firm value: A natural experiment," Journal of Corporate Finance, Elsevier, vol. 65(C).
  66. Jianqiao Huang & Yunsen Chen & Xin Dai & Xiaoran Ni, 2022. "Stock market liberalisation and corporate cash holdings: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1925-1955, April.
  67. Ma-Ju Wang & Xuan-Qi Su & Hong-Da Wang & Yan-Shing Chen, 2017. "Directors’ education and corporate liquidity: evidence from boards in Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 49(2), pages 463-485, August.
  68. Xie, Jun & Zhang, Yifan, 2020. "Anti-corruption, government intervention, and corporate cash holdings: Evidence from China," Economic Systems, Elsevier, vol. 44(1).
  69. Li, Mengzhe & Lan, Fei, 2022. "Former CEO directors and cash holdings," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 320-334.
  70. Goodell, John & Li, Mingsheng & Liu, Desheng, 2021. "Price informativeness and state-owned enterprises: Considering their heterogeneity," International Review of Financial Analysis, Elsevier, vol. 76(C).
  71. Han, Xuehui & Epetia, Ma. Christina F. & Cheng, Yuan, 2021. "“Subsidies” or “taxes”? Corporate credit misallocation induced by the nexus of state-owned enterprises and state-owned banks," Journal of Asian Economics, Elsevier, vol. 76(C).
  72. Tan, Xue & Yu, Lin & Fung, Hung-Gay, 2022. "Firms with short-termism: Evidence from expatriate controlling shareholders," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  73. Tahir Akhtar & Mohammad Ali Tareq & Kashif Rashid, 2021. "Chief Executive Officers’ monitoring, board effectiveness, managerial ownership, and cash holdings: evidence from ASEAN," Review of Managerial Science, Springer, vol. 15(8), pages 2193-2238, November.
  74. Xiaohan Guo & Jianliang Ye & Wunhong Su & Deming Luo & Xiangrong Jin, 2022. "Do zombie firms crowd out healthy firms and slow their growth? Evidence from China," Development Policy Review, Overseas Development Institute, vol. 40(6), November.
  75. Zhao, Shan & He, Xinming & Ma, Baichao & Zuo, Wenming, 2025. "Customer concentration, firm R&D investment and moderation effects," Journal of Business Research, Elsevier, vol. 186(C).
  76. LIU Kerry, 2018. "Government Ownership In Listed Firms Around The World," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 13(2), pages 131-146, August.
  77. Xiang Zhang & Zongyi Zhang & Han Zhou, 2023. "Grabbing hand or financial constraint mitigation effect? A reexamination of the relationship between institutional development and cash holdings," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(1), pages 631-655, March.
  78. Liu, Jinyu & Wang, Zhengwei & Zhu, Wuxiang, 2021. "Does privatization reform alleviate ownership discrimination? Evidence from the Split-share structure reform in China," Journal of Corporate Finance, Elsevier, vol. 66(C).
  79. Liu, Guanchun & Wang, Qihong & Tao, Yunqing, 2024. "Does SASAC boost the innovation of state-owned enterprises?," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
  80. Korkeamäki, Timo & Virk, Nader & Wang, Haizhi & Wang, Peng, 2018. "Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market," BOFIT Discussion Papers 19/2018, Bank of Finland, Institute for Economies in Transition.
  81. Lin, Tsui-Jung & Tsai, Han-Fang & Imamah, Nur & Hung, Jung-Hua, 2016. "Does the identity of multiple large shareholders affect the value of excess cash? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 173-190.
  82. Ren, Yi-Shuai & Derouiche, Imen & Hassan, Majdi & Liu, Pei-Zhi, 2024. "Do creditors price climate transition risks? A natural experiment based on China's carbon emission trading scheme," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 138-155.
  83. Chang, Yuyuan & Pan, Xiaofei & Wang, Jianling & Zhou, Qing, 2021. "Depoliticization and corporate cash holdings: Evidence from the mandated resignation of directors in China," Journal of Corporate Finance, Elsevier, vol. 69(C).
  84. Chen, Wen, 2023. "Bank connections, corporate social responsibility and low-carbon innovation," Energy Policy, Elsevier, vol. 183(C).
  85. Qazi Awais Amin & Tom Williamson, 2021. "Firms cash management, adjustment cost and its impact on firms’ speed of adjustment: a cross country analysis," Review of Quantitative Finance and Accounting, Springer, vol. 56(1), pages 53-89, January.
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