We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than local-government-controlled and non-government-controlled companies. Cash-based...

This paper investigates the ownership concentration and corporate control of Chinese listed companies in the period of 2003-2011. The purpose is to examine the practical effect of the share structure split reform in 2005 and explore the actual outcome of the reduction of state shares of Chinese...

Directors and officers liability insurance (D&O insurance) has gradually emerged as a vital component of external governance mechanism, allowing the appropriate transfer of decision-making risks to insurance companies. While D&O insurance can serve as an incentive for directors to actively...

Independent director system is viewed as a mechanism to prevent large shareholders’ rent-seeking in companies. However, little attention has been drawn on the possibility that board structure itself may be manipulated by large shareholders for private interests. Using the percentage of...

Since 2014, the Chinese government has sanctioned corporate bond defaults of both state-owned and non-state-owned firms. This study investigates the impact of state ownership on corporate governance mechanisms on the default risk of Chinese firms. Some similarities and differences in the effects...