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This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connecti... more This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connections (i.e., politically connected firms) are more likely to list overseas than non-politically connected firms. We find connected firms' post-overseas listing performance is worse than nonconnected firms. This evidence suggests connected firms' managers list their firms overseas for private (political) benefits. Consistent with this private benefits explanation, we find that connected firms' managers are more likely to receive political media coverage or a promotion to a senior government position subsequent to overseas listing than domestic listing. JEL classifications: G34; L33; P31
This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connecti... more This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connections (i.e., politically connected firms) are more likely to list overseas than non-politically connected firms. We find connected firms' post-overseas listing performance is worse than nonconnected firms. This evidence suggests connected firms' managers list their firms overseas for private (political) benefits. Consistent with this private benefits explanation, we find that connected firms' managers are more likely to receive political media coverage or a promotion to a senior government position subsequent to overseas listing than domestic listing. JEL classifications: G34; L33; P31