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Regionalisation And Singapore's Transborder Industrialisation: A New Perspective On Suzhou Industrial Park, Xun Cai, Lu Gao, Caroline Yeoh
Regionalisation And Singapore's Transborder Industrialisation: A New Perspective On Suzhou Industrial Park, Xun Cai, Lu Gao, Caroline Yeoh
Caroline Yeoh
The dynamics of international economic competition have prompted governments to re-examine accustomed policies, and search for alternative strategies, in order to re-position their economies for the future. This paper takes a look at Singapore’s search for a competitive positioning in the global marketplace, and focuses on the city-state’s much-publicized, and controversial, flagship project in China, viz, the Suzhou Industrial Park (SIP). This strategic initiative is premised on the perceptions that Singapore’s positive reputation with multinational corporations, and ‘guanxi’ (or connections) with regional governments, will give the regional sites a strategic advantage in the competition for foreign investments. Earlier studies have …
Executive Compensation, Board Characteristics And Firm Performance In China: The Impact Of Compensation Committee, Yuqing Zhu, Gary G. Tian, Shiguang Ma
Executive Compensation, Board Characteristics And Firm Performance In China: The Impact Of Compensation Committee, Yuqing Zhu, Gary G. Tian, Shiguang Ma
Louise Zhu
The independent directors of a board can impact CEO payperformancemore effectively if a compensation committeeprovides information and assist them in designing relevantexecutive pay schemes. On the basis of this idea, we developed andtested the hypotheses that Chinese firms with a compensationcommittee have a closer CEO pay link with performance when alarger proportion of independent directors serves on the board. Wefocused primarily on the effect of a compensation committee onCEO pay-performance relation as a consequence of its help for theboard and found that board independence produces a strongerrelationship between executive compensation and firmperformance in Chinese listed firms. This association is more …
Interactions Among China-Related Stocks: Evidence From A Causality Test With A New Procedure, Gary Gang Tian, Guang Hua Wan
Interactions Among China-Related Stocks: Evidence From A Causality Test With A New Procedure, Gary Gang Tian, Guang Hua Wan
Gary Tian
The purpose of this study is to investigate a causal relationship among five different indices of shares issued by Chinese firms, A-, B- and H-shares listed in China and Hong Kong. This paper re-examines the interactions among these China-related stocks using daily time series data by constructing a vector autoregresion (VAR) model. A new Granger no-causality testing procedure developed by Toda and Yamamoto (1995) was applied to test the causality link among these five stock indices. The results emerging from our research indicate that there are "closed" relations within A-share (as well as within B-share) between Shanghai and Shenzhen markets …
Tourism, Development And Poverty Reduction In Guizhou And Yunnan, John A. Donaldson
Tourism, Development And Poverty Reduction In Guizhou And Yunnan, John A. Donaldson
John Donaldson
How did the differing strategies adopted to develop tourism in Guizhou and Yunnan affect patterns of economic development and poverty reduction? The answer is paradoxical. Both provincial governments incorporated tourism as part of their overall development strategies, but their tourism sites were distributed and structured strikingly differently. In Yunnan, although tourism contributed to rapid economic growth, it did not reduce rural poverty as much as might be expected from a large rural-based industry. By contrast, Guizhou's relatively small-scale tourism industry, although not contributing significantly to growth, was distributed largely in poor areas and was structured to allow poor people to …
The Rise Of Agrarian Capitalism With Chinese Characteristics: Agricultural Modernization, Agribusiness And Collective Land Rights, Qian Forrest Zhang, John Andrew Donaldson
The Rise Of Agrarian Capitalism With Chinese Characteristics: Agricultural Modernization, Agribusiness And Collective Land Rights, Qian Forrest Zhang, John Andrew Donaldson
John Donaldson
The article discusses the agricultural transformation taking place in the rural areas of China. Details about the Chinese laws regarding rural reform and the effect they have had on rural Chinese farmers and families are included. The authors examine the expansion of agrarian capitalism in China and describe the rise of agribusiness in rural Chinese areas. The practices of Chinese agribusinesses and the Chinese land rights laws are explored. The relationships between individual farmers and agribusinesses is also examined.
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian
Gary Tian
This paper examines the effect that venture capital (VC) has on the pay-performancerelationship in listed Chinese firms. We find that VC has a significantly positive effect onCEO compensation and the pay-performance relationship, such effect particularly stronger infirms needing more managerial efforts and discretions (higher growth opportunity or higherlevels of capital expenditure). In addition, we show that VC-backed firms with moremanagerial discretions are more likely to use stock options. The evidence suggests thatventure capital investors use more sensitive compensation contract for top executives inChinese when the need for managerial discretion is greater. Such compensation schemes byVCs enhance firm performance subsequently.
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Disproportional Ownership Structure And Pay-Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary G. Tian
Xiaofei Pan
This paper examines the impact of disproportional ownership structure on the pay-performance relationship in China’s listed firms. We find that the cash flow rights of the ultimate controlling shareholder have a positive effect on this relationship while a divergence between the control rights and cash flow rights has a significantly negative effect. By dividing our sample into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms, we find that cash flow rights in SOE controlled firms have a significant impact on accounting based pay performance and cash flow rights in privately controlled firms also affect the …
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary Tian
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary Tian
Qigui Liu
This paper examines the effect that venture capital (VC) has on the pay-performancerelationship in listed Chinese firms. We find that VC has a significantly positive effect onCEO compensation and the pay-performance relationship, such effect particularly stronger infirms needing more managerial efforts and discretions (higher growth opportunity or higherlevels of capital expenditure). In addition, we show that VC-backed firms with moremanagerial discretions are more likely to use stock options. The evidence suggests thatventure capital investors use more sensitive compensation contract for top executives inChinese when the need for managerial discretion is greater. Such compensation schemes byVCs enhance firm performance subsequently.
Can The Hong Kong Icac Help Reduce Corruption On The Mainland?, Bryane Michael
Can The Hong Kong Icac Help Reduce Corruption On The Mainland?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
Hong Kong’s Independent Commission Against Corruption (ICAC) serves as the example par excellence of a successful anti-corruption agency. Yet, the Agency works in one of the more corrupt jurisdictions world-wide (the People’s Republic of China). To what extent can the ICAC – and the Prevention of Bribery Ordinance (POBO) which regulates its work – contribute to reductions in corruption on the Mainland? In this paper, we look at the ways in which the ICAC – technically a Chinese agency (albeit operating in a legally independent jurisdiction) – can help to reduce and prevent corruption on the Mainland. We find that …