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دانلود رایکان مقاله انگلیسی ISI با موضوع توسعه سازمانی، مالکیت دولتی و دارایی نقدی شرکت

عنوان فارسی مقاله:

توسعه سازمانی، مالکیت دولتی و دارایی نقدی شرکت: سندی از چین

عنوان انگلیسی مقاله:

Institutional development, state ownership, and corporate cash holdings: Evidence from China

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5. Conclusions

This study examines how institutional development and non-state control influence firms' cash holdings in China. The first main result reveals that firms in provinces with more developed institutions (nonstate-controlled firms) hold larger (smaller) cash reserves than those in provinces with less developed institutions (state-controlled firms). The positive effect between institutional development and cash holdings is also more prominent for non-state-controlled firms. These findings are largely consistent with the hypothesis that the threat of political extraction may cause firms to adopt corporate policies that are not necessarily the most optimal and efficient. Furthermore, non-state-controlled firms in China are incentivized to divert scarce resources to building and maintaining political connections. The second main result establishes that the positive impact of institutional development on cash holdings is weakened for connected firms. Hence, this study identifies one important channel through which political connections are beneficial for non-state-controlled firms in terms of mitigating the threat of political extraction. Overall, the empirical findings of this study calls for Chinese regulators to initiate reforms not only in legal systems, but also in corporate disclosure and transparency in order to minimize the problem of political extraction so that capital allocation decisions become more efficient.