Abstract
Private firms have experienced rapid development in China since the end of the 1980s and have now reached a critical mass in many competitive sectors of the market. Some constraints could inhibit the growth of private firms in China, and possibly in other transition economies. This paper uses two studies of private firms in China to examine the proposition that both governance systems and managerial capabilities influence the economic behavior of private firms in China. A particular question in the case of China is whether the preservation of owner control and imperfect transparency may impede the acquisition of managerial capabilities.
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