References
- Aggarwal, R., Hu, M., & Yang, J. (2015). Fraud, market reaction, and the role of institutional investors in Chinese listed firms. The Journal of Portfolio Management, 41(5), 92–109. https://doi.org/https://doi.org/10.3905/jpm.2015.41.5.092
- Agrawal, A., & Knoeber, C. R. (2001). Do some outside directors play a political role? The Journal of Law and Economics, 44(1), 179–198. https://doi.org/https://doi.org/10.1086/320271
- Aharony, J., Lee, C.-W. J., & Wong, T. J. (2000). Financial packaging of IPO firms in China. Journal of Accounting Research, 38(1), 103–126. https://doi.org/https://doi.org/10.2307/2672924
- Akins, B. K., Ng, J., & Verdi, R. S. (2011). Investor competition over information and the pricing of information asymmetry. The Accounting Review, 87(1), 35–58. https://doi.org/https://doi.org/10.2308/accr-10157
- Alam, P., & Petruska, K. A. (2012). Conservatism, SEC investigation, and fraud. Journal of Accounting and Public Policy, 31(4), 399–431. https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2012.05.001
- Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77(1), 57–116. https://doi.org/https://doi.org/10.1016/j.jfineco.2004.06.010
- Arnold, P. J. (2012). The political economy of financial harmonization: The East Asian financial crisis and the rise of international accounting standards. Accounting, Organizations and Society, 37(6), 361–381. https://doi.org/https://doi.org/10.1016/j.aos.2012.05.001
- Ashbaugh-Skaife, H., Collins, D. W., & Lafond, R. (2009). The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting Research, 47(1), 1–43. https://doi.org/https://doi.org/10.1111/j.1475-679X.2008.00315.x
- Barniv, R. (2009). Does foreign investor demand for information affect forecast accuracy? Evidence from the Chinese stock markets. Journal of International Accounting, Auditing and Taxation, 18(2), 101–118. https://doi.org/https://doi.org/10.1016/j.intaccaudtax.2009.05.006
- Batta, G., Sucre Heredia, R., & Weidenmier, M. (2014). Political connections and accounting quality under high expropriation risk. European Accounting Review, 23(4), 485–517. https://doi.org/https://doi.org/10.1080/09638180.2014.906316
- Ben-Nasr, H., Boubakri, N., & Cosset, J.-C. (2015). Earnings quality in privatized firms: The role of state and foreign owners. Journal of Accounting and Public Policy, 34(4), 392–416. https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2014.12.003
- Beuselinck, C., Cao, L., Deloof, M., & Xia, X. (2017). The value of government ownership during the global financial crisis. Journal of Corporate Finance, 42, 481–493. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2015.05.002
- Bian, J. (2014). China’s securities market: Towards efficient regulation. Routledge.
- Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2-3), 112–131. https://doi.org/https://doi.org/10.1016/j.jacceco.2009.09.001
- Biddle, G. C., Seow, G. S., & Siegel, A. F. (1995). Relative versus incremental information content. Contemporary Accounting Research, 12(1), 1–23. https://doi.org/https://doi.org/10.1111/j.1911-3846.1995.tb00478.x
- Borisova, G., Brockman, P., Salas, J. M., & Zagorchev, A. (2012). Government ownership and corporate governance: Evidence from the EU. Journal of Banking & Finance, 36(11), 2917–2934. https://doi.org/https://doi.org/10.1016/j.jbankfin.2012.01.008
- Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72, 323–349. https://www.jstor.org/stable/248475
- Botosan, C. A., & Plumlee, M. A. (2002). A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research, 40(1), 21–40. https://doi.org/https://doi.org/10.1111/1475-679X.00037
- Botosan, C. A., Plumlee, M. A., & Xie, Y. (2004). The role of information precision in determining the cost of equity capital. Review of Accounting Studies, 9(2/3), 233–259. https://doi.org/https://doi.org/10.1023/B:RAST.0000028188.71604.0a
- Boubakri, N., Guedhami, O., Mishra, D., & Saffar, W. (2012). Political connections and the cost of equity capital. Journal of Corporate Finance, 18(3), 541–559. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2012.02.005
- Bourveau, T., Lou, Y., & Wang, R. (2018). Shareholder litigation and corporate disclosure: Evidence from derivative lawsuits. Journal of Accounting Research, 56(3), 797–842. https://doi.org/https://doi.org/10.1111/1475-679X.12191
- Brennan, M. J., & Subrahmanyam, A. (1996). Market microstructure and asset pricing: On the compensation for illiquidity in stock returns. Journal of Financial Economics, 41(3), 441–464. https://doi.org/https://doi.org/10.1016/0304-405X(95)00870-K
- Brocard, M., Franke, B., & Voeller, D. (2018). Enforcement actions and auditor changes. European Accounting Review, 27(3), 407–436. https://doi.org/https://doi.org/10.1080/09638180.2017.1307130
- Bushman, R. M., & Piotroski, J. D. (2006). Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of Accounting & Economics, 42(1-2), 107–148. https://doi.org/https://doi.org/10.1016/j.jacceco.2005.10.005
- Carney, R. W., & Child, T. B. (2013). Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics. Journal of Financial Economics, 107(2), 494–513. https://doi.org/https://doi.org/10.1016/j.jfineco.2012.08.013
- Chen, D. (2013). Corporate governance, enforcement and financial development: The Chinese experience. Edward Elgar Publishing.
- Chen, D., Jiang, D., Liang, S., & Wang, F. (2011). Selective enforcement of regulation. China Journal of Accounting Research, 4(1-2), 9–27. https://doi.org/https://doi.org/10.1016/j.cjar.2011.04.002
- Chen, G., Firth, M., Gao, D. N., & Rui, O. M. (2005). Is China’s securities regulatory agency a toothless tiger? Evidence from enforcement actions. Journal of Accounting and Public Policy, 24(6), 451–488. https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2005.10.002
- Chen, G., Firth, M., Gao, D. N., & Rui, O. M. (2006). Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance, 12(3), 424–448. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2005.09.002
- Chen, G., Firth, M., & Xu, L. (2009). Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance, 33(1), 171–181. https://doi.org/https://doi.org/10.1016/j.jbankfin.2007.12.023
- Chen, H., Chen, J. Z., Lobo, G. J., & Wang, Y. (2011). Effects of audit quality on earnings management and cost of equity capital: Evidence from China. Contemporary Accounting Research, 28(3), 892–925. https://doi.org/https://doi.org/10.1111/j.1911-3846.2011.01088.x
- Chen, K. C., & Yuan, H. (2004). Earnings management and capital resource allocation: Evidence from China’s accounting-based regulation of rights issues. The Accounting Review, 79(3), 645–665. https://doi.org/https://doi.org/10.2308/accr.2004.79.3.645
- Chen, X., Lee, C.-W. J., & Li, J. (2008). Government assisted earnings management in China. Journal of Accounting and Public Policy, 27(3), 262–274. https://doi.org/https://doi.org/10.1016/j.jaccpubpol.2008.02.005
- Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-market effects of securities regulation: Prior conditions, implementation, and enforcement. Review of Financial Studies, 29(11), 2885–2924. https://doi.org/https://doi.org/10.1093/rfs/hhw055
- Cuervo, A., & Villalonga, B. (2000). Explaining the variance in the performance effects of privatization. Academy of Management Review, 25(3), 581–590. https://doi.org/https://doi.org/10.5465/amr.2000.3363520
- Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1), 1–36. https://doi.org/https://doi.org/10.1111/j.1911-3846.1996.tb00489.x
- De Jonge, A. (2008). Corporate governance and China’s H-share market. Edward Elgar Publishing.
- Dhaliwal, D., Heitzman, S., & Li, Z. O. (2006). Taxes, leverage, and the cost of equity capital. Journal of Accounting Research, 44(4), 691–723. https://doi.org/https://doi.org/10.1111/j.1475-679X.2006.00214.x
- Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25(3), 650–669. https://doi.org/https://doi.org/10.5465/amr.2000.3363533
- Ding, Y., Zhang, H., & Zhang, J. (2007). Private vs state ownership and earnings management: Evidence from Chinese listed companies. Corporate Governance: An International Review, 15(2), 223–238. https://doi.org/https://doi.org/10.1111/j.1467-8683.2007.00556.x
- Easley, D., & O’Hara, M. (2004). Information and the cost of capital. The Journal of Finance, 59(4), 1553–1583. https://doi.org/https://doi.org/10.1111/j.1540-6261.2004.00672.x
- Easton, P. D., & Monahan, S. J. (2005). An evaluation of accounting-based measures of expected returns. The Accounting Review, 80(2), 501–538. https://doi.org/https://doi.org/10.2308/accr.2005.80.2.501
- Faccio, M. (2006). Politically connected firms. American Economic Review, 96(1), 369–386. https://doi.org/https://doi.org/10.1257/000282806776157704
- Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427–465. https://doi.org/https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
- Fama, E. F., & French, K. R. (1995). Size and book-to-market factors in earnings and returns. The Journal of Finance, 50(1), 131–155. https://doi.org/https://doi.org/10.1111/j.1540-6261.1995.tb05169.x
- Fama, E. F., & French, K. R. (2002). The equity premium. The Journal of Finance, 57(2), 637–659. https://doi.org/https://doi.org/10.1111/1540-6261.00437
- Fan, G., Wang, X., & Zhu, H. (2011). NERI index of marketization of China’s provinces 2011 report. Economic Science Press.
- Fan, J. P. H., Wong, T., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics, 84(2), 330–357. https://doi.org/https://doi.org/10.1016/j.jfineco.2006.03.008
- Fan, J. P., Rui, O. M., & Zhao, M. (2008). Public governance and corporate finance: Evidence from corruption cases. Journal of Comparative Economics, 36(3), 343–364. https://doi.org/https://doi.org/10.1016/j.jce.2008.05.001
- Fauver, L., Hung, M., Li, X., & Taboada, A. G. (2017). Board reforms and firm value: Worldwide evidence. Journal of Financial Economics, 125(1), 120–142. https://doi.org/https://doi.org/10.1016/j.jfineco.2017.04.010
- Feroz, E. H., Park, K., & Pastena, V. S. (1991). The financial and market effects of the SEC’s accounting and auditing enforcement releases. Journal of Accounting Research, 29, 107–142. https://doi.org/https://doi.org/10.2307/2491006
- Ferris, S. P., Kumar, R., & Wolfe, G. A. (1992). The effect of SEC-ordered suspensions on returns, volatility, and trading volume. The Financial Review, 27(1), 1–34. https://doi.org/https://doi.org/10.1111/j.1540-6288.1992.tb01305.x
- Firth, M., Rui, O. M., & Wu, W. (2011). Cooking the books: Recipes and costs of falsified financial statements in China. Journal of Corporate Finance, 17(2), 371–390. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2010.09.002
- Firth, M., Rui, O. M., & Wu, W. (2012). The effects of political connections and state ownership on corporate litigation in China. The Journal of Law and Economics, 54(3), 573–607. https://doi.org/https://doi.org/10.1086/659261
- Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. https://doi.org/https://doi.org/10.1016/j.jacceco.2004.06.003
- Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967–1010. https://doi.org/https://doi.org/10.2308/accr.2004.79.4.967
- Francis, J., Schipper, K., & Vincent, L. (2003). The relative and incremental explanatory power of earnings and alternative (to earnings) performance measures for returns. Contemporary Accounting Research, 20(1), 121–164. https://doi.org/https://doi.org/10.1506/XVQV-NQ4A-08EX-FC8A
- Gebhardt, W. R., Lee, C., & Swaminathan, B. (2001). Toward an implied cost of capital. Journal of Accounting Research, 39(1), 135–176. https://doi.org/https://doi.org/10.1111/1475-679X.00007
- Glaeser, E., Johnson, S., & Shleifer, A. (2001). Coase versus the coasians. The Quarterly Journal of Economics, 116(3), 853–899. https://doi.org/https://doi.org/10.1162/00335530152466250
- Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the Ohlson–juettner model. Review of Accounting Studies, 8(4), 399–431. https://doi.org/https://doi.org/10.1023/A:1027378728141
- Guay, W., Kothari, S., & Shu, S. (2011). Properties of implied cost of capital using analysts’ forecasts. Australian Journal of Management, 36(2), 125–149. https://doi.org/https://doi.org/10.1177/0312896211408624
- Gul, F. A., Kim, J.-B., & Qiu, A. A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of Financial Economics, 95(3), 425–442. https://doi.org/https://doi.org/10.1016/j.jfineco.2009.11.005
- Hail, L., & Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485–531. https://doi.org/https://doi.org/10.1111/j.1475-679X.2006.00209.x
- Hope, O.-K., Thomas, W. B., & Vyas, D. (2013). Financial reporting quality of US private and public firms. The Accounting Review, 88(5), 1715–1742. https://doi.org/https://doi.org/10.2308/accr-50494
- Hou, K., Van Dijk, M. A., & Zhang, Y. (2012). The implied cost of capital: A new approach. Journal of Accounting and Economics, 53(3), 504–526. https://doi.org/https://doi.org/10.1016/j.jacceco.2011.12.001
- Hou, W., & Moore, G. (2010). Player and referee roles held jointly: The effect of state ownership on China’s regulatory enforcement against fraud. Journal of Business Ethics, 95(S2), 317–335. https://doi.org/https://doi.org/10.1007/s10551-011-0858-1
- Howe, J. S., & Schlarbaum, G. G. (1986). SEC trading suspensions: Empirical evidence. The Journal of Financial and Quantitative Analysis, 21(3), 323–333. https://doi.org/https://doi.org/10.2307/2331045
- Hribar, P., & Jenkins, N. T. (2004). The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies, 9(2/3), 337–356. https://doi.org/https://doi.org/10.1023/B:RAST.0000028194.11371.42
- Hu, Y., Lin, T. W., & Li, S. (2008). An examination of factors affecting Chinese financial analysts’ information comprehension, analyzing ability, and job quality. Review of Quantitative Finance and Accounting, 30(4), 397–417. https://doi.org/https://doi.org/10.1007/s11156-007-0058-3
- Huang, R. H. (2013). Private enforcement of securities law in China: A ten-year retrospective and empirical assessment. American Journal of Comparative Law, 61(4), 757–798. https://doi.org/https://doi.org/10.5131/AJCL.2013.0007
- Huang, W., & Wright, B. (2015). Analyst earnings forecast under complex corporate ownership in China. Journal of International Financial Markets, Institutions and Money, 35, 69–84. https://doi.org/https://doi.org/10.1016/j.intfin.2015.01.003
- IMF. (2017). People’s Republic of China financial sector assessment program: Detailed assessment of observance of the Iosco objectives and principles of securities regulation (IMF Country Report No. 17/404).
- Jia, C., Ding, S., Li, Y., & Wu, Z. (2009). Fraud, enforcement action, and the role of corporate governance: Evidence from China. Journal of Business Ethics, 90(4), 561–576. https://doi.org/https://doi.org/10.1007/s10551-009-0061-9
- Johnson, S., McMillan, J., & Woodruff, C. (2002). Property rights and finance. American Economic Review, 92(5), 1335–1356. https://doi.org/https://doi.org/10.1257/000282802762024539
- Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/https://doi.org/10.2307/2491047
- Karpoff, J., Lee, D., & Martin, G. (2007). The legal penalties for financial misrepresentation (Working paper). University of Washington.
- Karpoff, J., & Lott, J. (1993). The reputational penalty firms bear from committing criminal fraud. The Journal of Law and Economics, 36(2), 757–802. https://doi.org/https://doi.org/10.1086/467297
- Karpoff, J. M., Lee, D. S., & Martin, G. S. (2008). The cost to firms of cooking the books. Journal of Financial and Quantitative Analysis, 43(3), 581–611. https://doi.org/https://doi.org/10.1017/S0022109000004221
- Khwaja, A. I., & Mian, A. (2005). Do lenders favor politically connected firms? Rent provision in an emerging financial market. The Quarterly Journal of Economics, 120(4), 1371–1411. https://doi.org/https://doi.org/10.1162/003355305775097524
- Kim, J.-B., Ma, M. L., & Wang, H. (2015). Financial development and the cost of equity capital: Evidence from China. China Journal of Accounting Research, 8(4), 243–277. https://doi.org/https://doi.org/10.1016/j.cjar.2015.04.001
- Kravet, T., & Shevlin, T. (2010). Accounting restatements and information risk. Review of Accounting Studies, 15(2), 264–294. https://doi.org/https://doi.org/10.1007/s11142-009-9103-x
- Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420. https://doi.org/https://doi.org/10.1111/j.1475-679X.2007.00238.x
- Lang, M., & Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246–271. https://doi.org/https://doi.org/10.2307/2491273
- Leuz, C., & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525–622. https://doi.org/https://doi.org/10.1111/1475-679X.12115
- Li, B. (2016). Impact of information disclosure violation on firm value in Chinese listed firms. Journal of Applied Business Research (JABR), 32(3), 903–916. https://doi.org/https://doi.org/10.19030/jabr.v32i3.9663
- Li, H., & Zhou, L. (2005). Political turnover and economic performance: The disciplinary role of personnel control in China. Journal of Public Economics, 89(9-10), 1743–1762. https://doi.org/https://doi.org/10.1016/j.jpubeco.2004.06.009
- Li, K. K., & Mohanram, P. (2014). Evaluating cross-sectional forecasting models for implied cost of capital. Review of Accounting Studies, 19(3), 1152–1185. https://doi.org/https://doi.org/10.1007/s11142-014-9282-y
- Linsley, P., & Kajuter, P. (2008). Restoring reputation and repairing legitimacy: A case study of impression management in response to a major risk event at allied Irish Banks plc. International Journal of Financial Services Management, 3(1), 65–82. https://doi.org/https://doi.org/10.1504/IJFSM.2008.016699
- Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13–37. https://doi.org/https://doi.org/10.2307/1924119
- Lisic, L. L., Silveri, S. D., Song, Y., & Wang, K. (2015). Accounting fraud, auditing, and the role of government sanctions in China. Journal of Business Research, 68(6), 1186–1195. https://doi.org/https://doi.org/10.1016/j.jbusres.2014.11.013
- Liu, J., Nissim, D., & Thomas, J. (2002). Equity valuation using multiples. Journal of Accounting Research, 40(1), 135–172. https://doi.org/https://doi.org/10.1111/1475-679X.00042
- Liu, Q., & Lu, Z. J. (2007). Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance, 13(5), 881–906. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2007.07.003
- Malsch, B., & Gendron, Y. (2011). Reining in auditors: On the dynamics of power surrounding an “innovation” in the regulatory space. Accounting, Organizations and Society, 36(7), 456–476. https://doi.org/https://doi.org/10.1016/j.aos.2011.06.001
- Marquis, C., & Qian, C. (2014). Corporate social responsibility reporting in China: Symbol or substance? Organization Science, 25(1), 127–148. https://doi.org/https://doi.org/10.1287/orsc.2013.0837
- Megginson, W. L., & Netter, J. M. (2001). From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2), 321–389. https://doi.org/https://doi.org/10.1257/jel.39.2.321
- Mills, L. F., Nutter, S. E., & Schwab, C. M. (2013). The effect of political sensitivity and bargaining power on taxes: Evidence from federal contractors. The Accounting Review, 88(3), 977–1005. https://doi.org/https://doi.org/10.2308/accr-50368
- Ng, J. (2011). The effect of information quality on liquidity risk. Journal of Accounting and Economics, 52(2-3), 126–143. https://doi.org/https://doi.org/10.1016/j.jacceco.2011.03.004
- Nourayi, M. M. (1994). Stock price responses to the SEC’s enforcement actions. Journal of Accounting and Public Policy, 13(4), 333–347. https://doi.org/https://doi.org/10.1016/0278-4254(94)90003-5
- Piotroski, J. D., Wong, T. J., & Zhang, T. (2015). Political incentives to suppress negative information: Evidence from Chinese listed firms. Journal of Accounting Research, 53(2), 405–459. https://doi.org/https://doi.org/10.1111/1475-679X.12071
- Pistor, K., Raiser, M., & Gelfer, S. (2000). Law and finance in transition economies. The Economics of Transition, 8(2), 325–368. https://doi.org/https://doi.org/10.1111/1468-0351.00047
- Pistor, K., & Xu, C. (2005). Governing stock markets in transition economies: Lessons from China. American Law and Economics Review, 7(1), 184–210. https://doi.org/https://doi.org/10.1093/aler/ahi008
- Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51(1-2), 1–20. https://doi.org/https://doi.org/10.1016/j.jacceco.2010.06.001
- Rogers, J. L., & Van Buskirk, A. (2009). Shareholder litigation and changes in disclosure behavior. Journal of Accounting and Economics, 47(1-2), 136–156. https://doi.org/https://doi.org/10.1016/j.jacceco.2008.04.003
- Sanchez-Ballesta, J. P., & Garcia-Meca, E. (2011). Ownership structure and the cost of debt. European Accounting Review, 20(2), 389–416. https://doi.org/https://doi.org/10.1080/09638180903487834
- Shailer, G., & Wang, K. (2015). Government ownership and the cost of debt for Chinese listed corporations. Emerging Markets Review, 22, 1–17. https://doi.org/https://doi.org/10.1016/j.ememar.2014.11.002
- Shanghai Stock Exchange. (2014). On reform and improvement of the refinancing system of listed firms (shangshi gongsi zairongzi zhidu gaige yu wanshan) (Shanghai stock exchange joint research program research report no. 24). Shanghai Stock Exchange. www.sse.com.cn
- Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance, 19, 425–442. https://doi.org/https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
- Shleifer, A. (1998). State versus private ownership. Journal of Economic Perspectives, 12(4), 133–150. https://doi.org/https://doi.org/10.1257/jep.12.4.133
- Shleifer, A. (2005). Understanding regulation. European Financial Management, 11(4), 439–451. https://doi.org/https://doi.org/10.1111/j.1354-7798.2005.00291.x
- Shleifer, A., & Vishny, R. W. (1994). Politicians and firms. The Quarterly Journal of Economics, 109(4), 995–1025. https://doi.org/https://doi.org/10.2307/2118354
- Smith, D. B., Stettler, H., & Beedles, W. (1984). An investigation of the information content of foreign sensitive payment disclosures. Journal of Accounting and Economics, 6(2), 153–162. https://doi.org/https://doi.org/10.1016/0165-4101(84)90011-9
- Suchman, M. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/https://doi.org/10.5465/amr.1995.9508080331
- Tang, Y., Wu, J. G., & Zhang, L. (2014). Do anomalies exist ex ante? Review of Finance, 18(3), 843–875. https://doi.org/https://doi.org/10.1093/rof/rft026
- Tsang, A., Wang, K. T., & Zhu, N. Z. (2019, June 20–21). Corporate governance reforms around the world: The impact on firm innovation. Working paper, York University, Australian National University. Paper presented at the 18th London business school accounting symposium 2019.
- Wang, K., & Shailer, G. (2015). Ownership concentration and firm performance in emerging markets: A meta-analysis. Journal of Economic Surveys, 29(2), 199–229. https://doi.org/https://doi.org/10.1111/joes.12048
- Wang, K., & Shailer, G. (2019). Multiple performance criteria for government-controlled corporations (Working paper). Australian National University.
- Wang, K. T., & Li, D. (2016). Market reactions to the first-time disclosure of corporate social responsibility reports: Evidence from China. Journal of Business Ethics, 138(4), 661–682. https://doi.org/https://doi.org/10.1007/s10551-015-2775-1
- Wang, K. T., & Shailer, G. (2018). Does ownership identity matter? A meta-analysis of research on firm financial performance in relation to government versus private ownership. Abacus, 54(1), 1–35. https://doi.org/https://doi.org/10.1111/abac.12103
- Wang, K. T., & Wang, W. W. (2017). Competition in the stock market with asymmetric information. Economic Modelling, 61, 40–49. https://doi.org/https://doi.org/10.1016/j.econmod.2016.11.024
- Wang, K. T., Wu, Y., & Ho, K.-Y. (2019). Internal control reporting and cost of bond financing: Evidence from China. International Review of Economics & Finance. https://doi.org/https://doi.org/10.1016/j.iref.2019.11.016
- Wang, L., & Yung, K. (2011). Do state enterprises manage earnings more than privately owned firms? The case of China. Journal of Business Finance & Accounting, 38(7-8), 794–812. https://doi.org/https://doi.org/10.1111/j.1468-5957.2011.02254.x
- Wang, Q., Wong, T.-J., & Xia, L. (2008). State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of Accounting and Economics, 46(1), 112–134. https://doi.org/https://doi.org/10.1016/j.jacceco.2008.04.001
- Wu, W., Johan, S. A., & Rui, O. M. (2016). Institutional investors, political connections, and the incidence of regulatory enforcement against corporate fraud. Journal of Business Ethics, 134(4), 709–726. https://doi.org/https://doi.org/10.1007/s10551-014-2392-4
- Yang, X., & Xie, Z. (2008). Economic consequence of fraudulent financial reporting of China’s listed companies—market reaction on publicity of penalty by CSRC and ministry of finance. Auditing Research, 1, 67–74. https://en.cnki.com.cn/Article_en/CJFDTotal-SJYZ200801015.htm