relation: https://mpra.ub.uni-muenchen.de/29128/
title: What Drives Fixed Asset Holding and Risk-Adjusted Performance of Corporate in China? An Empirical Analysis
creator: Dong, Yan
creator: Leung, Charles Ka Yui
creator: Cai, Dongliang
subject: R30 - General
subject: L20 - General
subject: G30 - General
description: This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with higher level of fixed asset holding, higher level of overhead expenses, and being covered by the tax-favor policy in China are found to be associated with a lower risk-adjusted performance. In addition, the tax-favor policy itself encourages fixed asset investment. In contrast to some of the previous literature, state-ownership of firms, dividend policy, and ownership concentration are not robust predictors of risk-adjusted performance, and debt level, managerial shareholding, and profit per unit of asset are not robust predictors of fixed asset investment.
date: 2011
type: MPRA Paper
type: NonPeerReviewed
format: application/pdf
language: en
identifier: https://mpra.ub.uni-muenchen.de/29128/1/MPRA_paper_29128.pdf
identifier:   Dong, Yan and Leung, Charles Ka Yui and Cai, Dongliang  (2011): What Drives Fixed Asset Holding and Risk-Adjusted Performance of Corporate in China? An Empirical Analysis.    
language: en