Utilizing 1998–2020 matched data consisting of a sample of both listed firms and always-non-listed firms, this study establishes the causal impacts of listing on the financial behavior of private firms in China. Our results are as follows. First, initial public offerings (IPOs) cause private...

We estimate the effects of privatization on zombie versus healthy state-owned enterprises (SOEs) in China, extending our analysis beyond TFP to a broad array of financial and economic indicators. Privatizing zombie SOEs enhances labor productivity and TFP, reduces bank and government subsidies,...