caa a22 4500 605486093 CHVBK 20210128100444.0 cr unu---uuuuu 210128e20150601xx s 000 0 eng 10.1007/s10551-014-2169-9 doi (NATIONALLICENCE)springer-10.1007/s10551-014-2169-9 Tunneling or Not? The Change of Legal Environment on the Effect of Post-Privatization Performance [Elektronische Daten] [Guoqian Tu, Frank Yu] Motivated by Hoff and Stiglitz's (Am Econ Rev 94(3):753-763, 2004) theory, we examine empirically how the creation of "rules of the game” affect the behavior of economic agents in a transition economy. Using a sample of Chinese state-owned enterprises in which controlling ownership was transferred to private acquirers between 1994 and 2006, we find that the post-privatization performance (PPP) of firms depends on institutional factors. Before 2003, we observe severe post-privatization tunneling behaviors by acquirers and worse PPP. However, from 2003, when the State issued regulations against tunneling and strengthened enforcement, the incidence of tunneling behaviors declined, and PPP improved. We find that better implementation of ownership transfer and longer prior experience of private acquirers are key factors that contribute to the improvement. Springer Science+Business Media Dordrecht, 2014 Tunneling nationallicence Privatization nationallicence Investor protection nationallicence Law and finance nationallicence Ethics nationallicence Tu Guoqian School of Economics and Business Administration, Chongqing University, Chongqing, China aut Yu Frank China Europe International Business School, Shanghai, China aut Journal of Business Ethics Springer Netherlands 129/2(2015-06-01), 491-510 0167-4544 129:2<491 2015 129 10551 https://doi.org/10.1007/s10551-014-2169-9 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2169-9 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Tu Guoqian School of Economics and Business Administration, Chongqing University, Chongqing, China aut NATIONALLICENCE 700 1- Yu Frank China Europe International Business School, Shanghai, China aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 129/2(2015-06-01), 491-510 0167-4544 129:2<491 2015 129 10551