{"id":"https://openalex.org/W7203465481","doi":"https://doi.org/10.1111/ecpo.70066","title":"Leverage Adjustments, Executive Incentives, and the Market Valuation of Acquisitions Under State Capitalism: Evidence From China","display_name":"Leverage Adjustments, Executive Incentives, and the Market Valuation of Acquisitions Under State Capitalism: Evidence From China","publication_year":2026,"publication_date":"2026-08-13","ids":{"openalex":"https://openalex.org/W7203465481","doi":"https://doi.org/10.1111/ecpo.70066"},"language":"en","primary_location":{"id":"doi:10.1111/ecpo.70066","doi":"https://doi.org/10.1111/ecpo.70066","is_oa":true,"landing_page_url":"https://doi.org/10.1111/ecpo.70066","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/ecpo.70066","source":{"id":"https://openalex.org/S197981039","display_name":"Economics and Politics","issn_l":"0954-1985","issn":["0954-1985","1468-0343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economics &amp; Politics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/ecpo.70066","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5147187594","display_name":"Chun I. Lin","orcid":"https://orcid.org/0009-0006-7387-2477","observed_orcids":["https://orcid.org/0009-0006-7387-2477"]},"institutions":[{"id":"https://openalex.org/I154864474","display_name":"National Taiwan University of Science and Technology","ror":"https://ror.org/00q09pe49","country_code":"TW","type":"education","lineage":["https://openalex.org/I154864474"]}],"countries":["TW"],"is_corresponding":true,"raw_author_name":"Chun I. Lin","raw_affiliation_strings":["Graduate Institute of Finance National Taiwan University of Science and Technology Taipei Taiwan"],"raw_orcid":"https://orcid.org/0009-0006-7387-2477","affiliations":[{"raw_affiliation_string":"Graduate Institute of Finance National Taiwan University of Science and Technology Taipei Taiwan","institution_ids":["https://openalex.org/I154864474"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079296509","display_name":"Joseph C. P. Shieh","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I154864474","display_name":"National Taiwan University of Science and Technology","ror":"https://ror.org/00q09pe49","country_code":"TW","type":"education","lineage":["https://openalex.org/I154864474"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Joseph C. P. Shieh","raw_affiliation_strings":["Graduate Institute of Finance National Taiwan University of Science and Technology Taipei Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduate Institute of Finance National Taiwan University of Science and Technology Taipei Taiwan","institution_ids":["https://openalex.org/I154864474"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5147191173","display_name":"Hao Fang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I151221077","display_name":"Chung Yuan Christian University","ror":"https://ror.org/02w8ws377","country_code":"TW","type":"education","lineage":["https://openalex.org/I151221077"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Hao Fang","raw_affiliation_strings":["Department of International Business Chung Yuan Christian University Chungli Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of International Business Chung Yuan Christian University Chungli Taiwan","institution_ids":["https://openalex.org/I151221077"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101445617","display_name":"Yen\u2010Hsien Lee","orcid":"https://orcid.org/0000-0002-8713-3070","observed_orcids":["https://orcid.org/0000-0002-8713-3070"]},"institutions":[{"id":"https://openalex.org/I151221077","display_name":"Chung Yuan Christian University","ror":"https://ror.org/02w8ws377","country_code":"TW","type":"education","lineage":["https://openalex.org/I151221077"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Yen Hsien Lee","raw_affiliation_strings":["Department of Finance Chung Yuan Christian University Chungli Taiwan"],"raw_orcid":"https://orcid.org/0000-0002-8713-3070","affiliations":[{"raw_affiliation_string":"Department of Finance Chung Yuan Christian University Chungli Taiwan","institution_ids":["https://openalex.org/I151221077"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5147187594"],"corresponding_institution_ids":["https://openalex.org/I154864474"],"apc_list":{"value":3240,"currency":"USD","value_usd":3240},"apc_paid":{"value":3240,"currency":"USD","value_usd":3240},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.59799893,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/state-ownership","display_name":"state ownership","score":0.5849999785423279},{"id":"https://openalex.org/keywords/state-owned-enterprises","display_name":"state-owned enterprises","score":0.8420000076293945},{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.8529999852180481},{"id":"https://openalex.org/keywords/leverage-adjustment","display_name":"leverage adjustment","score":0.6650000214576721},{"id":"https://openalex.org/keywords/executive-compensation","display_name":"executive compensation","score":0.5619999766349792},{"id":"https://openalex.org/keywords/soft-budget-constraint","display_name":"soft budget constraint","score":0.628000020980835},{"id":"https://openalex.org/keywords/announcement-returns","display_name":"announcement returns","score":0.6159999966621399},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.5120000243186951},{"id":"https://openalex.org/keywords/state-capitalism","display_name":"state capitalism","score":0.5220000147819519}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8377000093460083},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.632099986076355},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.6292999982833862},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.550599992275238},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5490999817848206},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.5458999872207642},{"id":"https://openalex.org/C194648553","wikidata":"https://www.wikidata.org/wiki/Q1364774","display_name":"Spare part","level":2,"score":0.5228999853134155},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5123999714851379},{"id":"https://openalex.org/C151392489","wikidata":"https://www.wikidata.org/wiki/Q5419946","display_name":"Executive compensation","level":3,"score":0.49790000915527344},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4659000039100647},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.397599995136261},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3874000012874603},{"id":"https://openalex.org/C2777506082","wikidata":"https://www.wikidata.org/wiki/Q2396633","display_name":"State ownership","level":3,"score":0.3598000109195709},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.3472999930381775},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.31679999828338623},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.3122999966144562},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.28040000796318054},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.2630999982357025},{"id":"https://openalex.org/C6177178","wikidata":"https://www.wikidata.org/wiki/Q10998070","display_name":"Discounting","level":2,"score":0.260699987411499},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2549999952316284}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/ecpo.70066","doi":"https://doi.org/10.1111/ecpo.70066","is_oa":true,"landing_page_url":"https://doi.org/10.1111/ecpo.70066","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/ecpo.70066","source":{"id":"https://openalex.org/S197981039","display_name":"Economics and Politics","issn_l":"0954-1985","issn":["0954-1985","1468-0343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economics &amp; Politics","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1111/ecpo.70066","doi":"https://doi.org/10.1111/ecpo.70066","is_oa":true,"landing_page_url":"https://doi.org/10.1111/ecpo.70066","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/ecpo.70066","source":{"id":"https://openalex.org/S197981039","display_name":"Economics and Politics","issn_l":"0954-1985","issn":["0954-1985","1468-0343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economics &amp; Politics","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7203465481.pdf","grobid_xml":"https://content.openalex.org/works/W7203465481.grobid-xml"},"referenced_works_count":55,"referenced_works":["https://openalex.org/W1966440616","https://openalex.org/W1995454537","https://openalex.org/W1997344600","https://openalex.org/W2000578291","https://openalex.org/W2022409529","https://openalex.org/W2033726440","https://openalex.org/W2056189363","https://openalex.org/W2074939358","https://openalex.org/W2077401456","https://openalex.org/W2081113003","https://openalex.org/W2089842977","https://openalex.org/W2091596451","https://openalex.org/W2113942631","https://openalex.org/W2115846503","https://openalex.org/W2122529435","https://openalex.org/W2128778916","https://openalex.org/W2152785329","https://openalex.org/W2157143093","https://openalex.org/W2158222740","https://openalex.org/W2168930496","https://openalex.org/W2170596898","https://openalex.org/W2540430156","https://openalex.org/W2553935280","https://openalex.org/W2757839497","https://openalex.org/W2899505411","https://openalex.org/W2903822136","https://openalex.org/W2945262457","https://openalex.org/W2998493659","https://openalex.org/W3018401043","https://openalex.org/W3036029062","https://openalex.org/W3121335362","https://openalex.org/W3121826853","https://openalex.org/W3122398884","https://openalex.org/W3122420217","https://openalex.org/W3123206484","https://openalex.org/W3123929802","https://openalex.org/W3123955912","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124456695","https://openalex.org/W3124596305","https://openalex.org/W3124749863","https://openalex.org/W3124818779","https://openalex.org/W3124948273","https://openalex.org/W3125443941","https://openalex.org/W3125649736","https://openalex.org/W3160945448","https://openalex.org/W3183480576","https://openalex.org/W3207956443","https://openalex.org/W4312052448","https://openalex.org/W4360613679","https://openalex.org/W4385837750","https://openalex.org/W4386695884","https://openalex.org/W4399926260","https://openalex.org/W4417021327"],"related_works":[],"abstract_inverted_index":{"ABSTRACT":[0],"We":[1],"examine":[2],"how":[3],"state":[4],"ownership":[5],"and":[6,80],"CEO":[7,71],"financial":[8,72],"incentives":[9],"jointly":[10],"condition":[11],"the":[12,47,92,96],"market":[13],"valuation":[14],"of":[15],"acquisition\u2010related":[16],"leverage":[17,41,50],"adjustments":[18],"in":[19,77,91],"2251":[20],"completed":[21],"M&A":[22],"deals":[23],"by":[24],"Chinese":[25],"A\u2010share":[26],"listed":[27],"acquirers":[28],"(2013\u20132023).":[29],"Acquirers":[30],"draw":[31],"on":[32],"spare":[33],"financing":[34],"capacity":[35],"at":[36,69],"deal":[37],"completion,":[38],"with":[39,56,82],"larger":[40],"increases":[42],"among":[43],"underleveraged":[44],"firms.":[45],"In":[46],"pooled":[48],"sample,":[49],"changes":[51],"are":[52],"not":[53],"systematically":[54],"associated":[55],"announcement":[57],"returns.":[58],"Within":[59],"state\u2010owned":[60],"enterprises":[61],"(SOEs),":[62],"however,":[63],"this":[64],"association":[65],"is":[66,89],"more":[67],"negative":[68],"higher":[70],"incentive":[73],"levels\u2014a":[74],"pattern":[75],"concentrated":[76],"cash":[78],"compensation":[79],"consistent":[81],"incentive\u2010contingent":[83],"discounting":[84],"under":[85],"soft":[86],"budget":[87],"constraints\u2014and":[88],"sharpest":[90],"symmetric":[93],"window":[94],"around":[95],"2015":[97],"SOE":[98],"pay\u2010cap":[99],"reform.":[100]},"counts_by_year":[],"updated_date":"2026-09-25T08:18:29.962427","created_date":"2026-08-15T00:00:00"}
