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Cited by 585

The DOI matches its Crossref record; 81 of the 81 references it cites were found in a registry or an index.

Government connections and financial constraints: Evidence from a large representative sample of Chinese firms

Cull, Robert, Li, Wei, Sun, Bo, Xu, Lixin Colin·2015·Journal of Corporate Finance
DOI 10.1016/j.jcorpfin.2014.10.012
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Abstract

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially less severe financial constraints (i.e., less reliance on internal cash flows to fund investment), and that the sensitivity of investment to internal cash flows is higher for firms that report greater obstacles to obtaining external funds. We also find that those large non-state firms with weak government connections, likely the engine for innovation in the coming years in China, are especially financially constrained, due perhaps to the formidable hold that their state rivals have on financial resources after the 'grabbing-the-big-and-letting-go-the-small' privatization program in China. Our empirical results suggest that government connections play an important role in explaining Chinese firms' financing conditions, and provide further evidence on the nature of the misallocation of credit by China's dominant state-owned banks.

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Metadata

Authors
Cull, R., Li, W., Sun, B., & Xu, L. C.
Venue
Journal of Corporate Finance
Publisher
Elsevier BV
Published
2015-06
Volume
32
Pages
271-294
ISSN
0929-1199 (ISSN-L)
DOI
10.1016/j.jcorpfin.2014.10.012
OpenAlex
W2136164403
Cited by
585
References
81
FWCI
82.59
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. https://app.cochat.ai/papers/10.1016/j.jcorpfin.2014.10.012
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Cull, R., Li, W., Sun, B., & Xu, L. C. (2015). Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2014.10.012

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.