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Article
Publication date: 12 July 2022

Ngoc Dung Tran, Phuong Hoa Dinh, Dinh Hoang Uyen Nguyen and Van Vinh Nguyen

This paper aims to investigate “corporate governance” of the English East India Company (EIC) in the late 17th century through a case study of the Tonkin factory (1672–1697).

Abstract

Purpose

This paper aims to investigate “corporate governance” of the English East India Company (EIC) in the late 17th century through a case study of the Tonkin factory (1672–1697).

Design/methodology/approach

The paper draws upon British primary materials relating to the Tonkin factory to examine and analyze the EIC’s style of management in Tonkin (Vietnam) and Bantam (Java). Qualitative and comparative methods are applied to the analysis of reports, records and letters written by EIC staff.

Findings

The paper finds that the EIC faced principal-agent problems as it had difficulties administering its distant agents and subsidiaries in the 17th century. London was strategically weakened, both by the limiting power of regional headquarters and by its use of experienced factors. Before 1682, London failed to temper the Bantam Council’s influence, and there were serious internal conflicts and power struggles between English Tonkin employees seeking to improve their positions. After 1686, London successfully forced Madras to adopt a noninterventionist stance in Tonkin’s business, but it faced the problem of “adverse selection.”

Originality/value

This paper provides evidence from the Tonkin factory (1672–1697) to show the EIC’s governance in the perspective of the agency theory.

Details

Journal of Management History, vol. 29 no. 2
Type: Research Article
ISSN: 1751-1348

Keywords

Article
Publication date: 10 June 2022

Liu Xiaomei, Yao Yao, Aws AlHares, Yasir Shahab and Sun Yue

To investigate the impact of tax enforcement on (a) debt aggressiveness (DEA) and (b) dynamic adjustment of capital structure in Chinese listed firms.

Abstract

Purpose

To investigate the impact of tax enforcement on (a) debt aggressiveness (DEA) and (b) dynamic adjustment of capital structure in Chinese listed firms.

Design/methodology/approach

The authors estimate the target capital structure by employing the different models. This study uses data of Chinese A-share listed firms from year 1998 to 2015.

Findings

The study suggests that the greater the intensity of tax enforcement, the more radical the listed companies' debt policy. The macroeconomic status and nature of property rights have significant moderating effect on the positive relationship between tax enforcement and DEA of listed companies. Further, tax enforcement has a significant impact on the dynamic adjustment of capital structure.

Practical implications

Research conclusions are conducive to tax administration departments to understand the economic consequences of tax enforcement and further promote tax administration efficiency. Additionally, listed companies can rationally adjust their capital structure to strengthen tax enforcement.

Originality/value

This research helps extend the influencing factors of corporate debt decision-making and capital structure dynamic adjustment to the level of tax enforcement and provide new evidence on the effects of tax enforcement on corporate capital structure.

Details

Asia-Pacific Journal of Business Administration, vol. 15 no. 4
Type: Research Article
ISSN: 1757-4323

Keywords

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