 The accountability system for operation and investment and M&A performance of state-owned enterprises in ChinaYuting Li and Jianye Huang Pacific-Basin Finance Journal, 2025, vol. 89, issue C Abstract: This paper examines the governance effect of the operation and investment accountability (OIA) on merger and acquisition (M&A) performance of Chinese state-owned enterprises (SOEs). Using the OIA system as a policy shock, we employ a staggered DID estimation and find that the implementation of the OIA system significantly improves SOEs' M&A performance, which holds robust after multiple tests. The mechanism analysis reveals that OIA increases post-M&A value by reducing the ineffective M&A and improving M&A integration quality. The heterogeneity analysis indicates that the effect of OIA is more pronounced in samples with larger transaction value, lower asset loss recognition standards, local SOEs, and better institutional environments. This paper contributes to the literature on M&A performance drivers and provides empirical evidence on the role of accountability in corporate governance. Keywords: Operation and investment accountability; Mergers and acquisitions; SOEs; Ineffective M&A; Integration quality (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:89:y:2025:i:c:s0927538x24003652 DOI: 10.1016/j.pacfin.2024.102613 Access Statistics for this article Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee More articles in Pacific-Basin Finance Journal from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.