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The positive relationship between knowledge transfer and knowledge innovation is recognized by most scholars, while knowledge heterogeneity, as a knowledge situation of the enterprise organization, affects knowledge transfer within enterprise organizations. Therefore, as a state, knowledge transfer can be regarded as a result of knowledge heterogeneity, and it becomes the intermediary state between knowledge heterogeneity and knowledge innovation. The organizational structure of individuals within an enterprise organization may affect these three elements and their interrelationships. In this paper, data are collected by means of on-the-spot investigation and a network questionnaire for analysis. The results show that the microstructure state of the individual in the enterprise organization plays a moderating role for the first three elements. The lower that the micro-restriction of the individual is, the more favorable the knowledge heterogeneity is for the inverted U-shaped impact of knowledge transfer and knowledge innovation and the more favorable the occurrence of knowledge innovation. [ABSTRACT FROM AUTHOR]

The high-quality development of SRDI enterprises is crucial for China to overcome critical technological bottlenecks and thereby achieve technological independence and strength. However, the factors driving the high-quality development of SRDI enterprises are not isolated elements, but rather a complex system of interconnected antecedents. This study employs the TOE framework and fuzzy set Qualitative Comparative Analysis (fsQCA) with 141 Chinese SRDI "little giant" listed companies as samples to explore how various factors contribute to their high-quality development. The findings indicate: (1) No single factor is necessary for SRDI enterprises' high-quality development. (2) It is the synergy of multiple factors, in various combinations, that drives their high-quality development. (3) Technological innovation plays a key role in these pathways; SRDI enterprises should leverage their resources and capabilities for a synergistic technology-organization-environment match, selecting the most suitable development path. The results of this study not only enrich our understanding of the factors influencing SRDI enterprises' high-quality development but also offer insights for both the enterprises and government policy-making. [ABSTRACT FROM AUTHOR]

The China Railway Express stands as a crucial facilitator of trade across the land routes of Eurasian countries. During its initial developmental phase, the China Railway Express heavily relied on subsidies to establish a market presence. This dependency hindered its independence and sustainability. Hence, there exists a paramount need to regulate the subsidy market and institute more rational operation strategies. This study focuses on the dynamics of the subsidies and operations in the market for the China Railway Express under different types of development models. It uses evolutionary game theory and the Activity-Based Costing (ABC) method to describe the dynamic evolution of four cases between local governments and operating-platform enterprises. Four corresponding lines were selected as instances: from Xiamen, Wuxi, Changsha, and Zhengzhou to Malaszewicze, Poland. The findings conclude that the optimal conditions for the development of the China Railway Express market exist when operating-platform enterprises possess higher assets and the local government's supervision and punishment of the market are relatively weaker. This study offers valuable insights for guiding subsidy and operational decision-making processes for the China Railway Express. [ABSTRACT FROM AUTHOR]

The study calls for greater scholarly engagement with the generational experiences of the socialist working class in China. Through an analysis of collective actions in response to the reform of state-owned enterprises at the turn of the century, the paper divides the Chinese socialist working class into the Revolution Generation and the Transition Generation. Amid the restructuring of the state sector, workers from the Revolution Generation exhibited a proclivity for civic activism and petitions, while the Transition Generation, though grappling with unemployment, largely refrained from public dissent, instead expressing sentiments of bewilderment and resignation. The study illustrates how the differing lived experiences of two working-class generations played a pivotal role in shaping their interpretation of grievances and contention repertoire. The article underscores the significance of generational perspectives in gaining insight into the destiny of the Chinese working class, advocating for the integration of such perspectives into the broader fields of deindustrialization and labor studies. [ABSTRACT FROM AUTHOR]

Improving corporate carbon performance is imperative for sustainable economic and social development. Using a sample of Chinese A-share-listed manufacturing firms from 2012 to 2019, this study explores how government environmental subsidies affect corporate carbon performance. The baseline results show that government environmental subsidies are positively associated with corporate carbon performance, suggesting an improving effect of government environmental subsidies on corporate carbon performance. These results are robust to a set of sensitivity tests. Further, the channel analyses show that government environmental subsidies improve corporate carbon performance by alleviating financial constraints and enhancing environmental information disclosure. Moreover, cross-sectional analyses show that the improving effect of government environmental subsidies on corporate carbon performance is stronger in state-owned enterprises, in firms with higher executive environmental awareness, and in firms with higher media attention. This study provides meaningful insights for the government seeking to promote low-carbon development through environmental subsidies. [ABSTRACT FROM AUTHOR]

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

Recognition of the key text of the Chinese seal can speed up the approval of documents, and improve the office efficiency of enterprises or government administrative departments. Due to image blurring and occlusion, the accuracy of Chinese seal recognition is low. In addition, the real dataset is very limited. In order to solve these problems, we improve the differentiable binarization detection algorithm (DBnet) to construct a model DB-ECA for text region detection, and propose a model named LSTR (Lightweight Seal Text Recognition) for text recognition. The efficient channel attention module is added to the differentiable binarization network to solve the feature pyramid conflict, and the convolutional layer network structure is improved to delay downsampling for reducing semantic feature loss. LSTR uses a lightweight CNN more suitable for small-sample generalization, and dynamically fuses positional and visual information through a self-attention-based inference layer to predict the label distribution of feature sequences in parallel. The inference layer not only solves the weak discriminative power of CNN in the shallow layer, but also facilitates CTC (Connectionist Temporal Classification) to accurately align the feature region with the target character. Experiments on the homemade dataset in this paper, DB-ECA compared with the other five commonly used detection models, the precision, recall, F-measure are the best effect of 90.29, 85.17, 87.65, respectively. LSTR compared with the other five kinds of recognition models in the last three years, to achieve the highest effect of accuracy 91.29%, and has the advantages of a small number of parameters and fast inference. The experimental results fully prove the innovation and effectiveness of our model. [ABSTRACT FROM AUTHOR]

Against the background of sustainable development policies, the ESG performance of Chinese manufacturing enterprises is still generally poor. As the leading enterprises in the manufacturing industry, state-owned enterprises should take the lead in responding to the national call for sustainable development and actively explore the path to improve their ESG performance. This study aims to explore whether and how state-owned manufacturing enterprises can improve their poor ESG performance through digital transformation in the digital economy. This study takes Shanghai and Shenzhen A-share state-owned listed manufacturing enterprises as the research sample and constructs an unbalanced panel. OLS regression analysis is used to empirically test the impact of digital transformation on the ESG performance of the sample firms. Further attempts are made to discuss the influence mechanism of digital transformation from the perspectives of dynamic capabilities and the institutional environment through stepwise and hierarchical regression methods, respectively. The study shows that, firstly, digital transformation is an important influencing factor in promoting the improvement of enterprises' ESG performance, and at the same time, there are significant structural differences in this influence. Second, under the dynamic capability perspective, digital transformation can improve corporate ESG performance through an absorptive feedback mechanism, matching response mechanism, and innovation efficiency enhancement mechanism. Third, from the perspective of the institutional environment, the informal system has a significant positive moderating effect on the relationship between digital transformation and ESG performance, i.e., the informal system and digital transformation have a synergistic governance effect on corporate ESG performance. The moderating effect of the formal institutional environment on digital transformation and ESG performance is not significant. The findings of the study clarify the controversy over the relationship between digital transformation and ESG performance of manufacturing state-owned enterprises and enrich the research on the influencing factors of corporate ESG performance. It also provides a theoretical foundation and empirical evidence for manufacturing SOEs to improve ESG performance and lead to sustainable development. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has made it more difficult and expensive for medium-sized enterprises (SMEs) to finance. In this context, relying on the network platform, smart supply chain finance effectively solves financing problems for small and SMEs. However, in the development of smart supply chain finance, there are still some problems such as unstable willingness of SMEs to participate in financing, difficulty in determining the optimal development mode of platform-based core enterprises and lack of appropriate regulatory measures. Based on whether the network platform can use its own capitals for lending, this study introduces two smart supply chain financial models (the dominant and cooperation models of platform-based core enterprises) to solve the above problems. In this study, we construct two evolutionary game models: the tripartite model, including government, platform-based core enterprises, and SMEs, and the quadrilateral model, including government, financial institutions, platform-based core enterprises, and SMEs. This study presents the evolution and stability strategies of each participant under different modes. In addition, we discuss the willingness of platforms to choose different modes and corresponding government supervision measures. This study offers several important conclusions. (1) Core enterprises that do not have the conditions to build a highly intelligent platform choose the cooperation model; otherwise, they will preferentially choose the dominant mode. (2) Under the dominant mode, the stable development of smart supply chain finance must rely on strict government supervision. (3) By adjusting the scope of tax rates and subsidies, the government can control the trend of mutual transformation of the two modes, so that the dominant mode and the cooperative mode can develop in a balanced way in the market. [ABSTRACT FROM AUTHOR]

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market. [ABSTRACT FROM AUTHOR]

In this study, a value engineering model for state-owned enterprises was developed using a mixed-method approach, focusing on a South African state-owned enterprise. Key findings highlighted that strong management support, a supportive value engineering culture, an effective value engineering methodology, and an efficient value engineering team are vital enablers for successful value engineering implementation in state-owned enterprises. The study further emphasised the importance of recognising differences between stateowned enterprises and private organisations, as they require tailored value engineering approaches. In addition, the research explored factors influencing value engineering success, identified state-owned enterprise specific barriers, and provided recommendations. These findings offer unique insights into state-owned enterprises, aiding decision-makers, managers, and practitioners. Applying the model and recommendations can enhance state-owned enterprise performance, efficiency, and value realisation. [ABSTRACT FROM AUTHOR]

The paper unpacks the multi-level efforts to establish, promote and implement China standards in overseas contexts through an examination of corporate social responsibility (CSR) activities of Chinese state-owned enterprises (SOEs) in Africa. Drawing upon document analysis of government policies, institutional guidelines and corporate reports from four case companies, as well as field research in Ethiopia, it identifies ways that Chinese corporate actors interpret, incorporate and initiate CSR standards through strategic planning and during overseas business activities. Analysis of both first-hand and secondary data shows the development of Chinese CSR standards is a co-production of international, national and local standards, which involves diverse actors and institutions and is driven by multiple considerations to fulfill commercial, political, social and diplomatic objectives for overseas companies and Chinese government. [ABSTRACT FROM AUTHOR]

It has been a pervasive phenomenon that a firm constructs multiple collaborations with universities and research institutes from diverse geographic regions. This study examines whether and under what conditions university-industry (UI) collaboration portfolio concentration, the geographical concentration of UI collaboration partners, influence focal firms' innovation performance. The results suggest that UI collaboration portfolio concentration is negatively associated with focal firms' innovation performance. Besides, the negative relationship between UI collaboration portfolio concentration and firm innovation performance is stronger for state-owned enterprises (SOEs) than non-SOEs. Moreover, the negative relationship between UI collaboration portfolio concentration and firm innovation performance is stronger for politically connected firms than non-politically connected firms. This study contributes to previous research on alliance portfolios and UI collaborations, and provides some meaningful inspiration for practice. [ABSTRACT FROM AUTHOR]

With an increasing number of heterogeneous shareholders participating in corporate governance in reality, the assumption of shareholder homogeneity in agency theory is gradually relaxing in the modern field of corporate governance. The policy of mixed ownership reform in China provides empirical evidence for studying heterogeneous shareholder governance. To fully understand the governance effects of non-state shareholders, we employ the ownership proportion held by non-state shareholders among the top ten shareholders and the appointment of directors as measures for non-state shareholder governance. Using a panel fixed-effect model from the perspective of state-owned enterprises (SOEs) party organizations, we examine the impact of non-state shareholder governance on the governance level of SOEs. The study reveals that non-state shareholder governance positively affects the governance level of SOEs, with board resolutions playing a crucial role in this relationship. When party members serve as directors, the governance effect of non-state shareholders is more significant. Based on the aforementioned research findings, we recommend further refining corporate governance measures for SOEs within the context of SOE reforms. It is advisable to optimize the party organizational governance structure and leverage the synergistic effects of non-state shareholder governance and party organizational governance. Advancing reforms along the Pareto improvement path will contribute to establishing a distinctive corporate governance system for Chinese SOEs. [ABSTRACT FROM AUTHOR]

With the predicament of sustainable improvement in traditional cities, the low-carbon city pilot policy (LCCPP), as a novel development mode, provides thinking for resolving the tensions of green development, resource conservation and environmental protection among firms. Using Chinese A-share listed companies panel data during 2007–2019, this study adopts the difference-in-differences model to explore the impact of LCCPP on firm green innovation. Based on theoretical analysis, LCCPP-driven environmental rules have the impact of encouraging business green innovation. The relationship between LCCPP and green innovation is strengthened by external media attention and organizational redundancy resources. The mechanism study shows that the incentive effect of LCCPP on firm green innovation is mainly due to the improvement of enterprises' green total factor productivity and financial stability. In addition, the heterogeneity analysis shows that the LCCPP has significantly positive effects in promoting green innovation in high-carbon industries and state-owned enterprises. This research contributes to the understanding of city-level low-carbon policies as a driving force for corporate green innovation, offering practical implications for policymakers and businesses striving for sustainability. [ABSTRACT FROM AUTHOR]

We examine the effect of a place-based policy in China, the Northeastern Revitalization Program. In 2003 the State Council of the People's Republic of China initiated the program in northeastern China by removing an agricultural tax, enhancing the urban social security system, facilitating foreign investment, and restructuring state-owned enterprises in the region. Using the synthetic control method, we find that the program had no significant effect on GDP per capita in all three regions. Liaoning had slightly worse GDP per capita post-treatment, as did Heilongjiang (albeit to a lesser extent). While the multiple synthetic control analysis shows that economic outcomes were worse post-treatment, the impact of this program was heterogeneous across the three regions. We argue the lackluster performance likely comes from the continuing dominance of inefficient state-owned enterprises in the provinces. [ABSTRACT FROM AUTHOR]

In light of the long-term constraints posed by the "dual carbon" objective, can digital technology emerge as a transformative solution for enterprises to embark on a sustainable development trajectory? The existing body of research has yet to reach a consensus. In order to shed further light on the intricate relationship between digital transformation and ESG performance of enterprises, this study empirically examines the mechanisms and boundaries through which digital transformation influences ESG performance, based on observational data from A-share manufacturing listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange spanning from 2011 to 2021. The findings demonstrate that digital transformation exerts a significant positive impact on the ESG performance of manufacturing enterprises. Mechanism analysis reveals that the enabling effect of digital transformation primarily enhances company transparency, thereby fostering continuous improvements in ESG performance among manufacturing enterprises. The performance expectation gap will give rise to the phenomenon of "stop-loss in time" and impede the promotional impact of digital transformation. Further investigation into industrial characteristics and industry competition intensity indicates that state-owned enterprises and those operating within highly competitive environments experience more pronounced effects of digital transformation on their ESG performance. This study expands the mechanism and boundary of digital transformation on ESG performance of manufacturing enterprises, and provides a new perspective for manufacturing enterprises to realize the collaborative transformation of digital and green. [ABSTRACT FROM AUTHOR]

An enterprise's ownership structure is crucial for factor allocation efficiency. We used Chinese firm-level data to investigate whether changes in state-owned enterprise ownership structure contribute to resource misallocation, leading to high-quality economic development. We found a U-shaped relationship between non-state shareholding and state-owned enterprises' resource allocation efficiency. An optimal range exists for non-state shareholding. When the shareholding of non-state shareholders reaches 10%–20%, the efficiency of resource allocation is at its highest. Additional research has revealed that mixed shareholding has varying impacts on resource allocation, displaying substantial heterogeneity. These insights offer valuable guidance for future mixed-ownership reforms and serve as a practical reference for economic reforms in other nations, particularly developing countries. [ABSTRACT FROM AUTHOR]

This article uses a transcendental logarithmic stochastic frontier cost function model to analyze the cost efficiency, cost loss efficiency, and influencing factors of large-scale pig farming in 29 provinces across China from 2012 to 2021. Research has found that the overall cost efficiency of large-scale pig farming is relatively high, with an average of 0.894, but an average annual decrease of 0.1%. Non-cost efficiency is the main factor affecting the cost efficiency of large-scale pig farming. Epidemic prevention awareness, human capital, government support, and feed compensation can significantly promote the improvement of cost efficiency in large-scale pig farming, while regional production structures will have a inhibitory effect. Therefore, in the context of rural revitalization, various regions should increase cooperation between government and enterprises, develop pig farming according to local conditions, and effectively improve the cost efficiency of pig farming. [ABSTRACT FROM AUTHOR]

We investigate the association between business strategy and firm-level tournament incentives in China and find that business strategy is associated with tournament incentives positively. We further find that this positive relationship manifests itself in local, but not central, state-owned enterprises (SOEs). In addition, we also offer some evidence that foreign institutional investors play a moderating role on the positive association between business strategy and tournament incentives. Our study fills a gap in the existing tournament literature by incorporating business strategy as an important determinant of tournament incentives in China. JEL CLASSIFICATION M10; G30; J33 [ABSTRACT FROM AUTHOR]

In the context of tightening resource and environmental constraints globally, it is urgent to promote enterprise's green technological innovation through environmental regulation. This paper uses the panel data of Chinese listed companies from 2009 to 2019 to empirically test the relationship between environmental regulation and green technological innovation, and it also explores the transmission mechanism of executive compensation between these two. The main conclusions are as follows: (1) environmental regulation can promote enterprise green technological innovation. (2) Environmental regulation negatively influences the enterprise green technological innovation by reducing executive compensation. (3) The effect of environmental regulation on the promotion of green technological innovation of enterprise is higher in coastal areas than inland areas of China; while the effect of environmental regulation on the promotion of green technological innovation of enterprise is higher in state-owned enterprises than others. [ABSTRACT FROM AUTHOR]

This article investigates the effects of US sanctions on Chinese public and private overseas foreign direct investment (FDI). Using data for up to 112 developing countries from 2005 to 2015, we find that Chinese state-owned enterprises (SOEs) are more likely to invest in countries threatened or targeted with US sanctions relative to Chinese privately owned enterprises (POEs) because they have the Chinese government's backing and are larger in number and size, motivating them to invest in higher-risk states. The Chinese government also reaps political benefits by Chinese SOEs investing abroad, enhancing China's economic strength and decreasing its rivals' influence. We obtain similar results for Chinese SOEs and POEs regardless of the investment sector and conduct additional robustness checks that further reinforce the main findings. Our study provides insights into how China's overseas FDI increases its economic and political reach across the globe at the possible expense of the United States. [ABSTRACT FROM AUTHOR]

The ESG scores of corporations is a crucial manifestation of their long-term strategic goals, attracting significant attention from society. The impact and underlying mechanisms of the enhancement of the social credit atmosphere on the ESG performance of corporations remain unclear. This study utilizes a sample of Chinese A-share listed companies from 2010 to 2020, employing the Difference-in-Differences (DID) methodology to investigate the relationship of the establishment of the social credit system on company ESG scores. This study reveals that the establishment of the social credit system significantly advances corporate ESG scores. Heterogeneity results indicate that the positive effect is more pronounced in state-owned enterprises or companies having substantial institutional shareholding. Furthermore, the implementation of the social credit system amplifies corporate ESG scores through three key mechanisms: fostering green technology innovation, cultivating ethical and moral corporate cultures, and optimizing the overall business environment. This paper enriches the informal institutional researches about the driving factors of corporate ESG scores, providing valuable insights for policymakers and corporate decision-makers. [ABSTRACT FROM AUTHOR]

Magazine Expansión publishes yearly its list of leading 500 top companies in Mexico. Its cumulative probability sales distribution per employee (per capita) exhibits a two-class structure: a quasi-Pareto power-law in the higher part and an exponential in the lower part which is qualitatively similar to income and wealth distributions in many countries of the world. Therefore, we posit that the income in wages and salaries of many Mexican workers is correlated to the sales revenue per employee of their corresponding employer firms. The relatively small number of state-owned enterprises (SOE) in this list is due to the privatization of most of the Mexican SOE during the past decades. [ABSTRACT FROM AUTHOR]

Distortions and resource misallocation cause large productivity losses, especially in developing countries. But removing (all) distortions is infeasible in practice. Policymakers face second-best policy options at best. However, empirical studies typically do not show the productivity gain from a partial removal of distortions. In this paper we analyze the productivity gain from (only) removing ownership distortions within the Hsieh and Klenow (2009) framework using the Vietnam Enterprise Census over the period 2000–2015. We show analytically how the productivity gains from a removal of ownership distortions depends on their covariances with other distortions. Empirically, state-owned enterprises and foreign firms experience significantly lower capital distortions than private firms in most manufacturing industries. However, the removal of ownership distortions has little impact because of complementary size-dependent distortions in Vietnam. This type of analysis can support policymakers in designing productivity enhancing policy interventions in the presence of complementarities. [ABSTRACT FROM AUTHOR]

In order to foster a modern economic system and facilitate high-quality economic development, it is crucial to establish a conducive business environment. Undoubtedly, the evaluation of the business environment for enterprises constitutes a prominent area of research. Nevertheless, ensuring the authenticity and security of the raw data sources provided by participating enterprises poses a challenge, thereby compromising the accuracy of the evaluation. To tackle this issue, an enterprise composite blockchain construction method for business environment is proposed in this paper, which stores the raw data of enterprises by the means of hybrid on-chain and off-chain. Initially, the enhanced hash function SHA256 is introduced to encrypt the raw data of enterprises. The encrypted data is subsequently stored in an off-chain Level DB database, which is based on non-volatile memory. This approach effectively alleviates the burden on communication and storage. Secondly, a composite storage strategy on-chain is adopted: the key values from the Level DB are stored in the DAG-based Conflux public blockchain, while the enterprise state data is stored in the consortium blockchain, so as to provide trusted evidence of business environment evaluation data. Finally, it is demonstrated through a large number of experimental comparisons that the enterprise composite blockchain construction method proposed in this paper exhibits better read and write performance, lower storage efficiency and storage overhead, and outperforms both the before-improved Level DB database and existing blockchain storage models. [ABSTRACT FROM AUTHOR]

Existing literature has explored how different firm behaviours and strategies in different institutional contexts result in variegation in network structures. Based on those studies, this paper first examines how networks have been shaped by China's institutional transition in general and the process of marketisation in particular. Furthermore, we stress that the rise of networks in China's film industry has in return boosted the development of private firms and subsequently pushed forward the process of marketisation in this industry. Empirical results show that private firms have benefitted more from the complementarity between direct knowledge spillovers via inter‐firm networks and indirect knowledge spillovers via inter‐city networks, while state‐owned enterprises are incapable of coping with the competition effects stemming from inter‐city networks and fail to benefit from trans‐local knowledge spillovers in networks. Our main contribution is thus to direct attention to the interaction between network dynamics and institutional transition, which remains underexplored in the current literature. [ABSTRACT FROM AUTHOR]

In the 21st century, State-Owned Enterprises (SOEs) reemerged as key players in strategic sectors, showing a renewed intention to contribute to relevant economic and societal objectives, including structural economic change, innovation, internationalisation, and industrialisation. This special issue explores the revival of SOEs in the last two decades, by identifying their specificities as compared to traditional SOEs of the 20th century. It finds that the new political-economic context has changed the mission, mandate, governance, ownership structure of SOEs. The 21st century has witnessed the rise of some emerging economies as major industrial competitors, and a process of increasing market globalisation. In addition, the transition from a unipolar to a multipolar international order is increasing political rivalry among States, which is reflected in the increasing competition in strategic sectors such as natural resources, high technologies, and control of infrastructure and trade routes. SOEs have evolved in the 21st century to suit these challenges by becoming policy-driven but also efficient and competitive. In fact, they are increasingly investing in strategic sectors, while at the same time relying on models of corporate governance that ensure operational efficiency. This model has allowed the presence of private shareholders alongside the State, and the need for SOEs' industrial strategies to reconcile both public and private objectives. To address this theme, the special issue has selected studies on contemporary SOEs of both advanced and emerging economies – including China, Indonesia, Italy, Singapore, Vietnam – operating in strategic sectors – such as energy, transport, infrastructure and logistics, banking and high-tech. The special issue comprises both quantitative and qualitative studies that shed light on the nexus between changes in corporate governance and industrial strategies at different stages of economic development and political contexts. [ABSTRACT FROM AUTHOR]

In this work, by constructing a principal‐agent model, we analyze the intrinsic causes of collusion between the government and enterprises, particularly through the central and local governments and resource‐based enterprises. The analysis has been conducted by introducing the public as a third‐party monitoring body to explore the positive role of public participation in preventing collusion between the government and enterprises, and henceforth entailing model analysis and validation with certain examples. The green transformation of resource‐based enterprises is an effective way for their sustainable development, besides being an inevitable requirement for China's high‐quality economic development and ecological civilization construction in the new era. In this perspective, our study reveals that: (1) Government‐enterprise collusion is motivated by the central government's improper assessment and incentive mechanism, besides the information deficit between the central government and the colluding parties. (2) The conditions for government‐enterprise collusion in development remain on the resource‐based enterprises and local governments that face fewer expected penalties than expected benefits, thus resulting in lower collusion risks. (3) Public participation in monitoring can effectively combat the willingness of the local governments and resource‐based enterprises to collude and significantly increase the level of effort of both parties in the green transition. (4) Public monitoring increases the probability of collusion detection, and prompt detection improves the timeliness and effectiveness of punishment. The findings from this study can provide a scientific basis for improving the regulatory system, thus improving public participation and strengthening the penal system. [ABSTRACT FROM AUTHOR]

This research aims to investigate the implications of funding strategies employed by PT Jasa Marga and its subsidiary PT Jasamarga Transjawa Tol on their financial performance. With the Indonesian government's increased investment in toll road infrastructure, Jasa Marga, a State-Owned Enterprise, has undertaken expansive endeavors, augmenting investments from IDR 24.8 trillion in 2018 to IDR 78.6 trillion by 2022. However, this escalation in investment levels also brings forth heightened liabilities, predominantly stemming from reliance on debt, particularly bank loans, in addition to equity. Such a scenario presents challenges in managing payment obligations and, if not handled adeptly, could imperil Jasa Marga's financial performance. Consequently, strategies aimed at bolstering the company's capital structure are slated for implementation in 2023. This exploration aims to assess how these financial strategies and the debt-equity balance influence company value and financial health, drawing on frameworks like the Pecking Order Theory. It seeks to comprehend the ramifications of internal and external financing on the company's solvency, as measured by ratios such as Debt Equity Ratio (DER), Debt Ratio, and Interest Coverage Ratio (ICR). The literature review delves into various financial strategies such as crowdfunding and Initial Public Offering (IPO), elucidating their motivations and repercussions on companies, with a specific focus on aspects like information asymmetry and changes in post-IPO performance. This research integrates theories, practical strategies, and financial metrics to derive meaningful, data-driven conclusions aimed at optimizing capital structure and enhancing financial stability. It offers valuable insights to stakeholders and facilitates improved financial decision-making processes within the company. [ABSTRACT FROM AUTHOR]

Globalization has introduced insecurities to individuals and businesses. Countries are pressed to respond to these insecurities with more inclusive visions of globalization. One policy response is social procurement—public purchasing geared to create social value. Canada is embracing this response but faces barriers of its own making. Through the institutional bricolage of procurement trade rules, Canada has constrained its capacity to use social procurement. This is acutely felt by Crown corporations, which are increasingly under the scope of trade treaties. This article details this phenomenon through textual analysis of Canadian procurement trade rules and state enterprise attempts at social procurement. [ABSTRACT FROM AUTHOR]

The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. [ABSTRACT FROM AUTHOR]

Based on panel data from 2010 to 2020 of 151 A-share listed food-related enterprises in China, this research uses a fixed-effect model to analyse the impact of digital transformation on total factor productivity (TFP) in food--related enterprises. Our findings indicated that digital transformation has a positive and significant catalytic effect on TFP improvement in food-related enterprises. The mechanism test revealed that both cost-saving and innovation capacity enhancement effects of digital transformation contributed to the promotion of TFP improvement in these enterprises. Moreover, our heterogeneity analysis suggested that digital transformation is more effective in enhancing TFP in state-owned enterprises (SOEs) in the food-related industry, indicating that SOEs play a representative role in promoting advanced productivity in agricultural development. We also found that capital-intensive and technology- intensitve food-related enterprises were experiencing productivity paradox traps. Our results confirmed that digital transformation brings catch-up effects to labor-intensive food-related enterprises and those located in major grain production regions. Overall, this research can provide valuable insights for policymakers to upgrade the digital- -enabled food industry. [ABSTRACT FROM AUTHOR]

Capital misallocation is a main obstacle to China's economic development. This paper deploys a quasi-natural experiment formed by the 'Revitalization Plan for Ten Industries' (RPTI) and examines the impacts that selective industrial policies have on capital misallocation. It is found that the RPTI significantly exacerbates capital misallocation and that the effect does not disappear when the RPTI ends. Mechanism analysis indicates that the RPTI significantly increases the capital productivity of firm groups with high capital productivity but significantly reduces the capital productivity of firm groups with low capital productivity. This can be further interpreted by a decrease or an increase of inefficient investment and financial constraints faced by the corresponding firm groups. The documented relationship is stronger in state-owned enterprises and in firms located in areas of high marketization. Our findings advance the understanding of governmental policy intervention in developing countries. [ABSTRACT FROM AUTHOR]

This study examined the impact of the government enterprise and empowerment program (GEEP) on women's performance in entrepreneurship development in Nigeria. Results from the use of difference-in-difference (DiD) quasi-experimental design indicate that GEEP intervention has significant impacts on enterprise turnover, reduction in per unit cost of production, and increase in profitability and return on investment (ROI). The results also show unequal access to resources and opportunities available in GEEP, between rural and urban residents. The findings suggest that, if the rural women had equal access to the resources and opportunities available to their urban counterparts in GEEP, they would participate in traditional industries and build livelihoods in rural economies. This implies that embracing increased GEEP interventions with rural dwellers will enhance women's entrepreneurship development, raise women's economic status, and deter aggression in Nigeria. [ABSTRACT FROM AUTHOR]

This study used the entropy weight method to develop an index of green transition and empirically examined the influence of analyst coverage on green transitions by manufacturing enterprises in China. We examined A-share listed manufacturing firms from 2010–2020, using patent data, media reports from Chinese Research Data Services, and other data from the Cathay Capital Database. After excluding cases with missing data, our final sample comprised 16,576 observations. The following conclusions were drawn. First, analyst coverage significantly contributed to green transition. Second, the analysis of the impact mechanism showed that improving information transparency, weakening principal-agent conflict, and increasing environmental legitimacy pressure are the paths through which analyst coverage affects manufacturing's corporate green transition. Third, the effect of analyst coverage was stronger for large-scale and state-owned manufacturing companies. [ABSTRACT FROM AUTHOR]

The impact of the incumbent state‐owned enterprises (SOEs) on the births of new private‐owned enterprises (POEs) in China is a central concern for the government and society. In this paper, we apply agglomeration theories to distinguish the linkages between SOEs and POEs. Using China's 2008 economic census, the 2007 Input‐Output Table, and the 2005 population census, we measure the formation of new POEs at the city‐industry level, and the agglomeration forces of distance proximity to inputs, outputs, labor, and technology. More explicitly, we measure the extent to which local SOEs provide relevant inputs, consume outputs, employ similar workers, and use similar technology. Our findings indicate that overall, incumbent SOEs hinder the formation of new POEs. For manufacturing, the entry of new POEs is significantly lower in places where more upstream SOEs are concentrated. For services, the entry of new POEs is significantly lower in places where more upstream and downstream SOEs are concentrated. However, the agglomeration effects from the incumbent POEs are either insignificant or significantly positive. [ABSTRACT FROM AUTHOR]

This study was conducted to gain first-hand insight into the attitudes, beliefs, values, and experiences of the targeted managers regarding executive leadership succession planning and its implementation in Namibia’s commercial public enterprises. The primary data collection for this study was qualitative and quantitative. The total population of the study was 63 participants, derived from 22 commercial public enterprises. The study developed a succession management framework for Namibian organizations called the Muadinohamba succession development progression framework, a tool for planning leadership succession in Namibian companies. The framework’s elements include making succession planning a key performance metric, setting a mandated retirement age, educating managers on succession practices, and providing a structured succession process. This study suggests that, in addition to researching leadership, companies within a specific cultural context should research leadership succession plans and implementation processes due to existential differences. [ABSTRACT FROM AUTHOR]

Why are perennially entrenched institutions so hard to reform? This article proposes a theory of institutional rebound based on China's reforms to break the three "iron-institutions" in state-owned enterprises (SOEs). I argue that reforms triggered the rise of informal institutions, which impeded further reforms and made old rules rebound. When SOE cadres had denser political connections, they actively manipulated the rules to maintain privileges. When managers and workers had fewer political resources, they used performative resistance to delay reforms and penalize reform advocates. The pressure to complete reforms drove cadres to first target the powerless, replacing them with cronies, before having to move to the more powerful. The article combines in-depth interviews, secondary sources, and topical modeling of newspaper and journal articles across three decades. [ABSTRACT FROM AUTHOR]

Green-oriented transition of the energy industry is the way to cope with changes in the world energy system and energy strategy. As decision makers, oilfield managers' green-oriented transition behaviors have an important impact on the sustainable development of the company and energy industry. In practice, due to the influence of endogenous drivers and external environment factors, oilfield managers' green-oriented transition willingness and behavior are inconsistent. Based on a survey of state-owned oil companies in China, this study uses a logistic-interpretative-structural model (Logistic-ISM model) to analyze the factors influencing the willingness and behavior of oilfield managers in the green-oriented transition and their hierarchical logic structure. The results of valid questionnaires (n = 508) show that education, years of establishment, perceived usefulness, resource facilitation conditions, technological facilitation condition and government incentives have significant effects on the paradox of managers' green-oriented transition willingness and behavior, and further analysis of the logical hierarchy among the influencing factors reveal that perceived usefulness is the most direct factor causing the paradox of green-oriented transition willingness and behavior. Based on the results, we should focus on strengthening managers' attention and awareness of green-oriented transition, improving the technological innovation and resource acquisition capability of oilfield companies and increasing financial support. [ABSTRACT FROM AUTHOR]

Green innovation is not only a significant source of sustainable enterprise development, but it is also critical to China's aim of carbon peak and carbon neutrality. Under the current context of informatization and resource-based development, whether the public resource trading center, as a highly standardized and unified public resource trading platform, can assist firms in improving their green innovation level merits further investigation. The policy of public resource trading centers is used as a quasi-natural experiment in this article, and empirical research is conducted using data from China's A-share listed companies from 2008 to 2021. The study found that the establishment of public resource trading centers can considerably enhance enterprise green innovation, and this conclusion holds up after a series of robustness tests. It is worth noting that green invention patents typically have a stronger promotion effect than green utility model patents. Meanwhile, the establishment of public resource trading centers has a stronger influence on green innovation incentives for state-owned enterprises, small and mediumsized enterprises, and enterprises in high-polluting industries, according to the heterogeneity study. Furthermore, the establishment of public resource trading centers promotes green enterprise innovation through improving normalization and standardization of public resource trading and strengthening the responsibility of regional environmental supervision and management. [ABSTRACT FROM AUTHOR]

A key economic structure in China is the co‐existence of state‐owned enterprises (SOEs) being bank‐favored firms as well as policy tools, and more productive private firms who can borrow from SOEs through entrusted lending. We explore macroeconomic implications of such a structure in China. Our findings suggest SOEs dampen output volatility at the cost of productivity volatility. In contrast, the healthy development of entrusted lending dampens variations of both output and productivity by reallocating credits between firms. Focusing on the recent growth slowdown in China, we further show conducive effects of entrusted lending on economic growth by mitigating capital misallocation. [ABSTRACT FROM AUTHOR]