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This paper investigates the influence of effective tax payment on the CEO promotion in local State Owned Enterprise (SOE) in China. Based on the analysis of listed local SOEs in China from 2004 to 2010, this paper tests the relationship between CEO promotion and tax payment. In addition, the moderating effect of pyramid layer is tested. This paper finds that there is a significant positive relationship between Effective Tax Rate (ETR) and CEO promotion, which suggests that CEOs may be aggressive in tax payment to please the local governments, who ultimately own the local SOEs. The current paper also finds that the relationship between ETR and CEO promotion is weakened as pyramid layers increase. Our conclusions enrich the literature on CEO turnover and the role of pyramid structure. The conclusions are also helpful for the SOEs&rsquo ; reform in China and other developing countries. First, this paper is among the first to investigate the relationship between ETR and CEO turnover. Second, this paper highlights the function of pyramid structure in mitigating government intervention. Third, this paper also adds to the research on effective tax.

AbstractResearch questionShare pledging by controlling shareholders can be motivated by business or personal purposes. We investigate whether the firm performance and innovation outputs are different for firms with controlling shareholders pledging shares to support their firm's financing (business‐pledging firms) and those pledging shares for increasing personal wealth (individual‐pledging firms).Research findingsUsing data from publicly listed Chinese firms, we find that business‐pledging firms are associated with higher changes in Tobin's Q and more patent outputs compared with individual‐pledging firms. In additional tests, we show that the impact of share‐pledging purposes on firm performance and innovative outputs is more pronounced for Chinese non‐state‐owned enterprises, which have relatively limited access to traditional bank loans.Theoretical implicationsIn this study, we bring new empirical evidence to agency theory, especially the "principal–principal" problem. We identify two inherently different purposes in share‐pledging cases—business pledging and individual pledging. We show that in business‐pledging cases, pledgers' interests become more aligned with outside shareholders, and pledgers have higher incentives to enhance firm value and innovation productivity, relative to individual pledging. This paper adds to the evidence on the bright side of share pledges.Practitioner implicationsThis paper sheds light on the recent policy debate regarding the costs and benefits of share pledging and has implications for regulators and investors. Thus, it may be vital for publicly listed firms to disclose the purposes of share pledging.

Introduction : the nature of higher education massification in Asia / Jin Jiang, Ka Ho Mok, Deane Neubauer -- Higher education sustainability : proliferating meanings / Deane Neubauer -- The limits of massification in the Asia Pacific region : six conflicting hypotheses / John N. Hawkins, Ka Ho Mok, Deane Neubauer and Alfred M. Wu -- The Carnegie Project on the Education Doctorate : transforming education practice in multiple contexts / Jill Perry -- Higher education massification : how US higher education is expanding its global reach through branding, in-country, and online / Cathryn L. Dhanatya and Julie Slayton -- Confronting the challenges of massification surge in higher education : sustaining the academic workforce and its excellence in Australia / Rohan Nethsinghe -- Challenges to a post-mass system of higher education in Taiwan / Yung-Feng Lin -- Exploring the development of independent colleges in the context of massification in China : the case of Zhejiang University / Jia Zhang and Hui Wang -- Imagining teacher and teacher education : understanding the cultural dynamics in the development of advanced teacher education institutions in China / Chris Ching Wai Ho -- Questing for entrepreneurial university in Hong Kong and Shenzhen : the promotion of industry-university collaboration and entrepreneurship / Ka Ho Mok and Jin Jiang -- Conclusion : differentiating the possible pathways for higher education massification in the Asia Pacific / Deane Neubauer, Ka Ho Mok, Jin Jiang