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41 – 50 of over 10000
Article
Publication date: 1 February 1993

Douglas Sikorski

There is no general theory of public enterprise, and the miscellanyof separate theorizations on the subject has created a conceptualquagmire. Examines the rather confusing state…

Abstract

There is no general theory of public enterprise, and the miscellany of separate theorizations on the subject has created a conceptual quagmire. Examines the rather confusing state of the research on public enterprise performance and behaviour. Contrary to conventional wisdom, it seems that in certain circumstances (as in the case of Singapore) public enterprise can be quite efficient, as well as an effective form of national competition.

Details

International Journal of Public Sector Management, vol. 6 no. 2
Type: Research Article
ISSN: 0951-3558

Keywords

Article
Publication date: 17 January 2022

Idun Garmo Mo

The purpose of this paper is to investigate efforts to manage institutional complexity in a state-owned enterprise, the roles of explicated values in these efforts and how these…

5952

Abstract

Purpose

The purpose of this paper is to investigate efforts to manage institutional complexity in a state-owned enterprise, the roles of explicated values in these efforts and how these values interact with each other and other influential management controls.

Design/methodology/approach

Exploratory case study in StateEnt, a state-owned enterprise that faces institutional complexity. The analysis is based on interviews, observations and documents and concepts from the management control literature and institutional logics are applied.

Findings

Findings from this study suggest that a structural differentiation have separated two logics in different departments and two of the explicated values have become symbols of these logics taking on various roles in negotiations. Tension between the departments is heightened because the departments legitimize logic enactment through mobilizing different socio-technical dyads of management control. The division of responsibility between these departments still ensures that they need to collaborate and make compromises. The study also finds that exogenously imposed constraints have a significant influence on organizational activities, which is further strengthened due to internally developed management controls embedded in the same logic.

Research limitations/implications

The study contributes with deeper understanding of values as control, and how these interact with other control forms to influence organizational activity. Herein, the importance of regulatory controls in state-owned enterprises is also highlighted. A limitation of this study is the limited size of the organization under investigation.

Originality/value

The explicit emphasis on values as a control in studies on management control issues in institutionally complex environments is underemphasized in the literature.

Details

Qualitative Research in Accounting & Management, vol. 19 no. 2
Type: Research Article
ISSN: 1176-6093

Keywords

Article
Publication date: 26 November 2019

Jingqin Zhang and Yong Ye

The purpose of this paper is to empirically analyze the relationship between institutional investors research meeting and performance of companies being researched.

Abstract

Purpose

The purpose of this paper is to empirically analyze the relationship between institutional investors research meeting and performance of companies being researched.

Design/methodology/approach

Using empirical research method, this study designs and conducts an empirical research according to empirical research’s basic norms. Thus, the authors acquire needed and credible empirical data.

Findings

By analyzing the empirical data, there is a significant positive effect between institutional investors research meeting and the earnings per share of company being researched. Improvement in the level of the research meetings of the institutional investors strengthens the external supervision of management, alleviates the information asymmetry between management and shareholders, improves the management efficiency of the company and ultimately increases the performance of the company. When the performance of a company is better, we can find that the role of II research meetings is more significant. In addition, II research meetings are better able to improve the performance of state-owned enterprises.

Originality/value

This study empirically analyzes and verifies the roles of institutional investors research meeting in improve the performance of the company being researched. The authors expand the channel of institutional investors research behaviors to improve the performance of listed companies by strengthening the supervision and restraint of management behavior. Additionally, via a reverse study, it is found that the situation of the researched company itself is also one of the factors that determine the results of institutional investors research meetings.

Details

China Finance Review International, vol. 10 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 February 1998

Sherriff T.K. Luk

One of the essential components of China’s economic open door policy is the reform in its distribution system. So far the distribution reform has transformed China’s distribution…

4491

Abstract

One of the essential components of China’s economic open door policy is the reform in its distribution system. So far the distribution reform has transformed China’s distribution system from being non‐responsive and supply‐driven to increasingly responsive and market‐ driven and the nature of exchange relationships among channel members has also changed. Consequently, the China market has become more accessible. This paper reviews a series of distribution reform programs and the emerging trends, highlights major changes in China’s distribution system, identifies the unresolved marketing and administration issues, and assesses their implications for the design of channel strategy, market entry strategy, and effective channel management in China.

Details

International Journal of Physical Distribution & Logistics Management, vol. 28 no. 1
Type: Research Article
ISSN: 0960-0035

Keywords

Article
Publication date: 12 October 2021

Jia Liao, Liping Zheng and Yu Yuan

The purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects…

Abstract

Purpose

The purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings.

Design/methodology/approach

This study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses.

Findings

The results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings.

Research limitations/implications

This study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research.

Practical implications

The findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society.

Originality/value

Based on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market.

Details

Kybernetes, vol. 52 no. 1
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 14 May 2018

Malin Song, Mei Chen and Shuhong Wang

The purpose of this paper is to analyze the influence that the financial restrictions of Chinese enterprises exert on their green innovation abilities with their increased…

1292

Abstract

Purpose

The purpose of this paper is to analyze the influence that the financial restrictions of Chinese enterprises exert on their green innovation abilities with their increased integration into the global supply chain (GSC).

Design/methodology/approach

This study uses customs, import, and export data for 222,773 Chinese enterprises and examined them by ownership type, capital density, and degree of pollution.

Findings

The results show that the deeper the integration into the GSC, the looser the financing environment would be, and the stronger the green innovation abilities of the enterprises.

Practical implications

The findings suggest that China should step up privatization of state-owned enterprises, increase government subsidies to private enterprises, and loosen their financing restrictions to address the recent economic decline in the country and ensure smooth and fast economic growth.

Originality/value

This paper is one of the first of its kind to develop and empirically analyze the relationship between the GSC and the financing restrictions and their determinant factors in China. It uniquely contributes to help the authors find approaches to constructing China’s green innovation and has far-reaching implications for other developing countries.

Details

The International Journal of Logistics Management, vol. 29 no. 2
Type: Research Article
ISSN: 0957-4093

Keywords

Article
Publication date: 14 June 2021

Rui Yi, Haojun Wang, Bei Lyu and Qinghua Xia

The study aims to empirically study the effect of venture capital on open innovation of China's enterprises.

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Abstract

Purpose

The study aims to empirically study the effect of venture capital on open innovation of China's enterprises.

Design/methodology/approach

This paper selects China's A-share listed companies on the small and medium-sized enterprises (SMEs) board and the Growth Enterprise Market from 2014 to 2018 as research samples to empirically study the effect of venture capital on open innovation of China's enterprises.

Findings

The authors find that venture capital can significantly promote open innovation of enterprises. This promoting effect is more significant when the venture capital institutions have profounder industry experience, higher shareholding ratio and are syndicated. Further research finds that venture capital mainly promotes open innovation through three mechanisms: increasing monetary funds, improving absorptive capacity and strengthening executive incentives, and the effect of venture capital on open innovation is significantly different under the conditions of different regions, industries and property rights.

Originality/value

This paper not only reveals the effect of venture capital on enterprises' open innovation and the specific mechanism, but also provides empirical evidence for emerging economies to build a national innovation ecosystem and make use of capital markets to accelerate innovation strategies.

Details

European Journal of Innovation Management, vol. 26 no. 1
Type: Research Article
ISSN: 1460-1060

Keywords

Book part
Publication date: 24 June 2015

Xavier Martin and Cha Li

In this paper, we conduct a conceptual and bibliographic analysis of the literature that deals with the international strategy of state-owned enterprises (SOEs), with particular…

Abstract

In this paper, we conduct a conceptual and bibliographic analysis of the literature that deals with the international strategy of state-owned enterprises (SOEs), with particular attention to SOEs from emerging economies (EEs). We first review the state of the art in defining the concepts of EEs and SOEs. We then conduct a detailed bibliographic analysis of the literature pertaining to SOEs’ involvement in international activities, whether as outward foreign investors or as potential local partners of inward-investing multinational enterprises. The analysis covers general trends in the literature, prominent research questions and outcome variables, use of theories, and choices pertaining to methodology (type of research and effects, empirical contexts). We document a literature that is fast-growing and well balanced in some respects. In other respects, we advance recommendations pertaining to (a) consistency and precision in the use of the concepts of “state-owned enterprise” and “emerging economy”; (b) search for specific evidence on the outward activities of EE SOEs in less-developed economies and even in other EEs, and on their performance; (c) understanding of relative propensities of local SOEs and inward investors to collaborate, and what happens when SOEs encounter each other across borders; (d) opportunities to strengthen the theoretical foundations and contributions of this research; and (e) minding the mix of home and host countries in studies and avoiding undue generalization from what has become a predominantly China-centric literature.

Details

Emerging Economies and Multinational Enterprises
Type: Book
ISBN: 978-1-78441-740-6

Keywords

Article
Publication date: 7 March 2016

Dongping Han and Peng Zhang

This paper aims to analyze the different impacts of monetary policy on the financing constraints of diverse enterprises from China by introducing the concepts of external and…

Abstract

Purpose

This paper aims to analyze the different impacts of monetary policy on the financing constraints of diverse enterprises from China by introducing the concepts of external and internal management factors, and on the investment efficiency of these enterprises with the help of “Hayek Triangle”.

Design/methodology/approach

Based on the concept of human action, this paper builds an empirical model which is remarkably different from previous related researches and conducts an empirical test by using the chosen sample data of 312 Chinese listed private companies from 2003 to 2012.

Findings

This paper shows that owing to the differences of management capacity of diverse enterprises, under the condition of the governmental micro-economic intervention in the allocation of credit funds, the loose monetary policy relieves the financing constraints confronted by the enterprises with better external management capacity, and aggravates the financing constraints confronted by the enterprises with better internal management capacity. This paper also shows that the loose monetary policy will distort the market interest rate signal, which in turn falsely directs the enterprises to divert resources from short-term to long-term investment projects.

Research limitations/implications

These findings mean that under the condition of the loose monetary policy, contrasted with the private enterprises with better internal management capacity, the investment efficiency of the private enterprises with better external management capacity will be lowered because they are able to acquire more credit funds preferentially and readily.

Practical implications

This paper argues that the government should strengthen the ex-post property rights protection for financial transactions, reduce the micro-economic intervention in the credit funds allocation and improve the marketization level of the financial deals. Also, the government should prudently regulate macro-economy by monetary policy.

Originality/value

This paper is mainly based on the market process theory of Austrian School, and therefore initiates a totally new perspective for the research of corporate financing.

Details

Nankai Business Review International, vol. 7 no. 1
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 5 March 2018

Massimo Florio, Matteo Ferraris and Daniela Vandone

This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and…

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Abstract

Purpose

This paper looks at state-owned enterprises (SOEs) from the angle of the market for corporate control and analyzes in detail the reported rationales of a sample of 355 mergers and acquisition (M&A) deals performed by SOEs as acquirers over the period 2002-2012. The purpose of this paper, after having created a taxonomy of deal motivations, is to empirically test two alternative hypotheses: deviation vs convergence of M&A deal rationales between state-owned and private enterprises.

Design/methodology/approach

The data set is obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). A recursive algorithm is developed to infer the ownership nature of the enterprises at the time the deal took place and then the authors double-checked the identity of the global ultimate owner by visual inspection of all the available information. Motivations are analyzed through a case-by-case analysis and classified into several categories, thereby providing a taxonomy of rationales behind SOE M&As and discussing their differences and similarities relative to private firms.

Findings

More than 60 percent of the deals performed by SOEs as acquirers are driven by “shareholder value maximization” motives, similarly to private enterprise acquirers. The other 40 percent of deals are almost equally spread among three rationales that specifically relate to the role of modern state capitalism in the economy. “Financial distress” motivation, which is the only one clearly deviating from the objectives of profit maximization typical of private ownership, is far less important than the others.

Research limitations/implications

The paper does not analyze the case studies in detail. Neither does it correlate the evidence with the quality of corporate governance or the quality of institutions in the country. This would be interesting in order to discover whether the alignment of objectives between public and private enterprises is enhanced by certain features of public sector management, as suggested by the OECD (2015) Guidelines.

Practical implications

The paper suggests some policy implications in terms of reforms of the corporate governance of the SOEs and accountability of their management against clearly stated public missions. It also calls for the need for citizens to be informed in a transparent way about the rationales of major M&A deals when a SOE is on the acquirer side, and the consistency of such rationales with the mission assigned by governments to the enterprises they own. Finally, it underlines that regulatory concerns raised in many countries by the rise of cross-border SOE M&As are in most of the cases unfounded.

Originality/value

Existing literature has mainly focused on private corporate M&A deals or has just disregarded the ownership status of the acquiring firm. This paper focuses on the motivations for SOE deals in order to elaborate a taxonomy of SOE deal rationales and to identify the differences and similarities between private corporate firms.

Details

International Journal of Public Sector Management, vol. 31 no. 2
Type: Research Article
ISSN: 0951-3558

Keywords

41 – 50 of over 10000