In China, firms within a business group may be able to access funds provided by a parent-owned finance company within … firms to increase their cash holdings through deposits in the group's finance company and invest the collected deposits in … business group reaps most, if not all, the profits from the finance company, at the expense of member firms' increased holding …

We study profitable firms with no tax expenses. We find that the proportion of profitable firms that owe zero taxes … recent years. Zero-tax firms thus represent a major group of tax avoiders. However, we find that zero-tax firms avoid taxes …

on the company's websites can contribute more value to the firms. Meanwhile, company size does not significantly …, and this will present a better image and reputation of the company's best practices in financial performance. CIR will … help them to have meaningful investment decisions and persuade them to invest in the company …

Market imperfections such as taxes, asymmetric information and agency problems make capital structure decisions …