Tunneling through employee stock ownership plans: Evidence from China

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The dataset is for a study on tunneling by owners of listed firms in China. The industry-adjusted and PSM-control-adjusted operating cash flow show that operating performance deteriorate after ESOP adoption announcements. The four cross-sectional regressions are performed using the three-year average firm and ESOP characteristic data. The robustness tests are performed using the panel data for the likelihood of equity sales and the operating performance after ESOP adoption.

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