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    The real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform

    Access Status
    Fulltext not available
    Authors
    Tan, Yongxian
    Tian, Xuan
    Zhang, Xinde
    Zhao, Hailong
    Date
    2020
    Type
    Journal Article
    
    Metadata
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    Citation
    Tan, Y. and Tian, X. and Zhang, X. and Zhao, H. 2020. The real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform. Journal of Corporate Finance. 64: 101661.
    Source Title
    Journal of Corporate Finance
    DOI
    10.1016/j.jcorpfin.2020.101661
    ISSN
    0929-1199
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/89110
    Collection
    • Curtin Research Publications
    Abstract

    We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore plausibly exogenous variation in the expectation of further partial privatization generated by China’s split share structure reform, which mandatorily converts non-tradable shares into freely tradable shares and opens up the gate to the further privatization of state-owned enterprises. We find that partial privatization prospects have a positive effect on corporate innovation. A better alignment of the interests of government agents with those of private shareholders and improved stock price informativeness appear to be two plausible underlying mechanisms. Our paper sheds new light on the real effects of partial privatization.

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