Liang, Shangkun; Niu, Yuhao; Wang, Sichao; Yuan, Chun - In: China journal of accounting research : CJAR 17 (2024) 4, pp. 1-30
Using data on Chinese listed companies for 2008-2018, we find that firms participating in overseas operations, proxied by overseas subsidiaries, generally have higher financial asset allocations than other firms. At the micro level, the effects are more pronounced when the parent company faces...