Using a panel of 65,551 firms over the period 2000-2006, this study examines the capital structure determinants of Chinese privately owned small and medium-sized enterprises. Investment in the building and maintenance of social capital, measured by entertainment expenditure, is found to be...

Entrepreneurs in emerging market economies operate in weak institutional contexts, yet these can imply different types of government. In some countries (e.g. Russia), the government is predatory, and the main risk faced by (successful) entrepreneurs relates to expropriation. In other countries...

This paper is motivated by the recent debate on the existence and scale of China's ‘Guo Jin Min Tui’ phenomenon, which is often translated as ‘the state sector advances and the private sector retreats’. We argue that the profound implication of an advancing state sector is not the size...