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Articles 1 - 15 of 15
Full-Text Articles in Business
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Gary Tian
This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.
Does Banks' Dual Holding Affect Bank Lending And Firms' Investment Decisions? Evidence From China, Xiaofei Pan, Gary Tian
Does Banks' Dual Holding Affect Bank Lending And Firms' Investment Decisions? Evidence From China, Xiaofei Pan, Gary Tian
Gary Tian
This study investigates the effect of banks' dual holding on bank lending and firms' investment decisions using a sample of listed firms in China. We find that dual holding leads to easier access to bank loans, a result that is more pronounced for non-state-owned enterprises (non-SOEs) than SOEs. We also find that dual holding distorts banks' lending decisions and harms the investment efficiency for SOEs, while resulting in optimal lending decisions and enhanced investment efficiency for non-SOEs. For non-SOEs, further analysis suggests that optimal lending decisions and efficient investment can be achieved for firms with higher ownership concentration, and firms …
The Chinese Health Care System: An Analysis Of The Current And Emerging Health Care Needs, Karen Giuliano, Courtney Droms
The Chinese Health Care System: An Analysis Of The Current And Emerging Health Care Needs, Karen Giuliano, Courtney Droms
Courtney Hatch
This paper presents an overview of the health care system, current and anticipated health care challenges, and the potential for medical technology to address the health care needs of the People’s Republic of China. The implications of these topics for the modification of current strategies or development of new technologies to address the current and emerging health care needs in China will be reviewed in order to assess the industry’s current plans for expansion of their operations to the health care market in the People’s Republic of China.
Technology Transfer Into China: Preparing For A New Era, Arnoud De Meyer
Technology Transfer Into China: Preparing For A New Era, Arnoud De Meyer
Arnoud DE MEYER
Currently, there are three forces creating a more favourable background for western multinational companies to do new business in China by transferring new technology. First, growing overcapacity means China requires not traditional turnkey factories, but instead, technology which leads to innovation and improvement. Second, a changing attitude by all levels of Chinese government to demanding state-of-the-art technology including software instead of previous generation technology, and to technology management and commercial implementation more. Third, intellectual property rights are becoming better respected. The author makes suggestions to best manage technology transfer into China, with this changed background. Based on six case studies …
Technology Strategy And China's Technology Capacity Building, Arnoud De Meyer
Technology Strategy And China's Technology Capacity Building, Arnoud De Meyer
Arnoud DE MEYER
China has the potential to become a major source of innovation for the world. The scientific investment is in place and rapidly growing. But in order to reap the benefits of this investment its organisations will have to become better at managing innovation. One of the key elements of innovation management is the determination and implementation of a sound technology strategy. The purpose of this paper is to offer a framework and a detailed overview of what it entails to develop and implement a technology strategy. The paper emphasizes the alignment of the strategy with the organisational competencies and the …
Can Brazilian Firms Survive The Chinese Challenge: Effects Of Globalization On Markets, Strategies, And Performance, Syed H. Akhter, Paulo Fernando Pinto Barcellos
Can Brazilian Firms Survive The Chinese Challenge: Effects Of Globalization On Markets, Strategies, And Performance, Syed H. Akhter, Paulo Fernando Pinto Barcellos
Syed H. Akhter
Purpose – The purpose of this paper is to apply the structure-conduct-performance theory and the strategic fit concept to examine the effects of globalization on markets, strategies, and performance of business-to-consumer firms in Brazil. Design/methodology/approach – The paper takes a qualitative approach to answer the research questions. Top decision makers such as president, chief executive officer, chairman of the board, vice president, and director of the companies were interviewed. The elite approach to in-depth interviewing was followed to obtain reliable information from the decision makers. Findings – Findings indicate that globalization and especially the entry of Chinese firms significantly changed …
Refocusing The Lens: Singapore's Private Enterprises In China, Caroline Yeoh, Wilfred Pow Ngee How, Ye Zhang
Refocusing The Lens: Singapore's Private Enterprises In China, Caroline Yeoh, Wilfred Pow Ngee How, Ye Zhang
Caroline Yeoh
In recent years, financial and political instabilities have cooled economic growth in many regions. Even in this context, however, areas of strong growth remain; none, arguably, more prominent than ever-developing and increasingly affluent China, which is today a vastly different environment than even several years ago. More than ever, a wealth of opportunity subsists in this ancient land – and businesses must be able to adapt and seize these opportunities. Thus we turn towards Singapore private enterprise in China, to study once more the efficacy of the city-state's internationalization strategies in the context of the private enterprises which must eventually …
Multinational R&D In China: Differentiation And Integration Of Global R&D Networks, Jian Wang, Zheng Liang, Lan Xue
Multinational R&D In China: Differentiation And Integration Of Global R&D Networks, Jian Wang, Zheng Liang, Lan Xue
Jian Wang
Does Bank Ownership Imply Efficient Monitoring? Evidence From Bank Lending And Firm Investment Efficiencies In China, Gary G. Tian, Xiaofei Pan
Does Bank Ownership Imply Efficient Monitoring? Evidence From Bank Lending And Firm Investment Efficiencies In China, Gary G. Tian, Xiaofei Pan
Gary Tian
This study investigates the effect of bank ownership on lending and firm investment efficiencies to give reasons for the mixed evidence that exists on the impact of bank ownership on firm performance. Using China's listed firms as an example, we find that bank ownership reduces the efficiency of bank lending and harms investment efficiency for state-owned enterprises (SOEs), while simultaneously relating to optimal lending decisions and enhanced investment efficiency for non-SOEs. Our findings suggest that banks monitor non-SOEs effectively, but are less effective at monitoring SOEs. We document that banks' ex post monitoring on non-SOEs' investment policy results from their …
Bank Connection, Corruption And Collateral In China, Xiaofei Pan, Gary Tian
Bank Connection, Corruption And Collateral In China, Xiaofei Pan, Gary Tian
Gary Tian
Using a sample of China's listed entrepreneurial firms, we investigate the relationship between bank connection, corruption and collateral requirements. We find that when a firm is connected with banks, collateral requirements are significantly lower. We also find that bank connection is the channel through which corruption is exercised to benefit those firms with favoured loan terms. Our analysis further reveals that bank connection and corruption have jointly improved bank lending efficiency. However, these positive effects become weaker with government intervention in the form of an economic stimulus package. We argue that in an emerging market, bank connection facilitates rent seeking …
Political Connection, Founder-Manager And Their Impact On Tunneling In China's Listed Firms, Liangbo Ma, Shiguang Ma, Gary G. Tian
Political Connection, Founder-Manager And Their Impact On Tunneling In China's Listed Firms, Liangbo Ma, Shiguang Ma, Gary G. Tian
Shiguang Ma
Reciprocal relationship, often regarded as mutually beneficial and secure, can actually be destructive and result in inefficiency. We provide evidence of such double-blade by studying the impact of political connection on corporate governance. Private firms in countries where the government controls the allocation of resources have incentives to seek political connections by hiring politicians or ex-politicians as top executives. Such political capital, however, may turn into political constraint when the CEOs fail to perform but use connections to entrench themselves. We take advantage of the unique setting in China to illustrate this argument. We show that politically connected CEOs have …
Does Political Capital Create Value In The Ipo Market? Evidence From China, Qigui Liu, Jinghua Tang, Gary Gang Tian
Does Political Capital Create Value In The Ipo Market? Evidence From China, Qigui Liu, Jinghua Tang, Gary Gang Tian
Qigui Liu
This study examines the value of political capital in the Chinese IPO market. We find a positive relationship between a politically connected executive and the probability of IPO approval of entrepreneurial firms. We further identify that shareholders value those connections and give a market premium to connected firms after the firms go public. We provide evidence that other types of political capital gained through external sources, such as politically connected sponsors and PE investors, also bring benefits to the firms in their IPO approval, and these connections substitute for the effect of the executive's political connections on IPO approval. We …
China's Regulatory Framework For Outward Foreign Direct Investment, Karl P. Sauvant, Victor Zitian Chen
China's Regulatory Framework For Outward Foreign Direct Investment, Karl P. Sauvant, Victor Zitian Chen
Karl P. Sauvant
Who Is Responsible For The Co2 Emissions That China Produces?, Ying Liu, Kankesu Jayanthakumaran, Frank Neri
Who Is Responsible For The Co2 Emissions That China Produces?, Ying Liu, Kankesu Jayanthakumaran, Frank Neri
Kankesu Jayanthakumaran
Most climate scientists around the world are concerned about global warming. These concerns have resulted in calls for reductions in CO2 emissions over time. If these calls are to be heeded, an appropriate emissions accounting method must first be agreed upon by CO2 emitting countries, none of which are more important than China. This paper estimates China′s CO2 emissions in 2002 and in 2007 using firstly a production-based, and then a consumption-based, accounting method, both in aggregate and at the sectoral industry level. Our objectives are first to investigate the recent trends in Chinese emissions of CO2, and second to …
The Local Corporatist State And Ngo Relations In China, Jennifer Yj Hsu, Reza Hasmath
The Local Corporatist State And Ngo Relations In China, Jennifer Yj Hsu, Reza Hasmath
Reza Hasmath