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- W1963433306 abstract "This article examines how government ownership affects the relationship between private benefits of managerial control, measured as excessive overhead expenses, and profitability of acquirers. A total of 246 merger and acquisition (M&A) events from Chinese state-controlled listed companies (CSCLCs) between 2001 and 2006 constitutes the analytical sample. Under a low level of government shareholding, private benefits of managerial control positively correlated with acquirer announcement returns. However, there was no relationship between private benefits of managerial control and acquirer announcement returns under a high level of government shareholding. The implications of these findings for scholarship and practice are discussed. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd. Cet article examine comment la propriété de l'État influence la relation entre les bénéfices privés du contrôle de gestion, évalués en frais généraux excessifs, et la rentabilité des acquéreurs. L'échantillon analytique est constitué d'un total de 246 évènements de fusions et d'acquisitions (M&A) d'entreprises étatiques chinoises cotées en bourse (CSCLCs) de 2001 à 2006. Les résultats empiriques démontrent que lorsque le niveau de participation du gouvernement est bas, les bénéfices privés du contrôle de gestion sont positivement corrélés aux retours d'annonce des acquéreurs. Mais lorsque le niveau de participation du gouvernement est élevé, il n'y a aucune relation entre les bénéfices privés du contrôle de gestion et les retours d'annonce des acquéreurs. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd." @default.
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- W1963433306 date "2011-09-14" @default.
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- W1963433306 title "Private Benefits of Managerial Control, Government Ownership, and Acquirer Returns: Evidence from the Chinese State-Controlled Listed Companies" @default.
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- W1963433306 doi "https://doi.org/10.1002/cjas.222" @default.
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