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In the mid-1970s, China's economy had only two forms of public ownership: state ownership and collective ownership. In the agricultural sector, virtually all production was organized into collectively owned Production Brigades (villages) and People's Communes (townships or groups). In industry, SOEs accounted for 80% of total industrial output, with the remaining 20% shared by urban and rural collectives. By the late 1990s, SOEs and collectives accounted for less than 50% of GDP (International Finance Corporation, 2000; p. 18). Transformation of the ownership of production has undoubtedly been one of the key components of China's successful reform program. This has been achieved through combined efforts: privatization of agricultural production on collectively owned land; new entry of collectively owned industrial enterprises, especially township and village enterprises (TVEs), and their subsequent privatization; new entry of foreign-invested and domestic private enterprises; and ownership transformation of existing SOEs (Mako & Zhang, 2003).

To study and validate the relationship between the development of Chinese non‐state‐owned enterprise (Chinese non‐SOE), and cultivation of scientific and technological competence empirically.

Correlation analysis in SPSS is used to analyze the correlation between Chinese non‐SOE and cultivation of scientific and technological competence based on the statistic data released by China Statistical Bureau from 1987 to 2005. Furthermore, their relationship is validated by means of Granger causality test in Eviews 3.0.

This paper finds serial GDP of Chinese non‐SOE is a first difference stationary, while serial total funds of S&T activities of Chinese non‐SOE is a second difference stationary. After they are adjusted to be difference stationary, we find that there is not only a positive correlation, but also a bilateral Granger causality between the two variables.

From the point of view of a practitioner engaging in China trade, this study suggested that when all level governmental departments and all Chinese non‐SOE establish economic development strategies and policies for cultivating scientific and technological competence, the interaction relationship must be taken into consideration in order to avoid negative impact on the sustainable development of Chinese non‐SOE.

This study provides reference and benchmark to Chinese non‐SOE's development and will help to enhance its international competence.

The purpose of this paper is to explore multiple stakeholders’ perceptions of leadership in Vietnamese state-owned enterprises (SOEs).

The paper presents findings from semi-structured interviews that were conducted in Vietnam, with seven different stakeholders who had varying understandings of Vietnamese business leadership within the Vietnamese business context. All interviews were transcribed, then translated into English, and thematic analysis of the interview data undertaken.

The paper suggests that there was a significant variation in Vietnamese leadership perceptions when compared to Western leadership practices, especially when considering the perceptions of those stakeholders with regard to business leadership in the Vietnamese collectivist cultural context. The themes presented include: SOE decision making and responsibility; SOE promotions and appointments; and SOE performance.

In the absence of studies of leadership in Vietnamese SOEs, and leadership studies in the Vietnamese culture in general, this research was deliberately exploratory and qualitative. Future mixed methods or quantitative studies are recommended to offer more generalizable conclusions.

Implications are discussed that point to leadership changes in Vietnamese organizations, and at the individual level, to assist the Vietnamese government, SOEs, and future leaders. Recommendations are also made that are intended to assist foreign business investors and multinational companies operating in Vietnam, now and in the future, to improve their leadership capacity within this context.

Vietnam is a country in social and economic transition. Understanding the leadership practices and perceptions, especially how that might differ from leadership in Western nations, is critical for the success of organizations in Vietnam and, in turn, for the economic and social prosperity of the Vietnamese people.

The paper contributes perceptions of business leadership in Vietnamese SOEs that have not previously been explored and should be, especially given this critical time of economic and social transition for the Vietnamese nation and economy.

This article aims to consider success in terms of the financial returns and risks of new public management (NPM) in state‐owned enterprises (SOEs).

Financial returns of New Zealand SOEs were examined through a review of their annual reports over a five‐year period. Dimensions of risk were examined through interviews conducted in two phases over a two‐year period with senior executives from 12 of the (then) 17 SOEs operating in New Zealand.

Findings indicate the potential for SOEs to operate as profitable government investments, with clear support for positive financial returns under NPM. However, variations noted within individual SOEs also indicate that profitable and commercial operations may not be possible in all cases. An examination of the risks associated with SOEs' operations reveals a number of dimensions of risk, encompassing financial, political (including regulatory), reputational, and public accountability aspects.

There is a need for an enhanced awareness on the part of internal and external stakeholders (such as the government and general public) of the risks SOEs face in pursuing higher levels of profitability. Also required, is a more acute understanding on the part of internal and external stakeholders (e.g. government and the public) of the need for SOEs to manage the range of risks identified, given the potentially delicate balance between risk and return.

While previous studies have considered the financial returns of SOEs, or the risks faced by the public sector in terms of accountability, few have addressed the two issues collectively in a single context.

The purpose of this paper is to make an empirical-based conceptualization of the contemporary domestic state-owned enterprises (SOEs) as domestic institutional market actors (IMAs) in the marketization of public service delivery.

The paper is based on a qualitative comparative case study of the SOEs in passenger rail in Denmark and Sweden from 1990 to 2015.

The paper shows how marketization results in a layered institutional set-up of public service delivery based on both competition and monopoly where the SOE becomes what we call an IMA bridging sectorial challenges. In Sweden, this role has a new public governance form as the monopoly over time is fully dismantled. In Denmark, over time marketization is put on hold due to problems with the SOE as a market actor, but the SOE is nevertheless safeguarded in a new Weberian model as a sector coordinator.

The paper contributes to the recent literature on SOEs and marketization with an original and novel conceptualization of contemporary SOEs in public governance.

This study investigates the impact of AI finance on financing constraints of non-SOE firms in an emerging market.

Using a sample of non-SOE listed companies in China from 2011 to 2018, this research employs the cash–cash flow sensitivity model to examine the effect of AI finance on financing constraints of non-SOE firms.

We find that the development of AI finance can alleviate the financing constraints of non-SOE firms. Further, we document that such effect is more pronounced for smaller firms, more innovative firms and firms in developing areas.

This study suggests that emerging market countries can ease the financing constraints of non-SOE firms by promoting AI finance development.

This study, to the best of our knowledge, is the first one to explore the relationship between AI finance development and financing constraints of non-SOE firms in emerging markets.

The purpose of this chapter is to share the findings of a qualitative case study focusing on international sustainability guidelines’ ‘fit’ at a mega South African state-owned enterprise (SOE). The case study set out to determine if international guidelines developed in the West fit when the home country of the company is in the global South. The case study drew on document analysis and 23 serial interviews with 12 formally employed sustainability champions and the analysis was conducted through applied thematic analysis (ATA) using the computer-aided qualitative data analysis software (CAQDAS) Atlas.ti. The case study was conducted at a South African SOE with over 60,000 employees and an average annual revenue of 50 billion Rand. The study found that there were several international sustainability guidelines in use at the SOE and that the guidelines in use were not only a good fit but were valuable to the sustainability champions and the company’s corporate sustainability governance structures. The research is limited in that it is not generalizable; however, it is transferrable to similar contexts.

The study recommends that companies ensure that they adopt guidelines that are appropriate for their organization, industry and the regions wherein they operate and that sustainability guidelines may be particularly useful in promoting corporate sustainability within the organization and establishing sustainability-related governance mechanisms which may be valuable for stakeholders as well. This research demonstrates that companies who engage in international trade are likely to benefit from international sustainability guidelines and reveals unique practices which the company proactively engages into ensure that the guidelines are effectively applied.

Regardless of its relevance for economic development, the influence of strategic orientation by innovation orientation, and strategic marketing by marketing capability on firm performance, this interesting study focused on firms with strategic industries (defense and security) in Indonesia. It approached the gap in three ways. Initially, the examination was conducted on the role of innovation orientation, marketing capability, the interaction of innovation orientation and marketing capability on firm performance. The next step was considering the contribution of state-owned enterprise (SOE) and non-SOE. Finally, this relationship was studied in strategic industries of firms in Indonesia. The firm performance in this study, which we chose, was operational performance. The proposed conceptual model would be tested by distributing questionnaires to 41 firms in Indonesia. This study gave insight into the matters, which should be the companies’ focus, to improve their operations’ performance. By using PLS-based structural equation modeling (SEM) analysis, the results of the relationship between innovation orientation, marketing capability, and the interaction between innovation orientation and marketing capability on operational performance were identified. The findings could be clarified via the variations in the characteristics of enterprises (SOE and non-SOE). Moreover, there were clear variations in the findings, which were recognized among the firms’ relatively different characteristics. The main finding was a challenge to generalize the relationship from strategic orientation and strategic marketing to performance. The results of firm characteristics also had considerable managerial relevance. The authors recommend strategic industries (defense and security) in Indonesia in achieving operational performance excellence. Management’s importance is paying attention to the relationship between innovation orientation, marketing capability, and dynamic capability in running a company organization.

The paper examines the relationship between board effectiveness and audit fees for state-owned enterprises (SOEs). Furthermore, given the unique nature of SOEs, the paper assesses country-level influences, such as economic freedom, political democracy and protection of minority shareholders, which can impact board effectiveness and audit fees.

A combination of two-stage and ordinary least squares regression is used to examine the board characteristics-audit fee relationship for SOEs in a multinational setting during the period from 2016 to 2018.

The results indicate that board characteristics that represent a high level of effectiveness are associated with higher audit fees in SOEs. Furthermore, the findings suggest SOE's operating in countries evidencing medium levels of democracy and economic freedom and medium to high levels of protection of minority shareholders may be motivated to reduce agency conflicts by promoting accountability and transparency, thereby demanding increasing levels of corporate governance, monitoring and audit quality, thereby increasing audit fees.

The results provide further support for the OECD (2015) guidelines promoting the use of high-quality external audits in SOEs.

As a result of the scarceness of research in this area, the current study extends the literature by examining the role of corporate governance and audit fees in SOEs, while examining the influence of economic freedom, political democracy and protection of minority shareholders.

The purpose of this paper is to contribute to the conceptualisation of state-owned enterprises (SOEs) as a mode of governance in marketisation via the perspective of historical institutionalism.

The paper is based on a qualitative case study of the marketisation of Danish passenger rail from the 1990s to date where marketisation has been set on hold since 2011 due to the activities of the SOE.

The paper shows that market governance was layered on the hierarchal governance of the SOE that was later turned into a hybrid governance mode through corporatisation. This layered set-up provided the state with a double governance grip that drove marketisation until 2011. However, the SOE as a hybrid created ripple effects between the market and the hierarchy that hampered the marketisation. The hierarchical governance turned towards centralisation and market governance was put on hold. The hybridity of the SOE was endogenously displaced via closing down of commercial activities, leading to a re-conversion of the SOE towards the hierarchical mode.

The paper contributes to the discussions about hybridity and re-centralisation in post-NPM era. It presents a case on how hybridity is altered and evolves in SOEs as a hybrid mode of governance between hierarchy and market in marketisation and how this can lead to re-centralisation.