Politicians, insiders and non-tradable share reform decisions in China
We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Liao, Jing [verfasserIn] |
|---|
| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2016 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Journal of international financial markets, institutions & money - Amsterdam : Elsevier, 1991, 43(2016), Seite 58-73 |
|---|---|
| Übergeordnetes Werk: |
volume:43 ; year:2016 ; pages:58-73 |
| Links: |
|---|
| DOI / URN: |
10.1016/j.intfin.2016.03.008 |
|---|
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10.1016/j.intfin.2016.03.008 doi PQ20160815 (DE-627)OLC1980508461 (DE-599)GBVOLC1980508461 (PRQ)c971-44e897452e5bd301cef85d8b01ec4167f32ed72b692c44e81f0db9b0cf401d5c0 (KEY)0183752420160000043000000058politiciansinsidersandnontradablesharereformdecisi DE-627 ger DE-627 rakwb eng 330 DNB 83.52 bkl Liao, Jing verfasserin aut Politicians, insiders and non-tradable share reform decisions in China 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. Cost reduction Decision making Studies Chief executive officers Shares Reforms Malone, Chris oth Young, Martin oth Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1991 43(2016), Seite 58-73 (DE-627)170857735 (DE-600)1117317-8 (DE-576)094141541 1042-4431 nnns volume:43 year:2016 pages:58-73 http://dx.doi.org/10.1016/j.intfin.2016.03.008 Volltext http://search.proquest.com/docview/1809597544 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 43 2016 58-73 |
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10.1016/j.intfin.2016.03.008 doi PQ20160815 (DE-627)OLC1980508461 (DE-599)GBVOLC1980508461 (PRQ)c971-44e897452e5bd301cef85d8b01ec4167f32ed72b692c44e81f0db9b0cf401d5c0 (KEY)0183752420160000043000000058politiciansinsidersandnontradablesharereformdecisi DE-627 ger DE-627 rakwb eng 330 DNB 83.52 bkl Liao, Jing verfasserin aut Politicians, insiders and non-tradable share reform decisions in China 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. Cost reduction Decision making Studies Chief executive officers Shares Reforms Malone, Chris oth Young, Martin oth Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1991 43(2016), Seite 58-73 (DE-627)170857735 (DE-600)1117317-8 (DE-576)094141541 1042-4431 nnns volume:43 year:2016 pages:58-73 http://dx.doi.org/10.1016/j.intfin.2016.03.008 Volltext http://search.proquest.com/docview/1809597544 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 43 2016 58-73 |
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10.1016/j.intfin.2016.03.008 doi PQ20160815 (DE-627)OLC1980508461 (DE-599)GBVOLC1980508461 (PRQ)c971-44e897452e5bd301cef85d8b01ec4167f32ed72b692c44e81f0db9b0cf401d5c0 (KEY)0183752420160000043000000058politiciansinsidersandnontradablesharereformdecisi DE-627 ger DE-627 rakwb eng 330 DNB 83.52 bkl Liao, Jing verfasserin aut Politicians, insiders and non-tradable share reform decisions in China 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. Cost reduction Decision making Studies Chief executive officers Shares Reforms Malone, Chris oth Young, Martin oth Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1991 43(2016), Seite 58-73 (DE-627)170857735 (DE-600)1117317-8 (DE-576)094141541 1042-4431 nnns volume:43 year:2016 pages:58-73 http://dx.doi.org/10.1016/j.intfin.2016.03.008 Volltext http://search.proquest.com/docview/1809597544 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 43 2016 58-73 |
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We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. |
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We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. |
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We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average. This aligns with the view that conversions diminished politically connected CEOs access to political benefits. More generally, this is evidence of political agency costs and reducing such costs, through initiatives such as the NTS reform, is important in establishing an efficient business environment. |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a2200265 4500</leader><controlfield tag="001">OLC1980508461</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20220215182110.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">160816s2016 xx ||||| 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1016/j.intfin.2016.03.008</subfield><subfield code="2">doi</subfield></datafield><datafield tag="028" ind1="5" ind2="2"><subfield code="a">PQ20160815</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC1980508461</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVOLC1980508461</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(PRQ)c971-44e897452e5bd301cef85d8b01ec4167f32ed72b692c44e81f0db9b0cf401d5c0</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(KEY)0183752420160000043000000058politiciansinsidersandnontradablesharereformdecisi</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330</subfield><subfield code="q">DNB</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">83.52</subfield><subfield code="2">bkl</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Liao, Jing</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Politicians, insiders and non-tradable share reform decisions in China</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2016</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. 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