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"STATE-OWNED ENTERPRISES"
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Murder wears a little black dress
\"Every woman would kill for one ... Manhattan fashionista Kelly Quinn thought she'd left her upstate New York town far behind ... until the Seventh Avenue expat returns home to revamp her grandmother's consignment shop into an upscale boutique--and unwittingly sets a trend for murder ... After her rising career as a Manhattan buyer is derailed, Kelly has mixed feelings about relocating back to Lucky Cove, in spite of her big plans for the soon-to-be-renamed Curated by Kelly Resale Boutique. What's left of her luck starts running out when a customer puts on a black lace dress that triggers visions of someone being murdered. As if the haunted \"Murder Dress\" isn't enough to kill business, the psychic's doppelganger cousin has just been found bludgeoned to death. Was Maxine LeMoyne the real target or was it a case of mistaken murder? With some creepy pre-Halloween bargain hunters walking the night and Kelly suddenly a person of interest, a second murder rocks the close-knit town. Now Kelly could be the one who ends up talking to dead people when she's stalked by a killer determined to take her out in high style . . .\"--Publisher.
Book
The liability of opaqueness
Research Summary State‐owned enterprises (SOEs) are often more opaque than other types of firms. This opaqueness tends to generate resistance when SOEs undertake cross‐border acquisitions. Opaqueness can also aggravate concerns about an SOE's semipolitical nature and its susceptibility to agency problems, making gaining legitimacy harder. Data on attempted foreign acquisitions by Chinese firms were analyzed to compare the likelihood of deal completion between SOEs and firms with other forms of ownership. The SOEs' completion rate was 14% lower than that of other firms. Their disadvantage was shown to be alleviated when they could provide credible signals by being publicly listed (though only on an exchange in a well‐developed economy or by hiring reputable auditors). We also find that the disadvantage of SOEs was partially mediated by their opaqueness. Managerial Summary Opaqueness, or lack of transparency, is critical in many business transactions. In this article, we argue that the concept of opaqueness can help us understand why SOEs tend to have a lower likelihood of deal completion in cross‐border acquisitions. Our evidence suggests that opaqueness influences the relationship between state ownership and deal completion, and firms can improve their chance of success in cross‐border acquisitions by providing credible information, such as by listing on an exchange in a developed market or hiring a reputable auditor. These help mitigate the hazard of opaqueness.
Journal Article
Corporate giving and corporate financial performance: the S-curve relationship
The relationship between corporate giving and corporate financial performance has remained inconclusive after decades of research. This study advances our understanding by contending that stakeholders may react differently to a firm’s various levels of corporate philanthropic giving. The relationship between corporate giving and firm performance could be better captured using an S-curve shape in that either a low or high level of corporate giving will reduce, while a moderate level of corporate giving will increase, firm performance. We further examine the moderating effects of firm ownership and regional development. We contend that stakeholders may have higher expectations for the social performance of state-owned enterprises (SOEs) versus private-owned enterprises (POEs), resulting in a lower performance effect for SOEs with the same amount of corporate giving. Similarly, stakeholders in developed regions are also likely to have higher expectations for corporate giving, leading to a lower performance effect for the same level of corporate giving. Analyses of listed firms in China during the period from 2003 to 2013 support our thesis.
Journal Article
The latest round of China's state-owned enterprise reforms: the state advances, the private sector retreats?
Despite the remarkable economic growth, China maintains a large-scale State economy comprised of extensive State-owned enterprises (SOEs) that continue to play a dominant role in the national economy. In spite of this, China has been substantially restructuring its State economy in its long-lasting SOE reforms since 1978, and the fourth round of the reforms commenced in 2013. China's expanding geopolitical influence and escalating Sino-Western tensions warrant an in-depth examination of its genuine State economy reform objective and process. Based on comprehensive analyses of relevant laws and policies of China's major State economy restructuring programs promoted in the second and the latest round of the reforms, this study firstly demonstrates SOE's well-established primacy in China's political-economic system. This study argues that since the mid-1990s, the restructuring reforms implemented by successive Chinese governments for the State economy have promoted the 'Grasp the Large and Release the Small' pseudo-privatisation. The policy continuity speaks to a goal that successive Chinese leaders have sought to achieve-'the State advances, the private sector retreats'.
Journal Article
HOW MIDDLE MANAGERS MANAGE THE POLITICAL ENVIRONMENT TO ACHIEVE MARKET GOALS: INSIGHTS FROM CHINA'S STATE-OWNED ENTERPRISES
Research summary: Although the middle management literature has identified various bridging roles performed by middle managers in the market environment, it is relatively vague about whether and how they manage the political environment to achieve market-related goals. In an inductive field study of four large state-owned enterprises based in mainland Communist China, operational middle managers were found to take an active role in dealing with political actors to achieve market efficiency in their local environments, performing two distinct bridging strategies. Our field study suggests that middle managers are better equipped than their bosses (top executives) as well as their subordinates (frontline employees) to perform the bridging function between competing market and political imperatives in various local settings. Managerial summary: For firms that operate in diverse geographies, it is challenging for a handful of top executives to deal with numerous political actors. This burden could be shared with operational middle managers, who play a bridging role by drawing on their operational knowledge and local networks. Our research on middle managers who work under the scrutiny of political actors in China found that they bridge market and political ideology by conveying common features that seem legitimate to both. They also bridge market goals and political actors with personal affect. Compared to top executives and frontline employees, middle managers have unique advantages in performing these bridging functions. Firms can enhance their strategy execution ability by training middle managers in dealing with political actors in diverse contexts.
Journal Article
Contingent value of director identification: The role of government directors in monitoring and resource provision in an emerging economy
Research summary: Although previous studies have explored the value of government directors, less attention has been directed at the antecedents of government directors' engagement in value-adding activities, such as managerial monitoring and resource provision. Drawing on social identity theory, we offer a novel model that specifies how a government director's dual identifications with the focal firm, and with the government individually and interactively affect his or her governance behavior. An investigation of government directors in China shows that their identification with the focal firm enhances monitoring and resource provision, while their identification with the government affects monitoring and resource provision differently, depending on the dominance of state ownership. The synergistic/substitutable effects between the two types of identification are contingent on state ownership and governance roles. Managerial summary: This study examines how a government director's dual identities—as a government official and as a board member of a focal firm affect his or her engagement in managerial monitoring and resource provision. Using data of Chinese listed firms, we find that government directors who strongly identify with the focal firm or with the government are highly motivated to fulfill their fiduciary obligations. However, the positive effects of their identification with the government differ between state-owned enterprises (SOEs) and non-SOEs. The combination of the two identifications offers a further boost to monitoring in non-SOEs, and to resource provision in both SOEs and non-SOEs, but it acts as a disincentive to monitoring in SOEs.
Journal Article
Today's state-owned enterprises of China: are they dying dinosaurs or dynamic dynamos?
This paper raises the question and provides empirical evidence regarding the status of the evolution of the state-owned enterprises (SOEs) in China today. In this study, we compare the SOEs to domestic private-owned enterprises (POEs) and foreign-controlled businesses (FCBs) in the context of their organizational cultures. While a new ownership form, many of the POEs evolved from former collectives that reflect the traditional values of Chinese business. Conversely, the FCBs are much more indicative of the large global MNCs. Therefore, we look at the SOEs in the context of these two reference points. We conclude that the SOEs of today have substantially transformed to approximate a configuration desired by the Chinese government when it began the SOE transformation a couple of decades ago to make them globally competitive. The SOEs of today appear to be appropriately described as China's economic dynamic dynamo for the future.
Journal Article
The Motives for Issuing Exchangeable Bonds in the Privatization of State‑Owned Enterprises
Using a unique sample of exchangeable bond issues carried out in seven countries since the 2000s, this paper investigates the role of hybrid debt in the privatization of state‑owned enterprises (SOEs) via government‑controlled investment vehicles. This research shows that so far, sixteen series of exchangeable bonds amounting to approx. USD 25 billion were issued to privatize ten SOEs in the telecommunication, energy, basic materials, industrials, healthcare, and utilities sectors in Europe and Asia. Moreover, in some cases, the privatization of SOEs by means of exchangeables can prove to be a more favorable alternative to traditional methods of selling shares directly on the capital market, for example, via IPOs or SPOs (during periods of deep undervaluation of privatized companies or of high stock market volatility). First, shares can be sold at a later date and at a higher price. Second, the impact on the stock market price of an SOE may be less disruptive to shareholders. Third, the entire privatization process tends to be more flexible for issuers in that they can perceive exchangeables as a source of relatively cheap, long‑term external capital while keeping control over the privatized company until the potential conversion of debt by bondholders.
Journal Article
Do corporate governance dynamics drive performance of state-owned and non-state-owned enterprises? An Indian perspective
The current study examines how corporate governance (
CG
) affects the business performance of state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). The data of 36 listed SOEs and 104 non-SOEs registered on the Indian BSE Dollex 200 has been endorsed for 10 years (2011–2012 to 2020–2021). Both random effects model and fixed effects models are used for analysis. Using regression analysis as a tool to check the impact of the board variables (board attendance, board meetings, board size, board independence and women directors) as CG indicators on firm performance (
ROA
,
ROE
and Tobin’s
Q
), this study reports that
CG
variables do not have any significant impact on the firm performance of SOEs other than appointment of the independent directors and board attendance. However,
CG
practices are significantly associated with the corporate performance of non-SOEs other than board meetings. This study provides insight into how
CG
practices affect SOEs and non-SOEs differently and highlights the importance of ownership pattern in the connection between
CG
standards and Indian corporate value.
Journal Article
Mixed ownership reform and non-state-owned enterprise innovation: Evidence from China
PurposeThis study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.Design/methodology/approachWe use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.FindingsThe study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.Originality/valueThis study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.
Journal Article