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Article
Publication date: 9 September 2011

Yu Honghai, Xu Longbing and Chen Baizhu

The purpose of this paper is to study the capital structure of firms when controlling shareholders decide on the level of debt financing in an environment with poor legal…

Abstract

Purpose

The purpose of this paper is to study the capital structure of firms when controlling shareholders decide on the level of debt financing in an environment with poor legal protection.

Design/methodology/approach

Theoretically this paper uses a dynamic model to analyze how the controlling shareholder expropriates the firm's benefit through debt financing. Empirically this paper uses a sample of Chinese publicly listed firms from 2004 to 2007, through the method of OLS and panel data, to verify the theoretical predictions.

Findings

Theoretically this paper finds that firms with controlling shareholders will take excess debt financing in an environment of controlled interest rate and poor legal protection to minority shareholders. Government intervention exacerbates while controlling shareholder's cash flow rights constrains excess debt financing. The empirical results conclude that the improvement of the legal environment, limiting government intervention, and raising controlling shareholder's cash flow rights will effectively reduce excess debt level, as well as long‐term debt ratio.

Originality/value

First, this paper provides a theoretical model to explain the mechanism of how the ownership structure, legal environment and government intervention interact to impact debt financing. This result also provides a theory to explain the “paradox” in a transitional economy that better legal protection lowers debt level and long‐term debt ratio. Second, this paper provides further evidence on controlling shareholder's expropriation to minority shareholder through debt financing.

Details

China Finance Review International, vol. 1 no. 4
Type: Research Article
ISSN: 2044-1398

Keywords

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Article
Publication date: 3 August 2021

Jianhua Zhang, Shengyong Chen, Honghai Liu and Naoyuki Kubota

Abstract

Details

Industrial Robot: the international journal of robotics research and application, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0143-991X

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Article
Publication date: 1 December 2004

George K. Stylios

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects…

Abstract

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

Details

International Journal of Clothing Science and Technology, vol. 16 no. 6
Type: Research Article
ISSN: 0955-6222

Keywords

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Article
Publication date: 29 November 2018

Feifei Chen

The purpose of this paper is to examine how microblog communication enabled a new form of hybrid net-roots third-sector organization that rely heavily on the internet to…

Abstract

Purpose

The purpose of this paper is to examine how microblog communication enabled a new form of hybrid net-roots third-sector organization that rely heavily on the internet to achieve multiple organizational successes in civil society, social movement and service providing in China, where the government holds predominating power over the third sector.

Design/methodology/approach

A qualitative inductive analysis was conducted to analyze two successful organizations’ Sina tweets sent from their Weibo debuts to the dates when they achieved their first milestone successes. In the analysis, the author iteratively alternated between emic data coding and etic reference to literature on social movement rhetoric and nonprofits’ microblog communication.

Findings

This study developed an indigenous communication framework featuring three key communication strategies: changing perceptions, mobilizing action, and building and maintaining relationships, each associated with specific tactics. These strategies and tactics allowed both organizations to tap into social media’s interactive features to engage publics and construct legitimacy.

Research limitations/implications

This paper enriches social media-based communication research and classic social movement rhetoric, and further illustrates strategic communication’s active role in reacting to and reforming institutional contexts. Findings from study might be extended to address similar problems experienced by nonprofits across countries, especially within those that operate in a context where institutional separation from a predominant government is unavailable.

Originality/value

This original communication framework developed in this study crystalizes strategic microblog use by a nascent type of nonprofit when fulfilling functions reflects civil society, social movements and traditional nonprofit organizations in an understudied political and social context.

Details

Corporate Communications: An International Journal, vol. 24 no. 1
Type: Research Article
ISSN: 1356-3289

Keywords

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