Private equity (PE) has moved rapidly into professional services, yet its impact on accounting, where licensing regimes, reputational capital, and partnership governance traditionally limit external ownership, remains poorly understood. We examine how PE ownership alters the organization and...

As the number of "ownerless" enterprises in China's capital market increases, so does the importance of paying attention to their behavior. From the perspective of enterprises' control rights allocation, we find that non-actual controllers can inhibit corporate innovation by intensifying agency...