This paper investigates the influence of different financing channels—bond issuance or bank loans—as well as debt maturity and the quality of financial reporting on the cost of debt in China. The authors find that conservative accounting is an important characteristic of high-quality...

Purpose – In recent decades, related party transactions have been assailed by scholars and regulation authorities since related parties of a listed company may “tunnel” its resources, damaging the interests of other stakeholders. One kind of “tunneling” is capital impropriation, which...

This paper investigates how the state-controlling ownership and the ownership through corporate pyramid structures affect the dividend policies of publicly listed firms in China. We find that the state-controlled firms in China pay higher dividends (measured by the dividend yield and the...