The literature on strategic alliances generally suggests that such alliances create benefits for the firms involved. However, these studies primarily focus on seasoned firms. Leveraging the availability of three years of pre-IPO data for Chinese firms, we examine the impact of customer strategic...

While US companies mainly list their board of directors alphabetically, this is not the case for Chinese companies, most of which list their independent directors last. We interpret the listing order of Chinese directors as board hierarchy, reflecting power allocation within the board. Based on...