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The paper aims to examine the sufficient and necessary conditions upon which the innovative “partial shock model” was implemented in China.
Abstract
Purpose
The paper aims to examine the sufficient and necessary conditions upon which the innovative “partial shock model” was implemented in China.
Design/methodology/approach
The study employs a multi‐method approach, involving a case study of Wuhan city in 2004.
Findings
Evidence suggests that implementation of the partial shock model in state‐owned small and medium‐sized enterprises (SOSMEs) is not only essential, but also feasible. More than 1,000 enterprises in Wuhan have restructured properties, and hundreds of thousands of workers have changed their state‐owned identity, which has resulted in positive social and economic outcomes in SOSMEs.
Practical implications
The paper suggests that there is a need to combine business reorganisation with government's timely intervention so as to overcome potential problems such as unjust occupation of state assets and unfair distribution among different enterprises in the same city.
Originality/value
The paper explores the distinct Chinese experiences in reforms of SOSMEs, which is a relatively under‐researched area of entrepreneurship.
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Helen Dickinson and Jon Pierre
Many developed countries have seen significant reforms of their health systems for the last few decades. Despite extensive investment in these changes, health systems still face a…
Abstract
Purpose
Many developed countries have seen significant reforms of their health systems for the last few decades. Despite extensive investment in these changes, health systems still face a range of challenges which reform efforts do not seem to have overcome. The purpose of this paper is to argue that there are two particular reasons, which go beyond the standard explanations of changing demographics and disease profiles.
Design/methodology/approach
The paper is a commentary based on the literature.
Findings
The first explanation relates to the relationship between substantive health care reform and governance reform. These are intertwined processes and the pattern of interaction has distorted both types of reform. Second, reform has multiple meanings and may sometimes be more of an intra-organizational ritual and routine than a coherent plan aiming to bring about particular changes. As such, part of the reason why reform so frequently fails to bring about change is that it was not actually intended to bring about specific changes in the first place. The limited success of reform in recent years, the authors argue, has been a result of the fact that reform has focused too much on the substantive aspects of healthcare, while ignoring the governance aspect of the sector.
Originality/value
As a result, governance has often been obstructed by interest groups inside the system, resulting in paralysis. The authors conclude by arguing that substantive reform of public organizations without an accompanying reassessment of the governance of these organizations are more likely to fail, compared to more comprehensive reform efforts.
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After three years of economic reform in urban areas, China has beenconfronted with a series of choices. Six of these choices are examined:the focus of the reform, its approach…
Abstract
After three years of economic reform in urban areas, China has been confronted with a series of choices. Six of these choices are examined: the focus of the reform, its approach, its target, the pattern of national economic macro‐management, the macro‐economic policy, and the pace of the reform. It is held that the focus of the reform should be the establishment of a planned commodity economic system, which is the correct target of the reform; such a reform must be carried out step by step, systematically and in the light of an integrated design worked out in advance, with greater paces to shorten the period in which two systems confront each other; the macro‐management of the economy should be carried out by the central authority on the basis of an integrated market rather than administrative decentralisation; the money supply should be controlled in order to create a relatively relaxed environment for reform. On each of the six aspects, other prevailing views are analysed.
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Since the late 1970s, Chinese policymakers have implemented many policies to reform their country's administrative systems for the purpose of promoting economic development. In…
Abstract
Since the late 1970s, Chinese policymakers have implemented many policies to reform their country's administrative systems for the purpose of promoting economic development. In the area of public budgeting and finance, reform policies have been introduced to improve China's taxation system, budgeting system and intergovernmental fiscal relations. The implementation of these policies has resulted in many changes and improvement to China's society and has also created new challenges to China's future development. This symposium introduction provides a brief review of the development of reform policies and a summary of five articles that examine China's revenue system, public expenditure structure, budgeting control, incentive policy, and education finance.
Reforms set forth in Sarbanes‐Oxley and the NYSE, AMEX, and NASD are designed to prevent the reoccurrence of corporate collapses at companies such as Enron Corp., WorldCom Inc.…
Abstract
Purpose
Reforms set forth in Sarbanes‐Oxley and the NYSE, AMEX, and NASD are designed to prevent the reoccurrence of corporate collapses at companies such as Enron Corp., WorldCom Inc., and Global Crossing Ltd. The purpose of this paper is to discuss the possible impact the reforms may or may not have had in controlling the abuses uncovered in recent corporate failures.
Design/methodology/approach
This paper examines the reforms to corporate governance and the rationale behind the reforms, and examines how the actual governance structures of Enron, WorldCom, and Global Crossing during the years of their accounting scandals compared to the new requirements. It also offers a discussion as to whether the new reforms would have been helpful in preventing management's manipulation of earnings.
Findings
Global Crossing's governance structure would have satisfied a majority of the reforms. Enron's and WorldCom's governance structures would have satisfied less than half of the reforms.
Practical implications
This paper highlights the need for management and shareholders alike to focus on the substance of the reforms and not merely the form of the reforms in order to make meaningful improvements to corporate governance.
Originality/value
This paper should serve as a warning to the investing public. The reforms in and of themselves should not be relied on to prevent future corporate scandals. The reforms, however, do focus the spotlight directly on corporate boardrooms where shareholders can now insist that directors' interests be separate from those of the CEO and upper management.
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The purpose of this article is to contribute to a dialogue between practitioners and academics. The article discusses the relevance of Public Sector Accounting (PSA) reforms…
Abstract
Purpose
The purpose of this article is to contribute to a dialogue between practitioners and academics. The article discusses the relevance of Public Sector Accounting (PSA) reforms, including their key approaches and challenges, and the role of the World Bank's Public Sector Accounting and Reporting (PULSAR) Program.
Design/methodology/approach
This is a practitioner's viewpoint, which reflects World Bank and PULSAR Program's publicly available documents and the opinions of a practitioner involved in the implementation of PSA reforms.
Findings
Implementation of PSA reforms, based on the good international standards and practices, such as International Public Sector Accounting Standards (IPSAS), represents an opportunity for governments to significantly improve (1) the quality, reliability and comparability of their financial information; (2) decision-making process of the high-level public officials; and (3) the overall levels of fiscal transparency and public sector accountability and performance. There are several main approaches of the PSA reform implementation that could be observed across the globe. In practice, many countries and different jurisdictions face multiple challenges associated with PSA reform implementation. The World Bank and PULSAR Program in particular represent a valuable source of knowledge generation and sharing, and also acts as a catalyst for promoting PSA reforms in beneficiary countries.
Research limitations/implications
The limitations of this article (which are also its strength in terms of fitness for purpose) are that as a practitioner's viewpoint, it provides a brief overview and personal judgements rather than an empirical analysis of developments applying a theoretical framework.
Social implications
A practitioner's engagement with academic supports increased understanding of the respective views leading to better outcomes for practitioners and academics working in the area of public sector accounting.
Originality/value
The article provides a practitioner's input on the relevance of PSA reforms and their key challenges.
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The authors examine how the major board reforms recently implemented by countries around the world affect firms' choice of debt.
Abstract
Purpose
The authors examine how the major board reforms recently implemented by countries around the world affect firms' choice of debt.
Design/methodology/approach
Using a quasi-experimental setting of major board reforms around the world that aim to improve board-related governance practices in various areas, this study investigates the impact of effective board monitoring on corporate debt choice. The authors employ difference-in-differences-type quasi-natural experiment method and path analysis for hypotheses testing.
Findings
The authors find that the implementation of board reforms is positively associated with firms' preference for public debt financing over bank debt. However, this effect tends to weaken after the fourth year following the implementation of board reforms. In additional analyses, the authors find that “rule-based” reforms have a more pronounced effect on firms' choice of debt than do “comply-or-explain” reforms. Both (1) strengthened firm-level internal governance practices that address concerns about the agency cost of debt and (2) reduced information asymmetries play important roles in facilitating firms' debt choice, but the evidence suggests that the former is the economic mechanism through which country-level reforms affect corporate debt choice.
Research limitations/implications
The study extends the literature examining the heterogeneity of corporate debt choices in a global setting and the literature on the consequences of corporate governance reforms.
Practical implications
The findings demonstrate the effectiveness of the corporate board reforms implemented in countries around the world, addressing concerns from critics about their potential harm or ineffectiveness.
Originality/value
The results indicate that country-level board reforms reduce the extent to which shareholder–creditor conflicts harm shareholders.
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The purpose of this paper is to present the contexts for the four papers selected in the area of policy and institutional reforms in India. The two decades of reforms in India…
Abstract
Purpose
The purpose of this paper is to present the contexts for the four papers selected in the area of policy and institutional reforms in India. The two decades of reforms in India have lead to research from multiple perspectives and have thrown up rich repository of knowledge; and the selected papers form part of its continuum. The paper presents a brief overview on the aspects and thrust of these reforms in developed economies, and the learnings. This overview provides the frameworks for understanding reforms in emerging economies. There have been gains but it is still being debated. But, what is concerning policy makers and academicians is the pressure from developed economies and global think tanks to mimic them, when the advantages are still unclear.
Design/methodology/approach
This paper provides a conceptual overview and tries to present the overall framework in which the four papers have to be appreciated. The context itself is tuned to the focus of these papers. The selected papers cover a wide spectrum of domain and reform interventions. The approach is to weave together these papers around the theme of policy and institutional reforms in terms of instruments of interventions and their effectiveness. It also throws up issues for future research.
Findings
This paper can summarize the findings of these studies it emerges that various attempts are being in the realm of reform with different levels of effectiveness. These are also in different stages of implementation. The papers indicate that while there are gains from reforms, the full potential could not be reached or it is too early to say.
Originality/value
The relevance of this paper and the four papers that it presents are at two levels. First is the direct learning from these studies in their areas of focus. Second is in terms of discerning the common thread of reforms that runs through these papers; in terms of their content, implementation, and effectiveness. These attempts are fairly representative of the reform story that is emerging from India.
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Since the core issue of Chinese economics is to elucidate the logical relationship between socialism and the market economy, it necessitates a robust foundation for microeconomic…
Abstract
Purpose
Since the core issue of Chinese economics is to elucidate the logical relationship between socialism and the market economy, it necessitates a robust foundation for microeconomic analysis to uncover the behavioral patterns and characteristics of microeconomic agents in a socialist market economy and identify the conditions and methods for the functioning of market mechanisms.
Design/methodology/approach
The core issue of microeconomics with Chinese characteristics is to identify the economic logic of how market mechanisms play a decisive role in resource allocation under the basic socialist economic system based on China's reform.
Findings
The core issue in building the foundation of microeconomic analysis of Chinese economics is addressing the compatibility issue between SOEs and a market economy.
Originality/value
In the author’s view, this can be achieved under the logic of classified reform so as to build the microeconomic foundation for the effective functioning of a socialist market economy.
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The purpose of this paper is to explore the reform of initial teacher education (ITE) policy in Australia over a 25-year period from 1998 to 2023. It examines policy shifts and…
Abstract
Purpose
The purpose of this paper is to explore the reform of initial teacher education (ITE) policy in Australia over a 25-year period from 1998 to 2023. It examines policy shifts and movements over this timeframe and aims to better understand the ongoing reforms in the changing contexts of their times.
Design/methodology/approach
The paper engages a critical policy historiography approach, focusing on four “policy moments” each linked to a review commissioned by the Commonwealth government of the day. It draws upon the reports and government responses themselves, along with media reports, extracts from Hansard, and ministerial speeches, press releases and interviews related to each of the four policy moments, asking critical questions about the “public issues” and “private troubles” (Gale, 2001) of each moment and aiming to shed light on the complexities of these accounts of policy and the trajectory they represent.
Findings
The paper charts the construction of the problem of ITE in Australia over time, highlighting the discursive continuities and shifts since 1998. It traces the constitution of both policy problems and solutions to explain the current policy settlement using a historical lens.
Originality/value
Its value lies in offering a reading of the current policy settlement, based on a close and systematic historical analysis. Where previous research has focused either on particular moments or concepts in ITE reform, this analysis seeks to understand the current policy settlement by taking a longer, contextualised view.
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