In emerging markets, the deviation between the ultimate controlling shareholders' voting rights and their cash flow rights (hereafter “DVC”) in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders' opportunistic incentives, as well as by...

Non-performing loans(NPLs) of commercial banks hamper the development of Chinese banking sector for long. The state-owned shareholdings representing the willingness of government intervention are taken as the driven factor for the high NPL ratio of commercial banks. In the process of deepening...