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dc.contributor.authorTan, Yongxian
dc.contributor.authorTian, Xuan
dc.contributor.authorZhang, Xinde
dc.contributor.authorZhao, Hailong
dc.date.accessioned2022-08-03T10:19:23Z
dc.date.available2022-08-03T10:19:23Z
dc.date.issued2020
dc.identifier.citationTan, 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: pp. 101661-101661.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/89110
dc.identifier.doi10.1016/j.jcorpfin.2020.101661
dc.description.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.

dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S092911992030105X
dc.titleThe real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform
dc.typeJournal Article
dcterms.source.volume64
dcterms.source.startPage101661
dcterms.source.endPage101661
dcterms.source.issn0929-1199
dcterms.source.titleJournal of Corporate Finance
dc.date.updated2022-08-03T10:19:23Z
curtin.departmentSchool of Accounting, Economics and Finance
curtin.accessStatusIn process
curtin.facultyFaculty of Business and Law


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