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The purpose of this paper is to illustrate and examine the effects of ultimate ownership, institutionality and their interactions on capital structure in a unified framework, based on evidence from China.

Using six years of panel data of Chinese non-financial listed firms between 2004 and 2009, this paper estimates with correlation analysis and multiple regression analysis.

This paper finds that debt financing facilitates the ultimate owner's expropriation behavior. The separation of control rights and cash flow rights is positively related to capital structure, while cash flow rights negatively affect it. Compared with private ultimate owners, state ultimate owners have less incentive to reap the benefits of expropriation, implying that the separation of control rights and cash flow rights has a smaller effect on the capital structure of state-owned firms. The improvement of institutionality can restrain ultimate owners' expropriation behavior, and regional institutional development is negatively related to capital structure. The separation of control rights and cash flow rights has a smaller positive effect on capital structure in regions with better-developed institutionality.

This paper incorporates ultimate ownership and institutionality into a unified analytical framework of capital structure. It not only enriches related studies on capital structure, but also helps us understand the institutional roots of irrational capital structure behaviors in China. This paper also provides further evidence on ultimate owners' expropriation of minority shareholders through debt financing.

The purpose of this paper is to examine the relation between estate transformations produced during the governments of the Citizen Revolution (CR) in Ecuador (2007-2017) and welfare regime transformations.

The CR’s project registers an array of specificities that make it a relevant case study to understand it. Among them, it articulated the transformation of the development model with a comprehensive state reform: emphasized both the modernization of the state and the productive structure, and the creation of the basic pillars of a welfare state. The ambitious project materialized in an ambivalent manner, revealing accomplishments and limitations.

The recovery of resources for the state, the efficient organization of resources, decentralization and deconcentration processes, public administration transformations and policy de-corporatization processes accompanied and even propelled important achievements in the social sphere in terms of decommodification, stratification, commodification and defamiliarization. Ecuador’s starting point, as a small and impoverished country with pubic and communal goods and services dismantled through neoliberal reforms, was quite precarious. But, progress was made. Beyond the identified limitations, its accomplishments must be highlighted because they are novel in comparison to other progressive government experiences, especially in the context of Central Andean countries.

This article vindicates the need to link state transformation processes to welfare regime transformations, as well as the academic literature that informs both fields. The description of what took place in Ecuador in the field of social welfare during the ten years of the CR continues to confirm the theoretical potential of the concept of welfare regime with the necessary translations and appropriations that allow for the analysis of countries in the region. It enables an approach to a more theoretically and methodologically elusive object that is at the same time tremendously potent in analytical terms and in its contributions to social transformations. An object that alludes to areas gravely affected during neoliberal hegemony, linked to public institutionality, state capacity and state autonomy. This is why everything that affects the state and the management of public goods and services must be incorporated into the analysis.

This research article addresses the role of processes of normative regulation, driven by distinct approaches to collective action and underlying narratives of social change, in the construction of “solidarity economy” initiatives as parallel spatialities to that of the mainstream economy.

This article is based on a comparative case study analysis, informed by aspects of the Grounded Theory and Extended Case Study methods, of an ecovillage, an alternative commercialization network and an “integral cooperative”. The analysis is illustrated with fieldwork data on food production, commercialization and consumption, given its centrality in the construction of human livelihoods and lifeworld.

The resulting conceptual framework identifies three methodologies of normative regulation: Prefigurative social technologies and capitalizing upon power and reputation to exert influence over other economic actors; being part of a wider class-based emancipatory political project; mobilizing online peer-to-peer platforms and community currencies to construct an alternative institutionality.

This article constitutes an exploratory analysis. Further research, based on the application of mixed methodologies to larger samples, will further expand the setup and applicability of these concepts.

This analysis will allow scholars and practitioners alike to gain a deeper understanding of how different approaches to collective action, based on distinct structural standpoints and narratives of change, constitute alternative economic spatialities to those of the mainstream economy.

The comparative approach used in this article, as well as the resulting concepts, have the potential of contributing to the convergence of “solidarity economy” strategies between initiatives and movements with different approaches to collective action, therefore contributing to improve their capacity to exercise influence upon incumbent institutional regimes, as well as promote socio-economic change.

This article aims to bridge a significant gap in the understanding of how “solidarity economy”-based parallel spatialities emerge and coexist with the mainstream economy: It analyses how processes of normative regulation result from narratives of change with distinct approaches to collective action, based on the standpoint of actors located differently within structural power relations.

The papers in this issue make a significant original contribution which will result in the better understanding of Chinese corporate finance management challenges from both theoretical and practical perspective. The paper aims to discuss these issues.

The papers of this issue have a wide range of coverage related to corporate finance, such as CSR disclosure, organizational structure, earnings management, ownership structure, media impact, corporate accidents, and institution background. Those papers selected are all based on empirical researches with the original designs of their modeling, by the real and fundamental data from the latest Chinese market and enterprises.

The author believes that such in-depth analysis and discussion will enhance the understanding for both researches and practitioners on the behavior of managing corporate finance in China. Those findings will contribute to the establishment of Chinese management theories and to the building of a wide range of Chinese management practices.

Although the angle of each paper varies, they are all trying to have a deep analysis which may unveil the behavior of corporate finance decision. Some of such behaviors will be beneficial to the long-term sustainable growth of the company, while others, though, may have the negative impact on the corporate value creation.

The purpose of this paper is to provide an analysis of sistematización’s use as a research tool in the operationalization of a “neighborhood approach” to the implementation of disaster risk reduction (DRR) in informal urban settlements.

The first section highlights sistematización’s historical origins in Latin America in the fields of popular adult education, social work, and rural development. The second explains why sistematización was made a required component of project implementation. The third section addresses the approach to sistematización used. The final discusses how this experience both contributes to sistematización’s theoretical development and practical application as a methodology.

The introduction of “sistematización” as a research tool facilitated real-time assessment of project implementation, providing timely information that positively influenced decision-making processes. This on-going feedback, collective learning, and open-exchange of know-how between NGOs and partner institutions allowed for the evaluation of existing practices and development of new ways of collaborating to address disaster risk in complex and dynamic urban environments.

Sistematización transcends the narrow focus of traditional monitoring and evaluation on final results, emphasizing a comprehensive understanding of processes and contexts.

Its use in the implementation of DRR initiatives in informal urban environments is particularly novel, highlighting the capacity of the methodology to be tailored to a variety of needs, in this case, bridging the gap between NGOs, local governments, and vulnerable communities, as well as between urban, development, and disaster risk management planning.

The purpose of this paper is to present an institutional model of decentralized administration as a response to the challenge of the management of the development of sustainable tourism in the Amazon region of Peru.

The paper provides an overview of the geography of Peru delineating the Amazon region and highlighting its importance as the most bio‐diverse region in the world. The paper then outlines the protected area approach to the matter of bio‐diversity protection, as employed by the government of Peru and then discusses the centrality of sustainable tourism to this effort. Finally, the paper offers a unique institutional model of the management entities as the administrative innovation of Peru for the management of sustainable tourism in the Amazon region.

The management entity model is presented as an administrative experiment in response to the particular political management structures obtaining in Peru. The management entity seeks to harmonize efforts and inputs of actors from a plurality of sectors across the spectrum of political administration.

Although focusing particularly on a made‐for‐Peru institutional model, this research has relevance to all tourism administrators in the Amazon region, as it stresses the principle of inclusivity in the management and direction of regional tourism programmes.

Both from the standpoint of tourism scholarship and from the perspective of tourism administration and management this paper is of immense value and interest across the entire tourism management spectrum in the Amazon.

This study aims to determine if the quality of national institutions and banking development condition the maturity of debt depending on the horizon of short or long term.

Analysis is performed on a sample of 116 nonfinancial companies from Peru and Brazil. The measures of quality of national institutions and banking development were obtained from World Bank data and included factorial analysis for dynamic considerations.

The findings, through the treatment of pointed indicators, the factor analysis and the subsequent estimation of a dynamic econometric model, called GMM-SYS, show that institutional quality fosters the maturity of long-term debt and banking development boots short-term financial relations.

Evaluating different measures of the quality of national institutions and banking development is necessary to demonstrate the robustness of the results beyond the sample evaluated in Latin America.

The research allows to understand the interaction between national institutions and system banking through debt maturity, and this is useful for establishing common target between both groups.

It is important for corporate finance to understand the mechanisms of the interaction between national institutions and system banking, because this affects internal decisions of firms regarding financial implications.

The treatment of measures of national institutions and banking development include dynamic considerations, and the application of this study in Latin America provides new findings regarding these kind of indexes and their interaction with firms´ features such as debt maturity.

This study aims to deal with the evaluation of institutional development and effectiveness of regional parliaments; it provides a scientific contribution to the development of the field of parliamentary studies by developing a set of indicators to present a parameter for evaluating regional parliaments with application to the Arab Parliament. The study concluded with the development of a parameter of 35 indicators to measure institutionally, efficiency and effectiveness of the institution, with application to the Arab Parliament, as well as developing an integrated assessment of the strengths and weaknesses in the institutional aspects and organizational efficiency.

The study is predicated on the principle of institutional approach and the systems analysis. The curriculum is applied to the Arab Parliament as an institution to quantify efficiency and efficacy according to the implementation of a set of proposed practical indicators. The study additionally applies both Huntington’s institutional standards such as Adaptability, Involution, Autonomy and Coherence, as well as the indicators of institutions efficiency according to PrePanti such as Openness, Reception (R), Autonomy (A), Balance (B), Congruence (C), Internal Efficacy (I), Reformulation (R) and Roles (R), which refer to the first seven Latin letters “First RABCIRR”.

The researcher endeavored to answer the main questions; How to quantify the degree of institutionalization, its impact on the efficiency and efficacy of regional parliaments. The researcher’s approaches and the standards of efficiency and efficacy figured a comprehensive set of indicators that composed an integrated parliamentary standard to assess the degree of institutionalization, efficacy and efficiency of regional parliaments as a scientific contribution based on the Arab Parliament that can be applied to all regional parliaments.

This research is an attempt to create a Parliamentary Index to complement the previous scientific initiatives and efforts in developing such an index, which consists of 35 indicators and its application to the Arab Parliament. This research uses the principles of institutional approach, system analysis methodology and efficiency. The approach is applied to the Arab Parliament as a regional parliament to measure efficiency and effectiveness by applying a set of the proposed indicators.

The purpose of this paper is to explore how, in a context of economic, political, social and environmental transitions, SMart, a cultural and artistic social enterprise (CASE), has developed a relevant cooperative model to contribute to mitigate the structural labour precariousness of artists and creators.

The research design includes a mixed-method approach that combines qualitative and quantitative methodologies with emphasis on the former. Namely, the organisation is SMartbe and its replication across nine European countries was studied as a revelatory case study. Five main types of techniques were deployed in the course of this research, including desk review, direct (participant) observation, interviews, focus group and questionnaire (Likert-scale survey).

CASEs constitute a specific institutional arrangement that offers innovative labour arrangements for cultural workers and artists to fight against precariousness. Social enterprises are embedded in the social and solidarity economy and stand at the crossroads of markets, civil society and the public, which places them in a critical position: depending on the logic, actors and contexts at play, social enterprises can ensure to varying degrees the general interest through their social mission, their sustainability via the real participation of all their stakeholders and the carrying out of economic activities that are fully consistent with their mission.

It is within this type of sustainability and participation that transformative social innovation can emerge within CASEs. Their potential to contribute to transformative social innovation is based on its four objectives: cultural (to imagine human, participative and sustainable alternatives); social (to achieve a social –including the environment – mission and join the ecosocial transition); participatory (empowering and impacting the public sphere); and economic (being financially sustainable and fair).