Local fiscal distress and investment efficiency of local SOEs

China Journal of Accounting Research - Tập 7 - Trang 119-147 - 2014
Xinxin Liao1, Yunguo Liu1
1School of Business, Sun Yat-sen University, China

Tài liệu tham khảo

Aggarwal, 2006, Empire-builders and shirkers: investment, firm performance, and managerial incentives, Journal of Corporate Finance, 12, 489, 10.1016/j.jcorpfin.2006.01.001 Basu, 1997, The conservatism principle and the asymmetric timeliness of earnings, Journal of Accounting and Economics, 24, 3, 10.1016/S0165-4101(97)00014-1 Berle, 1932 Brennan, 1980 Chen, 2012, Overemployment, executive pay-for-performance sensitivity and economic consequences: evidence from China, China Journal of Accounting Research, 5, 1, 10.1016/j.cjar.2012.03.001 Chen, 2011, Government intervention and investment efficiency: evidence from China, Journal of Corporate Finance, 17, 259, 10.1016/j.jcorpfin.2010.08.004 Cheng, 2008, Government intervention, pyramid structure and investment of local SOEs, Management World, 9, 37 Cheung, 2008, The Helping Hand, the Lazy Hand, or the Grabbing Hand? Central vs. Local Government Shareholders in Publicly Listed Firms in China, Working Paper. City University of Hong Kong and Purdue University Dahiya, 2003, Financial distress and bank lending relationships, The Journal of Finance, 58, 375, 10.1111/1540-6261.00528 Derashid, 2003, Effective tax rates and the “industrial policy” hypothesis: evidence from Malaysia, Journal of International Accounting, Auditing and Taxation, 12, 45, 10.1016/S1061-9518(03)00003-X Desai, 2003 Desai, 2006, Corporate tax avoidance and high-powered incentives, Journal of Financial Economics, 79, 145, 10.1016/j.jfineco.2005.02.002 Desai, 2009, Corporate tax avoidance and firm value, American Law & Economics Association Annual Meetings, 1 Fazzari, 1988, Financing constraints and corporate investment, Brookings Papers on Economic Activity, 1, 141, 10.2307/2534426 Feltenstein, 2005, Decentralization and macroeconomic performance in China: regional autonomy has its costs, Journal of Development Economics, 76, 481, 10.1016/j.jdeveco.2004.01.004 Frye, 1997, The invisible hand and the grabbing hand, American Economic Review, 87, 354 Gupta, 1997, Determinants of the variability in corporate effective tax rate: evidence from longitudinal data, Journal of Accounting and Public Policy, 16, 1, 10.1016/S0278-4254(96)00055-5 Hanlon, 2010, A review of tax research, Journal of Accounting and Economics, 50, 127, 10.1016/j.jacceco.2010.09.002 Hu, 2001 Jensen, 1976, Theory of the firm: managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323 Jian, 2010, Propping through related party transactions, Review of Accounting Studies, 15, 70, 10.1007/s11142-008-9081-4 Jiang, 2009, Administrators background characteristics and Enterprise over-investment behavior, Management World, 1, 130 Jin, 2005, Regional decentralization and fiscal incentives: federalism, Chinese style, Journal of Public Economics, 89, 1719, 10.1016/j.jpubeco.2004.11.008 La Porta, 1999, Corporate ownership around the world, Journal of Finance, 54, 471, 10.1111/0022-1082.00115 Liao, 2007, Government ownership, corporate characteristics and corporate performance in distress, Accounting Research, 3, 33 Li, 2005, Political turnover and economic performance: the incentive role of personnel control in China, Journal of Public Economics, 89, 1743, 10.1016/j.jpubeco.2004.06.009 Malmendler, 2005, CEO overconfidence and corporate investment, The Journal of Finance, 6, 2661, 10.1111/j.1540-6261.2005.00813.x Mills, 1998, Book-tax differences and internal revenue service adjustments, Journal of Accounting Research, 36, 343, 10.2307/2491481 Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, American Economic Review, 48, 261 Montinola, 1995, Federalism, Chinese style: the political basis for economic success in China, World Politics, 48, 50, 10.1353/wp.1995.0003 Myers, 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5, 147, 10.1016/0304-405X(77)90015-0 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Narayanan, 1988, Debt versus equity under asymmetric information, Journal of Financial and Quantitative Analysis, 23, 39, 10.2307/2331023 Porcano, 1986, Corporate tax rates: progressive, proportional or regressive, Journal of the American Taxation Association, 7, 17 Richardson, 2006, Over-investment of free cash flow, Review of Accounting Studies, 11, 159, 10.1007/s11142-006-9012-1 Roll, 1986, The hubris hypothesis of corporate takeovers, Journal of Business, 59, 197, 10.1086/296325 Stulz, 1990, Managerial discretion and optimal financing policies, Financial Economics, 26, 3, 10.1016/0304-405X(90)90011-N Tang, 2007, Empirical research on over-investment behavior and its restriction systems in China’s listed companies, Accounting Research, 7, 44 Tang, 2010, Government intervention, GDP growth and over-investment of local SOEs, Journal of Financial Research, 8, 33 Wei, 2007, SOE dividends, governance factors and over-investment, Management World, 4, 88 Wilson, 2009, An examination of corporate tax shelter participants, The Accounting Review, 84, 969, 10.2308/accr.2009.84.3.969 Wu, 2001, A study of models for predicting financial distress in China’s listed companies, Economic Research Journal, 6, 46 Wu, 2011, Political connections, tax benefits and firm performance: evidence from China, Journal of Accounting and Public Policy, 1 Xin, 2007, Government control, executive compensation and capital investment, Economic Research Journal, 8, 110 Xue, 2008, State ownership, redundant employees and corporate performance, Management World, 10, 96 Yang, 2007, Institutional environment and over investment of free cash flow, Management World, 9, 99 Young, 2000, The razor’s edge: distortions and incremental reform in the People’s Republic of China, Quarterly Journal of Economics, 115, 1091, 10.1162/003355300555024 Zhang, 2010, Government intervention, government object and state-owned listed companies’ overinvestment, Nankai Business Review, 13, 101 Zhou, 2004, The incentive and cooperation of government officials in the political tournaments: an interpretation of the prolonged local protectionism and duplicative investments in China, Economic Research Journal, 6, 33 Zhu, 2008, State ownership and accounting conservatism, Accounting Research, 5, 38 Zimmerman, 1983, Taxes and firm size, Journal of Accounting and Economics, 5, 119, 10.1016/0165-4101(83)90008-3