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The unique political system in shaping socio-economic policies in China calls for a detailed exploration of its precise effect on corporate governance. Using the mandatory establishment of a Chinese Communist Party (CCP) branch after 2018 as an exogenous shock, we find that the establishment of a CCP organization reduces opportunistic insider sales. Our paper contributes to the emerging literature on the role government plays in the business environment.
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Huang et al. (2024) studied this question.
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