Developmental State and Corporate Governance in China
研究了中国政府直接干预公司治理对城市新成立企业经济绩效的影响，发现直接干预可能带来负面效果，暗示其他外部干预才是经济奇迹的原因。
China's state-guided economic miracle has revitalized a long-standing and unsettled debate about the role of government in transformative economic development. In a firm-level study of corporate governance we examine whether direct state involvement actually makes a positive contribution to the economic performance of newly incorporated firms in China's urban economy. We show that direct intervention into the governance of firms is likely to yield negative economic effects at the firm level. We infer from our findings that it must be other types of government intervention external to the firm that explain the success of China's developmental state in promoting rapid economic growth.