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Article

Heidi Wang-Kaeding and Malte Philipp Kaeding

The purpose of this paper is threefold: first, to recount the scale, composition and agents of red capital in Hong Kong; second, to conceptualise the peculiarity of red…

Abstract

Purpose

The purpose of this paper is threefold: first, to recount the scale, composition and agents of red capital in Hong Kong; second, to conceptualise the peculiarity of red capital; and third, to explore the impact of red capital on the political and economic institutional setup in Hong Kong.

Design/methodology/approach

The paper consults the comparative capitalism literature to conceptualise the phenomenon of red capital. The paper gathers data from Hong Kong Stock Exchange and indices to provide an overview of red capital. Furthermore, the case study of 2016 Legislative Election is deployed to investigate the mechanisms of red capital’s influence. The paper concludes with a summary of how red capital may challenge the validity of the “One Country, Two Systems” framework.

Findings

This paper argues that red capital replicates China’s statecapital nexus in Hong Kong and morphs the game of competition in favour of Chinese nationally controlled companies. In tandem with the emerging visibility of the party–state in Hong Kong’s economic sphere, the authors observe attempts of Chinese economic actors to compromise democratic institutions, deemed obstacles to state control.

Originality/value

This paper is the first attempt to systematically embed the discussion of red capital into comparative capitalism literature. This study provides conceptual tools to examine why red capital could pose a threat to liberal societies such as Hong Kong. Through this paper, we introduce a novel research agenda to scrutinise capital from authoritarian states and investigate how the capital is changing the political infrastructure shaped by liberal principles and values.

Details

Asian Education and Development Studies, vol. 8 no. 2
Type: Research Article
ISSN: 2046-3162

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Book part

Jeb Sprague-Silgado

As components of society, social classes contain individuals who are carriers of productive relationships. In the era of global capitalism, chains of accumulation are…

Abstract

As components of society, social classes contain individuals who are carriers of productive relationships. In the era of global capitalism, chains of accumulation are functionally integrating across borders and regions – uniquely altering the formation of productive relationships. How can we understand class relations in the global era, and in the context of regions and countries in Oceania and Asia? How do transnational capitalist-class fractions, new middle strata, and labor undergird globalization? How have state apparatuses and other institutions in this part of the world become entwined with new transnational processes? To begin to consider these questions, this paper provides an overview and summary of studies on transnational class relations and the associated political economic changes occurring across areas of Asia and Oceania.

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Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

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Book part

Philip McMichael

The corporate food regime is presented here as a vector of the project of global development. As such, it expresses not only the social and ecological contradictions of…

Abstract

The corporate food regime is presented here as a vector of the project of global development. As such, it expresses not only the social and ecological contradictions of capitalism, but also the world-historical conjuncture in which the deployment of price and credit relations are key mechanisms of ‘accumulation through dispossession.’ The global displacement of peasant cultures of provision by dumping, the supermarket revolution, and conversion of land for agro-exports, incubate ‘food sovereignty’ movements expressing alternative relationships to the land, farming and food.

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New Directions in the Sociology of Global Development
Type: Book
ISBN: 978-1-84950-373-0

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Book part

Claude Serfati

This paper documents the EU integration process using the uneven and combined development framework. Because capitalist social relations are territorially defined and…

Abstract

This paper documents the EU integration process using the uneven and combined development framework. Because capitalist social relations are territorially defined and politically built, unevenness between countries is not unconnected with that within countries and both involve antagonism between capital and labor. This is manifest in the ‘state form’ of the EU and its anti-democratic tendencies: public institutions at the community level play a major role in reinforcing unevenness in favour of leading countries, in both the productive and financial spheres.

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Analytical Gains of Geopolitical Economy
Type: Book
ISBN: 978-1-78560-336-5

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Book part

Ray Silvius

The purpose of this paper is to examine processes of Eurasian integration and the veritable ‘culture war’ between Russia and the West over it, while contributing to the…

Abstract

The purpose of this paper is to examine processes of Eurasian integration and the veritable ‘culture war’ between Russia and the West over it, while contributing to the theoretical paradigm of geopolitical economy. This paradigm invites us to consider the multiple manifestations of an emerging multipolar world order while scrutinising the extent to which previously popular approaches to the study of international political economy were themselves enmeshed in projects, the architects of which aspired to global hegemony.

The paper employs critical historicism, an approach in which cultural difference is seen as the sedimentation of historically constituted material and ideational processes and which eschews cultural essentialism and orientalising tropes. It is through this lens that Russian state attempts at normalising Eurasian integration processes are examined.

I demonstrate that Russian state organs and officials, as well as ‘political technologists’ attempt to de-politicise processes of Eurasian integration by appealing to both the logic of cultural/civilisational compatibility of affected parties, as well as the logic of economic integration. Such portrayals invite scrutiny; however, it is important that we also consider how Eurasian integration initiatives are the product of a post-Soviet struggle over Eurasian space but represent something more than mere neo-Soviet revisionism.

The paper demonstrates its originality by situating ongoing processes of Eurasian integration within the longer post-Soviet conjuncture and amid processes of international contestation. Moreover, it situates Russian officials and political technologists as active contributors to international debates about the emerging multipolar world order.

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Theoretical Engagements in Geopolitical Economy
Type: Book
ISBN: 978-1-78560-295-5

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Article

Awadhesh Pratap Singh and Chandan Sharma

The goal of this study is to investigate the nexus among TFP (total factor productivity), IT (information technology) capital accumulation, skills and key plant variables…

Abstract

Purpose

The goal of this study is to investigate the nexus among TFP (total factor productivity), IT (information technology) capital accumulation, skills and key plant variables of 34 Indian industries for the period of 2009–2015.

Design/methodology/approach

Annual Survey of Industries (ASI) data series are extracted and formulated using Microsoft SQL server. The authors employ Wooldridge (2009) technique to estimate productivity. To investigate the linkages among productivity, IT, skills and key plant variables, the authors estimate specifications using system generalized method of moments (sys-GMM). Advanced estimation techniques such as Heckman two-step process, probit equations, inverse Mills ratio and panel cointegration are applied to overcome problems of nonstationarity, omitted variables, endogeneity and reverse causality.

Findings

The results indicate that the level of IT capital influences the TFP of Indian industries, so does the level of skilled workers. The outcome suggests that intermediate capital goods, location and ownership type enable the strength of IT capital and that in turn boosts productivity. The authors fail to find any impact of regional factors and contractual labor on IT capital and productivity. While medium-level gender diversity is statistically significant to influence productivity, however, no complementarities exist between gender diversity and IT capital accumulation. The results also indicate that IT demand of Indian industries is sensitive to availability of skilled workforce, fuel and electricity and access to short-term funding.

Originality/value

To the authors' knowledge, this is the first study to investigate the nexus among TFP, IT capital accumulation, skills and organizational factors using ASI unit level data. Besides this, the paper offers two more novelties. First, it uses Wooldridge (2009) technique to estimate productivity, which is used by a handful of studies in the context of India. Second, the study identifies factors that impact productivity growth, IT demand and its adoption in Indian industries and thus contributes to growth and development literature.

Details

Journal of Economic Studies, vol. 47 no. 3
Type: Research Article
ISSN: 0144-3585

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Article

Mohammad A.A Zaid, Man Wang, Sara T.F. Abuhijleh, Ayman Issa, Mohammed W.A. Saleh and Farman Ali

Motivated by the agency theory, this study aims to empirically examine the nexus between board attributes and a firm’s financing decisions of non-financial listed firms in…

Abstract

Purpose

Motivated by the agency theory, this study aims to empirically examine the nexus between board attributes and a firm’s financing decisions of non-financial listed firms in Palestine and how the previous relationship is moderated and shaped by the level of gender diversity.

Design/methodology/approach

Multiple regression analysis on a panel data was used. Further, we applied three different approaches of static panel data “pooled OLS, fixed effect and random effect.” Fixed-effects estimator was selected as the optimal and most appropriate model. In addition, to control for the potential endogeneity problem and to profoundly analyze the study data, the authors perform the one-step system generalized method of moments (GMM) estimator. Dynamic panel GMM specification was superior in generating robust findings.

Findings

The findings clearly unveil that all explanatory variables in the study model have a significant influence on the firm’s financing decisions. Moreover, the results report that the impact of board size and board independence are more positive under conditions of a high level of gender diversity, whereas the influence of CEO duality on the firm’s leverage level turned from negative to positive. In a nutshell, gender diversity moderates the effect of board structure on a firm’s financing decisions.

Research limitations/implications

This study was restricted to one institutional context (Palestine); therefore, the results reflect the attributes of the Palestinian business environment. In this vein, it is possible to generate different findings in other countries, particularly in developed markets.

Practical implications

The findings of this study can draw responsible parties and policymakers’ attention in developing countries to introduce and contextualize new mechanisms that can lead to better monitoring process and help firms in attracting better resources and establishing an optimal capital structure. For instance, entities should mandate a minimum quota for the proportion of women incorporation in boardrooms.

Originality/value

This study provides empirical evidence on the moderating role of gender diversity on the effect of board structure on firm’s financing decisions, something that was predominantly neglected by the earlier studies and has not yet examined by ancestors. Thereby, to protrude nuanced understanding of this novel and unprecedented idea, this study thoroughly bridges this research gap and contributes practically and theoretically to the existing corporate governance–capital structure literature.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 5
Type: Research Article
ISSN: 1472-0701

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Article

Oyakhilome Ibhagui

The threshold regression framework is used to examine the effect of foreign direct investment on growth in Sub-Saharan Africa (SSA). The growth literature is awash with…

Abstract

Purpose

The threshold regression framework is used to examine the effect of foreign direct investment on growth in Sub-Saharan Africa (SSA). The growth literature is awash with divergent evidence on the role of foreign direct investment (FDI) on economic growth. Although the FDI–growth nexus has been studied in diverse ways, very few studies have examined the relationship within the framework of threshold analysis. Furthermore, even where this framework has been adopted, none of the previous studies has comprehensively examined the FDI–growth nexus in the broader SSA. In this paper, within the standard panel and threshold regression framework, the problem of determining the growth impact of FDI is revisited.

Design/methodology/approach

Six variables are used as thresholds – inflation, initial income, population growth, trade openness, financial market development and human capital, and the analysis is based on a large panel data set that comprises 45 SSA countries for the years 1985–2013.

Findings

The results of this study show that the direct impact of FDI on growth is largely ambiguous and inconsistent. However, under the threshold analysis, it is evident that FDI accelerates economic growth when SSA countries have achieved certain threshold levels of inflation, population growth and financial markets development. This evidence is largely invariant qualitatively and is robust to different empirical specifications. FDI enhances growth in SSA when inflation and private sector credit are below their threshold levels while human capital and population growth are above their threshold levels.

Originality/value

The contribution of this paper is twofold. First, the paper streamlines the threshold analysis of FDI–growth nexus to focus on countries in SSA – previous studies on FDI-growth nexus in SSA are country-specific and time series–based (see Tshepo, 2014; Raheem and Oyınlola, 2013 and Bende-Nabende, 2002). This paper provides a panel analysis and considers a broader set of up to 45 SSA countries. Such a broad set of SSA countries had never been considered in the literature. Second, the paper expands on available threshold variables to include two new important macroeconomic variables, population growth and inflation which, though are important absorptive capacities but, until now, had not been used as thresholds in the FDI–growth literature. The rationale for including these variables as thresholds stems from the evidence of an empirical relationship between population growth and economic growth, see Darrat and Al-Yousif (1999), and between inflation and economic growth, see Kremer et al. (2013).

Details

Journal of Economic Studies, vol. 47 no. 1
Type: Research Article
ISSN: 0144-3585

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Book part

Mark Tausig

The purpose of this chapter is to use sociological theory and research to develop an explanation for how chronic illnesses are managed at home and to thereby suggest some…

Abstract

Purpose

The purpose of this chapter is to use sociological theory and research to develop an explanation for how chronic illnesses are managed at home and to thereby suggest some ways in which a sociological perspective can be applied to improve health care for persons with chronic illnesses. Self-care illness management is crucial to the prevention of and reduction of morbidity and mortality from chronic illness.

Methodology/approach

Review and synthesis of research literature.

Findings

Sociological research and theory suggest two important insights that should inform health care services aimed at improving self-care; chronic illness care occurs in the context of the household, neighborhood, and community and, therefore, the “patient” (i.e., the object of health services) is really the caregiving social network around the patient, and because the risk of chronic illness and the resources available to deal with it are socially (and unequally) distributed, “health care” interventions need to take account of disparities in risks and resources that will affect the patient’s ability to successfully comply with self-care regimens.

Research limitations/implications

The review does not include an examination of the clinical research literature. It does, however, suggest that sociologists need to explicitly study chronic illness and health care related to it.

Originality/value of chapter

The chapter links the long history of research on family caregiving to the concern with the success of self-management of chronic illness. It also links concerns about that success to social disparities in the distribution of social resources and hence to morbidity and mortality disparities.

Details

Social Determinants, Health Disparities and Linkages to Health and Health Care
Type: Book
ISBN: 978-1-78190-588-3

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Article

Muazu Ibrahim

The purpose of this paper is to examine the interactive effect of human capital in financial development–economic growth nexus. Relative to the quantity-based measure of…

Abstract

Purpose

The purpose of this paper is to examine the interactive effect of human capital in financial development–economic growth nexus. Relative to the quantity-based measure of enrolment rates, the main aim was to determine how quality of human capital proxied by pupil–teacher ratio influences the relationship between domestic financial sector development and overall economic growth.

Design/methodology/approach

Data are obtained from the World Development Indicators of the World Bank for 29 sub-Saharan African (SSA) countries over the period 1980–2014. The analyses were conducted using the system generalised method of moments within the endogenous growth framework while controlling for country-specific and time effects. The author also follows Papke and Wooldridge procedure in examining the long-run estimates of the variables of interest.

Findings

The key finding is that, while both human capital and financial development unconditionally promotes growth in both the short and long run, results from the interactive terms suggest that, irrespective of the measure of finance, financial sector development largely spurs growth on the back of quality human capital. This finding is also confirmed by the marginal and net effects where the interactive effect of pupil–teacher ratio and indicators of finance are consistently huge relative to the enrolment. Statistically, the results are robust to model specification.

Practical implications

While it is laudable for SSA countries to increase access to education, it is equally more crucial to increase the supply of teachers at the same time improving on the limited teaching and learning materials. Indeed, there are efforts to develop rather low levels of the financial sector owing to its unconditional growth effects. Beyond the direct benefit of finance, however, higher growth effect of finance is conditioned on the quality level of human capital. The outcome of this study should therefore reignite the recognition of the complementarity role of human capital and finance in economic growth process.

Originality/value

The study makes significant contributions to existing finance–growth literature in so many ways: first, the auhor extend the literature by empirically examining how different measures of human capital shape the finance–economic growth nexus. Through this the author is able to bring a different perspective in the literature highlighting the role of countries’ human capital stock in mediating the impact of financial deepening on economic growth. Second, the author makes a more systematic attempt to evaluate the relative importance of finance and human capital in growth process while controlling for several ancillary variables.

Details

Journal of Economic Studies, vol. 45 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

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