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Abstract
Purpose
The goal of this paper is to investigate the relationship between government control and firm value in China.
Design/methodology/approach
Government might extract social or political benefits from a state-controlled firm, thus decreases firm value. However, government’s monitoring on firm management reduces managers’ agency problem, which increases firm value. We first build a game-theoretic model to prove the existence of optimal government control given these two roles of government, and we then employ the OLS regression method to test the theory predictions using the length of intermediate ownership chains connecting the listed state-owned enterprises to their ultimate controllers as the measure of government control.
Findings
We find that firm values first increase then decrease as government control weakens. Moreover, we find that government usually retains a stronger control over state-owned enterprises than the optimal level. In addition, we show that government control can be further weakened in firms with good corporate governance mechanisms, which serve as a substitution of government monitoring.
Social implications
Our results demonstrate that government control in China is still a necessary but costly mechanism to mitigate agency costs, especially when corporate governance system is underdeveloped.
Originality/value
We identify the substitution effect between government control and corporate governance using a unique measure of government control.
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Hong Lu, Bin Liang and Deena DeVore
The victim’s rights movement and restorative justice (RJ) have gained momentum around the world. More laws and policies have focused on crime victims and their families. Western…
Abstract
The victim’s rights movement and restorative justice (RJ) have gained momentum around the world. More laws and policies have focused on crime victims and their families. Western literature suggests that the victim’s family suffers physical, emotional, and financial tolls and that the power of the victim’s family in pursuing justice for their loved ones remains limited. This is particularly concerning within the political and legal context of the abolitionist movement, innocence project, and human rights groups’ campaigns against police torture. Grounded in the perspectives of RJ and Chinese legal culture, this study examines the victim’s family, represented by Ding and senior Yu, of the Nian Bin capital murder case. Drawing on published reports and using the thematic content analysis method, this study examines the following aspects of victim’s family in a death penalty case: 1) victim family’s physical, emotional, and financial tolls; 2) victims’ family and the criminal justice system; 3) victims’ family and the media; and 4) the relationship between the victims’ and the accused’s families. This study concludes with discussions of the competing goals of families impacted by a crime and RJ practices that would help mitigate the loss of the victim’s family and enhance their confidence in the criminal justice system.
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Several studies have proposed that small- and medium-sized enterprises (SMEs) lack resources and experiential knowledge to internationalise to distant markets. The authors argue…
Abstract
Several studies have proposed that small- and medium-sized enterprises (SMEs) lack resources and experiential knowledge to internationalise to distant markets. The authors argue that SMEs can handle the lack of these tangible and intangible internal resources through external collaborations; they can achieve success in international markets by collaborating with business partners. The role of inter-firm marketing collaboration and its impact on internationalisation efforts has not been thoroughly studied, particularly in the context of SMEs. This study will thus advance our understanding of SMEs’ inter-firm marketing collaborations and how they influence performance in international markets. In this chapter, authors conceptually develop this line of arguments through an extensive literature review and develop some hypotheses and a framework that can be empirically tested. The authors believe this framework will serve as a starting point for further studies on this topic. Theoretically, we endeavour to contribute by showing that firms can enhance their level of international performance through inter-firm collaboration. The authors believe this type of study would have considerable theoretical as well as managerial implications in this important field of research.
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This paper examines diverging views on the Chongqing model, the policy experiment led by Bo Xilai from 2007 to 2012 that was famous for its “red songs” and the campaign against…
Abstract
This paper examines diverging views on the Chongqing model, the policy experiment led by Bo Xilai from 2007 to 2012 that was famous for its “red songs” and the campaign against organized crime. It has impressed both the supporters of socialist identity of China and the supporters of liberal identity and led to an intense debate concerning China’s path of development. This paper attempts to discuss and clarify to what extent the Chongqing model represented a genuine socialist experiment and the implications of the model for China’s future.
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Lorna Thomas, Adesola Osinaike and Tara Brown
Late spring, early summer 2020, theme parks across the World started to publish their plans for reopening. In this regard, this chapter ventures into critical questions like what…
Abstract
Late spring, early summer 2020, theme parks across the World started to publish their plans for reopening. In this regard, this chapter ventures into critical questions like what did theme parks learn from the first ‘reopening’? What worked and what has changed? Have or will visitors return? Drafted as an exploratory paper this chapter brings forth the strategies adopted by the theme parks in the quest to return to the normal.
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