Using a sample of 916 Chinese listed state-owned enterprises (SOEs) from 2001 to 2005, we find the likelihood of top management turnover is negatively associated with firm performance, suggesting the existence of an effective market-based corporate governance mechanism in an emerging economy...

State-owned enterprises (SOE) are essentially extensions of the government and are therefore responsible for multi-task objectives. The incentive system for SOE managers consists of both monetary compensation and promotion within the bureaucratic system. Political promotion is key to...

The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual...

Previous studies on the value relevance of board gender and ethnic diversity produced mixed results. This paper re-examines this relationship using hand-collected data of 245 South African listed firms over the period 2008-2013. We document a positive and significant effect of both board gender...

We examine the implications of insider trading restrictions on firms’ real activities earnings management in an international setting. Using a sample of 28 countries over the period from 1992 to 2007, we find evidence that is supportive of the substitution hypothesis, in that managers have...

The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual...

State-owned enterprises (SOE) are essentially extensions of the government and are therefore responsible for multi-task objectives. The incentive system for SOE managers consists of both monetary compensation and promotion within the bureaucratic system. Political promotion is key to...

This paper evaluates the role of multinational activities on the transmission of monetary policy. I document that U.S. multinationals are more responsive to monetary policy than their domestic peers. Following monetary policy loosening, the increase in investment is larger for U.S. firms with...

This paper investigates the usefulness of relative performance evaluation (RPE) for the incentive scheme in an undeveloped economy lacking market-based competition. In a sample of China's listed state-owned enterprises (SOEs) during 2001-2005, 41% of the Chairmen of the Board or CEOs who left...