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State control, access to capital and firm performance

Li, Oliver Zhen, Su, Xijia and Yang, Zhifeng 2012, State control, access to capital and firm performance, China journal of accounting research, vol. 5, no. 2, pp. 101-125, doi: 10.1016/j.cjar.2012.05.001.

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Title State control, access to capital and firm performance
Author(s) Li, Oliver Zhen
Su, Xijia
Yang, Zhifeng
Journal name China journal of accounting research
Volume number 5
Issue number 2
Start page 101
End page 125
Total pages 25
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2012-06
ISSN 1755-3091
2214-1421
Keyword(s) state control
access to capital
firm growth
regulation
Summary We study the effect of state control on capital allocation and investment in China, where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to conduct seasoned equity offerings than non-state firms. Further, non-state firms exhibit greater sensitivities of subsequent investment and stock performance to regulatory decisions on stock issuances than state firms. Our work suggests that state control of capital access distorts resource allocation and impedes the growth of non-state firms. We also provide robust evidence that financial constraints cause underinvestment.
Language eng
DOI 10.1016/j.cjar.2012.05.001
Field of Research 150103 Financial Accounting
1501 Accounting, Auditing And Accountability
1502 Banking, Finance And Investment
1801 Law
Socio Economic Objective 910499 Management and Productivity not elsewhere classified
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2012, China Journal of Accounting Research
Free to Read? Yes
Use Rights Creative Commons Attribution Non-Commercial No-Derivatives licence
Persistent URL http://hdl.handle.net/10536/DRO/DU:30090885

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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.