Toward a theory of internal governance structure of China’s large SOEs

Shen, Jim Huangnan; Zhang, Jun; Li, Weiping

doi:10.1016/j.asieco.2020.101236

Cited by 26 publications

(12 citation statements)

References 33 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The USA has studied the following topics: the WTO's resolution for China's subsidy problem (Mavroidis & Janow, 2017), privatization increasing corruption in the developing world, raising IQ (Innovation Quotient) and growth in China, optimal capital account liberalization in China, the difference in stock liquidity and stock returns between Chinese SOEs and non‐SOEs, the economic performance of SOEs under the Chinese Communist Party's supervision, interest rate liberalization and capital misallocations (Liu, Wang, & Xu, 2021), party‐building or noisy signaling in Chinese corporate governance, and personnel power in governing SOEs. Chinese scholars studied some different content: the wind power investment in China (Zhu et al, 2019), the real effect of China's split share structure reform, dual‐track interest rates, capital misallocation, the Mixed‐Ownership Reform's effect on the innovation strategy choices of Chinese SOEs (Li, Yuan, et al, 2020), the theory of internal governance structure of China's large SOEs (Shen et al, 2020), the status of China's Market Economy and Structural Reforms, the Mixed Reform process, China's rising IQ and growth, the impact of corporate governance ability on capital gains in mixed‐ownership enterprises, imprinting and peer effects in acquiring state ownership‐evidence from private firms in China (Li, Pan, et al, 2020), heterogeneous shareholders' participation, COVID‐19's impact and innovation decisions of Chinese SOEs (Wang, Ma, et al, 2021), SOEs and Chinese real business cycle (Peng et al, 2020), privatization reform alleviating ownership discrimination (Liu, Wang, & Zhu, 2021), the SOER, and productivity growth in China.…”

Section: Resultsmentioning

confidence: 99%

“…As can be understood by the growth rings, studies on the influence of the SOER on the economic industry are mostly conducted in PEOPLES R CHINA. Chinese scholars studied some different content: the wind power investment in China (Zhu et al, 2019), the real effect of China's split share structure reform, dual-track interest rates, capital misallocation, the Mixed-Ownership Reform's effect on the innovation strategy choices of Chinese SOEs (Li, Yuan, et al, 2020), the theory of internal governance structure of China's large SOEs (Shen et al, 2020) governance ability on capital gains in mixed-ownership enterprises, imprinting and peer effects in acquiring state ownership-evidence from private firms in China (Li, Pan, et al, 2020), heterogeneous shareholders' participation, COVID-19's impact and innovation decisions of Chinese SOEs (Wang, Ma, et al, 2021), SOEs and Chinese real business cycle (Peng et al, 2020), privatization reform alleviating ownership discrimination (Liu, Wang, & Zhu, 2021), the SOER, and productivity growth in China.…”

Section: National/regional Cooperation Networkmentioning

confidence: 99%

See 1 more Smart Citation

State ownership may not be bad: Based on bibliometric research (2002–2021)

Chen

2022

Manage Decis Econ

View full text Add to dashboard Cite

Over the past two decades, the world's view of the state‐owned enterprise reform (SOER) has shifted. Based on the WOS database and CiteSpace, this study analyzes the SOER from seven dimensions and reveals that the SOER is heating up and closer to co‐research. China and the United States have become important research centers, and Chinese state‐owned enterprises have become the main research objects. Moreover, this study finds that the concept of the SOER has changed rapidly after 2012 and supports state ownership in five aspects: economic drive, resource access, innovation promotion, social responsibility enhancements, and state governance.

show abstract

Section: Resultsmentioning

confidence: 99%

Section: National/regional Cooperation Networkmentioning

confidence: 99%

State ownership may not be bad: Based on bibliometric research (2002–2021)

Chen

2022

Manage Decis Econ

View full text Add to dashboard Cite

show abstract

“…4.4.5 Leverage. Leverage (LE) is measured by the asset-liability ratio, which is the ratio of the total liabilities at the end of the period to the total assets at the end of the period (Shen et al, 2020;Cao et al, 2021).…”

Section: Control Variablesmentioning

confidence: 99%

Building world-class enterprises though mixed-ownership reform: explaining performance differences in minority and majority state-owned enterprises

Liao

Assche

et al. 2022

CMS

View full text Add to dashboard Cite

Purpose In the context of China’s efforts to build world-class enterprises through mixed-ownership reform, this study aims to build an agency theory framework to analyze the differential relation between ownership structure and firm performance in majority versus minority state-owned enterprises (SOEs). It also evaluates the differential influence that political connectedness has on firm performance in the two types of SOEs. Design/methodology/approach Using a panel data set of Chinese state-controlled mixed-ownership enterprises covering the period 2010–2019, this paper uses ordinary least squares, random-effects, fixed-effects and three stage least squares regression analysis to study the differential impact of ownership structure and political connectedness on firm performance in majority versus minority SOEs. Findings In minority SOEs, firm performance is positively related to the ownership share of the largest private shareholder and state ownership positively moderates this relation. Furthermore, minority SOEs with a politically connected chairman perform worse than those with a politically connected chairman. In majority SOEs, there is no relation between the ownership share of the largest private shareholder and firm performance. In addition, majority SOEs with a politically connected chairman perform similar to those without a politically connected chairman. Originality/value The theoretical framework demonstrates that agency problems are substantially different in minority versus majority SOEs and that this influences how changes in ownership structure and in the type of chairman that is assigned affect firm performance. The empirical analysis confirms these predictions.

show abstract

“…It is driven largely by the shift in the structure of domestic factor endowments (Liu, 2016) and to some degree by China's integration into financialized neoliberal globalization. To guarantee a “soft‐landing” from sprinting growth to a sustainable, medium‐high‐speed growth, appropriate measures must be conducted, both on the demand side and supply side (Chen et al., 2018; Shen et al., 2020; Song & Zhang, 2010).…”

Section: Overview On China's “New Normal” and Future Transformationsmentioning

confidence: 99%

What is the rationale behind China's infrastructure investment under the Belt and Road Initiative

Zou

Shen

Zhang

et al. 2021

Journal of Economic Surveys

Self Cite

View full text Add to dashboard Cite

This research presents a full picture of the rationale behind China's infrastructure investment under the Belt and Road Initiative (BRI), which was formally initiated in 2013. In this paper, we argue that the main reason for China to conduct infrastructure investment under BRI is to strategically respond to the emergence of the "New Normal," which pushes the country to sustain economic growth through further structural transformation. We come up with three relevant factors for why infrastructure projects under BRI could be conducive to structural transformation in China's economy, as it (1) provides a much better alternative to the existing poor logistic conditions and can create accessibility among regions, (2) enables the smooth flow of factor endowments of production that significantly reduce production costs, and (3) indirectly strengthens the influence of the debt provider's home currency. This paper also provides three theoretical pillars: the comparative advantage following (CAF) and defying (CAD) development strategies, the late development theory with antineoliberalism characteristics, and the new international division of labor, from which these three factors might potentially explain how BRI could enhance the structural transformation of this second-largest economy in the world.

show abstract

Toward a theory of internal governance structure of China’s large SOEs

Cited by 26 publications

References 33 publications

State ownership may not be bad: Based on bibliometric research (2002–2021)

State ownership may not be bad: Based on bibliometric research (2002–2021)

Building world-class enterprises though mixed-ownership reform: explaining performance differences in minority and majority state-owned enterprises

What is the rationale behind China's infrastructure investment under the Belt and Road Initiative

Contact Info

Product

Resources

About