This paper examines the role of firms' government connections, defined by government intervention in the appointments of Chief Executive Officers and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. In line with the previous literature, the paper demonstrates that investment by non-state firms is highly sensitive to internal cash flows, while no such sensitivity is found for government-owned...
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INFORMACIÓN
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2013/02/01
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Documento de trabajo sobre investigaciones relativas a políticas
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WPS6352
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1
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1
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2013/02/01
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Disclosed
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Government connections and financial constraints : evidence from a large representative sample of Chinese firms
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Finance & Private Sector Development