Tunneling through employee stock ownership plans: Evidence from China
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.