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Firm pollution is a top concern for both the public and the government. Previous studies on firm pollution mainly focus on formal environmental regulations, but rarely explore informal mechanisms such as political connections, a significant informal means for government intervention. The research explores how political connections affect firm pollution, and tests the moderating effects of market competition, state ownership and environmental regulation on this relationship from the perspective of institutional logics. Using empirical data of the most polluting publicly listed enterprises in China, the research demonstrated that politically connected firms participate in pollution remarkably less probably compared to non-connected firms. Moreover, market competition and state ownership significantly strengthen the focal relationship, while the moderating effect of environmental regulation is insignificant. The study provides novel insights into political connections research, institutional logics perspective and corporate unethical behavior. [ABSTRACT FROM AUTHOR]

AbstractWhile states have accelerated the energy transition in some sectors, they have also obstructed fossil phase-out in other sectors. Aviation has an outsized and rapidly growing climate impact, and associated policy decisions have perpetuated fossil fuel use. Since aviation is dependent on high energy density that only fossil fuels can (currently) provide, the industry faces fundamental constraints to green its capital. Yet, the industry does not operate in isolation. In this paper, we show how the state performs a variety of roles that benefit from and support aviation, creating conflicts with the state’s climate targets. We analyze state–industry relations as they relate to the emergence of air transport and its ongoing carbon-dependent formulations. Combining a relational account of the state and the method of critical problem-solving, we characterize the roles of the state vis-à-vis the industry as owner, sponsor and customer and point to strategies of how the associated capacities can be leveraged to drive fossil phase-out in aviation. Since a rapid and comprehensive phase-out of fossil fuels is required for climate stabilization, we argue that political economists can make important contributions by focusing on the socio-material relations that constrain state agency to phase-out fossil fuels in specific sectors. [ABSTRACT FROM AUTHOR]

Objective: All developed and developing countries emphasize the importance of human resource efficiency in companies as one of the necessities in economic development and gaining competitive advantage in the international arena. Nowadays, thanks to the approval of various laws, the issue of labor force protection has been widely spread worldwide, including in Iran, and it is expected that such protection for the labor force improves the efficiency of the investment of human resources in companies. Based on this, the main purpose of the current research is to investigate the relationship between labor protection and labor investment efficiency in companies listed on Tehran Stock Exchange, taking into account the role of state ownership. Method: This research is an applied study and post-event type. All the companies listed on the Tehran Stock Exchange constitute the statistical population. The statistical sample includes 141 companies that were investigated from 2017 to 2021. In this research, the data was extracted through the 3rd edition of Rahvard Navin software; then, variables were summarized, classified and in some cases calculated using Excel software, and finally the research hypotheses were tested through Eviews software version 10, an econometric software. According to the objectives of this study and the existing theoretical and experimental literature, the research hypotheses are designed as follows: First hypothesis: A significant relationship exists between labor protection and investment efficiency. Second hypothesis: State ownership leads to a more prominent relationship between labor protection and labor investment efficiency. It should be noted that to test the research's first hypothesis, the multivariable regression model is used as follows. Also, to test the second hypothesis, regression model 1 is examined separately for state ownership in two stances of more than the median and less than the median. Ab_Net_Hireit = β0 + β1D_LaborIntit + β2BMit + β3ROAit + β4LnSizeit + β5Quickit + β6Tangibleit + β7Levit + β8Std_CFOit + β9St_Salesit + β10Std_Eit + εit (1) In the above model, Ab_Net_Hire indicates the labor investment efficiency, D_LaborInt indicates labor protection, MB indicates book value to market value, ROA indicates the return on assets, LnSize indicates the size of the company, Quick Indicates the quick ratio, Tangible indicates tangible assets, Lev indicates financial leverage, St__CFO indicates the standard deviation of cash flows, Std__Sales indicates the standard deviation of sales and Std_E indicates the standard deviation of the number of employees. The independent variable of this research is labor protection, which was measured using a dummy variable based on labor intensity. First, the annual median of the ratio of employees to the company's fixed assets in the industry is considered a criterion. If the labor intensity of a sample company is greater than the annual median of the industry, it takes the value of one; otherwise, it takes zero. Also, labor investment efficiency is the dependent variable of this research, which is measured according to Pinnuck and Lillis's (2007) model. The moderating variable of this study is state ownership, which was used as the percentage of state ownership from the total shares held by governmental and quasi-governmental organizations. Following Gao et al. (2021), it divides into the upper median (state companies) and less than the median (non-state companies). It should be noted that in this work, the variables of book value to market value, return on assets, company size, current ratio, tangible assets, financial leverage, standard deviation of cash flows, standard deviation of sales and standard deviation of the number of employees were used as control variables. Results: This research showed a negative and significant relationship between labor protection and the companies' labor investment efficiency at the 95% confidence level. Improving the protection of the labor force leads to a decrease in the efficiency of human capital investment of companies on the Tehran Stock Exchange. Also, the results at the level of each state and non-state companies also showed a negative and significant relationship between labor protection and the companies' labor investment efficiency. Therefore, it can be said that state ownership leads to the highlight of the negative relationship between labor protection and labor investment efficiency. Conclusion: The research results indicate that labor protection has different economic consequences for transforming human capital structures in companies and can reduce the efficiency of human capital investment. Considering this issue, it is suggested that companies pay more attention to making decisions regarding employment to prevent inefficient human resource use by protecting the labor force. Also, investors and capital market analysts are suggested to pay attention to labor protection in addition to financial variables when making investment decisions and include it in their decision-making models as an effective factor in reducing the companies' labor investment efficiency. [ABSTRACT FROM AUTHOR]

This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one‐standard‐deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state‐owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non‐SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference‐in‐differences design, changes regression and entropy balancing to mitigate potential endogeneity bias. [ABSTRACT FROM AUTHOR]

Changes in politicians may significantly alter the economic environment and bring uncertainty and unpredictable risk for firm's outcomes. To assess such effects, this paper proposes a theoretical framework to explore the effect of politician turnover on firm innovation and the underlying mechanisms of this effect. With a sample of China's listed firms from 2008 to 2017, the findings show that: politician turnover significantly and negatively affects firm innovation; the mediating effect of financial constraints on this relationship is significant, such as politician turnover may hinder firm innovation via miring the firm in financial constraints; the mediating effect of financial constraints is moderated by state ownership, as the mediating effect of financial constraints on the relationship between politician turnover and firm innovation is weakened in a state-owned enterprise. [ABSTRACT FROM AUTHOR]

Purpose: Existing research on uncertainty and bank lending has focused entirely on aggregate uncertainty (i.e., economic policy uncertainty) and its subcomponents, but not considering other uncertainty measures from the specific perspective of financial markets, especially the banking sector. The paper tests the influence of uncertainty on loan growth using bank-level data in Vietnam during 2007-2019. Design/methodology/approach: The paper focuses on a new uncertainty measure in banking computed by the dispersion of shocks to key bank-level variables. The study also fixes the issues of potential endogeneity bias by using dynamic panel models with the generalized method of moments (GMM) estimator. Findings: Uncertainty in banking hampers loan growth. The adverse influence of uncertainty on lending is more pronounced for banks that are smaller, more poorly capitalized, less liquid, riskier, and less profitable. In addition, the paper also provides evidence that bank lending under uncertainty is not moderated by bank ownership, i.e., the paper does not find a discrepancy in the banking uncertainty-bank lending nexus between state-owned banks and private counterparts. Research limitations/implications: Regulatory bodies should enhance their scrutiny concerning uncertainties within the banking sector, recognizing their potential to adversely affect bank lending, a critical catalyst for fostering economic activity. Simultaneously, it is imperative to implement concurrent policies aimed at mitigating the deleterious consequences of uncertainty in bank lending. Originality/value: First, this paper is interested in an emerging market, given that the evidence from emerging markets has remained remarkably scarce. Second, this paper approaches the banking sector's uncertainty and assesses its link with bank lending. Third, this study contributes to the literature by investigating the nuanced conditions influencing the impact of uncertainty through an extensive array of moderating factors. Interestingly, this paper is the first to examine the conditional role of state ownership thus far.

Purpose – Using imbalanced panel data of nonfinancial Vietnamese listed firms from 2005 to 2021, this paper explores the potential effect of ownership on firms' cash levels. Design/methodology/approach – Two hypotheses are tested using different methods, including pooled ordinary least squares (POLS) and system-generalized method of moments (GMM), to investigate the ownership–cash holding relationship for various firm scenarios. Both book and market measures of the cash ratio are examined. Findings – Results show that foreign and state ownership encourages firms to increase their cash reserves. The positive relationship between ownership and cash holding is, especially, pronounced for firms in the financial deficit. Research limitations/implications – This research suggests that in this emerging market, outside ownership substantially accelerates cash to hedge against the unexpected issues caused by poor investor protection, low political accountability and information asymmetry. Originality/value – The study contributes to the existing understanding of the relationship between ownership and corporate cash holdings in the context of a typical emerging market. Besides, it expands the existing knowledge to the extent of such relations in the event of a financial shortage.

Although emerging market multinational enterprises (EMNEs) face substantial liabilities of origin (LoO) that hinder their global expansion, under-researched is whether trust-building with foreign partners in host markets can help them reduce these liabilities and enhance their subsidiary performance. Drawing on the relational exchange view and institutional theory, our study examines how interfirm trust affects EMNEs' subsidiary performance in host countries, and how this effect is moderated by factors reflecting the regulative, normative, and cognitive institutional pressures that confront EMNEs in host countries. The results from a survey of 146 senior managers of overseas subsidiaries of Chinese multinational enterprises show that interfirm trust is positively related to subsidiary performance, and this positive effect is stronger when host countries' legal systems are deficient but financial markets are munificent, and when EMNEs partner with state-owned foreign firms or possess rich international experience. [ABSTRACT FROM AUTHOR]

Despite a growing number of research on the impact of open CEOs on organisational outcomes, their role in shaping corporate innovation strategies has received little scholarly attention. This paper uses a large sample of panel data from Chinese knowledge-intensive high-tech listed companies to investigate how CEOs affect innovation ambidexterity when they possess open tendencies, and how managerial discretion, influenced by firm and environment-level factors, affects such relationship. The results show that open CEOs exhibit attributes of broad interests, divergent thinking, and creativity that positively affect innovation ambidexterity, and this relationship tends to be stronger when working context give them greater managerial discretion. Specifically, state ownership has a negative moderating effect, while the intensity of market competition enhances the positive relationship between CEO openness and innovation ambidexterity, and simultaneously mitigates the negative effect of state ownership. By examining the impact of this important CEO personality trait on corporate innovation strategies, we extend the literature on the upper echelon theory (UET) and ambidextrous innovation (AI), which is also a response to emphasising that more attention should be paid to the micro-foundation of organisational innovation in the future. [ABSTRACT FROM AUTHOR]

The influence of state ownership on a firm's environmental strategy is still unclear due to the varied relationships across different international institutional contexts in the firm's home and host country. Applying mixed effect regression models to a sample of 2997 observations of 298 firms from the MSCI World Index for the period 2007–2018, this paper analyzes the different effects of key institutional factors on this relationship. While a state‐owned firm from a state with a high home country environmental profile will have a more positive effect on a firm's environmental proactivity, internationalization will weaken it, since the firm will encounter higher complexity when translating its green actions into a more global institutional context. In addition, when internationalization involves a very different host country environmental profile, the greater institutional distance seems to modify the influence of state ownership on environmental proactivity. Our results provide key theoretical and practical implications for managers in relation to state‐owned firms' global environmental strategies. [ABSTRACT FROM AUTHOR]

In this paper, we identify product market competition as a driver of privatization. Using product market shocks caused by trade liberalization of China, which has the world's largest state sector, we find that subjecting state-owned enterprises (SOEs) to higher competition leads to an increase in private ownership. This response is strengthened when SOEs operate in industries with large technology or productivity gaps from those in the frontier economies or when SOEs impose large fiscal burdens on local governments. Our findings are consistent with politicians' incentives to boost economic growth for better career development and to shed burdens when rents decrease. This paper was accepted by Tomasz Piskorski, finance. Funding: C. Lin acknowledges financial support from the National Natural Science Foundation of China [Grant 72192841]. Q. Hu acknowledges financial support from the Fundamental Research Funds for the Central Universities and the Renmin University of China [Grant 21XNF002]. W. Li acknowledges financial support from the Major Project of the Ministry of Education [Grant 22JZD007] and the National Natural Science Foundation of China [Grant 72132002]. L. Wei acknowledges financial support from the Research Grants Council, University Grants Committee [Grant 13501619]. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4847. [ABSTRACT FROM AUTHOR]

Green innovation plays an increasingly significant role in sustainable development. We use the data of Chinese listed firms from 2010 to 2019 to investigate the impact of investor sentiment on corporate green innovation. The result indicates that optimistic investor sentiment significantly promotes corporate green innovation. Mechanism analysis shows that the higher the financial constraints, institutional ownership ratio, and analyst coverage of a firm, the stronger the impact of investor sentiment on green innovation, indicating that optimistic investor sentiment promotes green innovation through external financing and managerial catering channels. In addition, the impact of investor sentiment on corporate green innovation is more pronounced for state-owned firms. The study sheds light on a novel determinant of corporate green innovation and offers policy recommendations to advance green innovation, environmental protection, and sustainable development. [ABSTRACT FROM AUTHOR]

Objective: This study analyzes the impact of free cash flow and state ownership on the Earnings Response Coefficient (ERC) in the Brazilian capital market. Method: A sample of 210 companies from 2011 to 2019 was obtained from the Economatica database, with the Earnings Response Coefficient being the dependent variable, free cash flow and state control being the main independent variables, in addition to control variables, which were analyzed using panel data regression with the Pooled Ordinary Least Squares (POLS) method. Results: The results show that free cash flow accounting information has relevant marginal implications on the earning response coefficient and state ownership. The interaction between free cash flow and state ownership reinforces that increases in unexpected earnings are due to the presence of these two elements. Contributions: The findings contribute to the literature on emerging markets by reporting that free cash flow (accounting data) and state monitoring (governance aspect) are informative items for the earnings response coefficient. Consequently, this can improve investors' financial analysis and company evaluation process and make managers pay attention to the effects of the decision to maintain cash surpluses. Therefore, it allows these stakeholders to understand that the existence of available resources (free cash flow) in a business indicates prospects of future earnings. [ABSTRACT FROM AUTHOR]

Using 2009 to 2020 data for Chinese A-share listed firms in Shanghai and Shenzhen, we examine how much state ownership in firms is most conducive to improving corporate innovation quantity and quality. Our results are as follows: First, state ownership enhances corporate innovation by alleviating financing constraints (resource availability) but inhibits corporate innovation by weakening risk-taking (innovation willingness) and increasing agency costs (resource efficiency), leading to an inverted U-shaped relationship between state ownership and corporate innovation. Second, the percentage of state ownership that maximises innovation quality differs from that of maximising innovation quantity. State-owned enterprises (SOEs) can choose an appropriate state-ownership structure according to the actual situation in the mixed-ownership reform process. Third, non-state-owned shareholders' control right negatively moderates the inverted U-shaped relationship between state ownership and innovation quantity but do not significantly moderate the inverted U-shaped relationship between state ownership and innovation quality. Fourth, foreign direct investment (FDI) negatively moderates the inverted U-shaped relationship between state ownership and innovation quantity and quality. Our findings reveal the impact of state ownership on corporate innovation and its transmission path, providing empirical evidence for optimising the ownership structure based on a corporate innovation perspective in the process of SOE mixed-ownership reform. [ABSTRACT FROM AUTHOR]

AbstractThe Chief Executive Officer (CEO) is pivotal in firm governance and is tasked with policy implementation and maximizing shareholder benefit. However, predicting CEO behaviour remains challenging, especially when considering CEO power (CEOP). Hence, this study explores the link between CEOP and firm risk-taking (FRT) in selected firms on the stock market in Vietnam from 2010 to 2020. Utilizing the Entropy weight methodology, a CEOP index combines structural, ownership, and expert power indicators. The SYS-GMM approach mitigates potential endogeneity issues, revealing a positive correlation between CEOP and FRT. Interestingly, CEO risk aversion increases in state-owned firms’ participants, suggesting heightened supervision. Moreover, each characteristic of the CEOP index uniquely influences FRT. The findings offer theoretical and practical insights for enhancing governance and supervision mechanisms to optimize stakeholder benefits.

Using a manually collected data set of Chinese publicly traded firms from 2010 to 2017, this study examines how public–private partnerships (PPP) affect the cost of debt and financial reporting. We argue that a firm gains political capital through a PPP and thus may access debt markets at a lower cost. Consistent with our expectation, we find that participants of PPP enjoy significantly lower bank loan interest rates than other firms. This is more pronounced for nonstate‐owned enterprises, for firms without politically connected CEOs, and for loans from state‐owned banks. However, these participants reduce their accounting conservatism, suggesting a substitution between financial reporting and political connections. Also, participating in PPP does not improve firms' financial performance. Thus, the lower interest rates are not justified by economic fundamentals or financial reporting quality. Overall, our study suggests that PPP distort state‐owned banks' lending decisions and lower accounting conservatism, highlighting the potential cost of PPP to society. [ABSTRACT FROM AUTHOR]

Purpose: Although emerging markets are distinctly known for the rapid growth and international expansion of their state-owned enterprises, little is known about the influence of parent resource advantages and mixed state ownership on a subsidiary's performance. Using the resource-based view, this study aims to investigate how resource advantages from the parent company and state ownership influence the performance of subsidiaries. Design/methodology/approach: This study included a unique data set of 207 subsidiaries from 33 large Brazilian multinationals located in 32 countries from 2000 to 2015. The authors used a hierarchical linear modeling and a multilevel structure based on data at different levels to analyze the influence of home-country parent resource advantages and state ownership on host-country subsidiary's performance. Findings: This study illustrates that state ownership can alleviate the resource advantages of parent companies. Evidence is presented, indicating that low and medium degrees of state ownership have a negative impact on the resource advantages of the parent company, consequently reducing the subsidiary's performance. Moreover, this study highlights that low and medium degrees of state ownership lead to conflicting interests between state ownership and parent resource advantages, resulting in an overall decline in subsidiary performance. Originality/value: This research contributes new evidence regarding state ownership and resource advantages to the field of international business studies and the domain of Latin American multinational enterprises, Multilatinas. The results suggest that low and medium levels of state ownership diminish the influx of resources from parent companies, thereby restricting the subsidiary's performance. [ABSTRACT FROM AUTHOR]

Objective: This study empirically examines the impact of ownership structure on the financial performance of listed airlines in Africa. Design/Methods/Approach: The research utilized quantitative techniques to collect secondary data from listed airlines over ten years (2010-2019). Descriptive statistics and multiple regression were used for analysis. Findings: The results revealed that airlines with the majority of private domestic and private foreign ownership showed a significant positive effect on financial performance (ROA and ROE). In contrast, state ownership had an insignificant impact on airlines' financial performance. The study supports the property rights theory, emphasizing the importance of private ownership in airlines. Originality/Value: This study adds to the existing literature by providing evidence on how ownership structure influences financial performance in African airlines, contributing to aviation research. Practical/Policy Implication: The findings suggest that private and foreign investors should consider acquiring controlling airline stakes to enhance financial performance. Policymakers should aim to create flexible laws and regulations that attract domestic and foreign private investors to the aviation sector, potentially fostering improved management practices and policy developments.

This paper presents the dynamics of the concept of state-owned enterprises in Vietnam, which manifests the changes in ideological orientation relating to the role of the state sector and of the economic management system. Indeed, the economic reform (Doi moi policy) and the integration into the global economy have fostered the participation of the private sector in the economy through the process of state-owned enterprise equitization. The analysis of the concept of state-owned enterprises over time however argues that the change, which has been subject to both internal and external impulses over time, is not fundamental as the key element of socialist ideology, the public ownership of the means of production remains the guiding principle of Vietnam's economic development. In other words, the Vietnamese Government continues to its control over the national economy through the operation of state-owned enterprises. [ABSTRACT FROM AUTHOR]

Objective: This study empirically examines the impact of ownership structure on the financial performance of listed airlines in Africa. Design/Methods/Approach: The research utilized quantitative techniques to collect secondary data from listed airlines over ten years (2010-2019). Descriptive statistics and multiple regression were used for analysis. Findings: The results revealed that airlines with the majority of private domestic and private foreign ownership showed a significant positive effect on financial performance (ROA and ROE). In contrast, state ownership had an insignificant impact on airlines' financial performance. The study supports the property rights theory, emphasizing the importance of private ownership in airlines. Originality/Value: This study adds to the existing literature by providing evidence on how ownership structure influences financial performance in African airlines, contributing to aviation research. Practical/Policy Implication: The findings suggest that private and foreign investors should consider acquiring controlling airline stakes to enhance financial performance. Policymakers should aim to create flexible laws and regulations that attract domestic and foreign private investors to the aviation sector, potentially fostering improved management practices and policy developments. [ABSTRACT FROM AUTHOR]

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The level of state ownership in corporations is still a controversial topic because of its duality: on the one hand, it brings resource advantages, and on the other hand, it causes agency problems. Thus, our study aims to investigate the relationship between state ownership and corporate performance within the Vietnamese context, unraveling the impacts of state ownership's non-linear and provincial business environment. Analyzing financial data spanning over a decade from 359 listed corporations on the Vietnamese stock markets (2010–2021), our empirical findings derived through the General Method of Moments (GMM) reveal that state ownership emerges as a potent "strategic asset" with a positive influence on corporate performance. However, a critical point is identified when state ownership surpasses the threshold of 32 percent and a decline in corporate performance ensues—a confirmation of an inverted U-shaped impact. These results substantiate the necessity of the equitization process and underscore the imperative of judiciously managing state ownership in Vietnam. Notably, our study unveils a more critical dimension: the enhanced provincial business environment bolsters corporate performance and amplifies the positive impact of state ownership. Thus, a strategic dual approach is suggested to improve corporate performance: improving the business environment and recalibrating the percentage of state shareholders. Our study serves as empirical evidence, referencing Vietnam and other transitional economies, toward mannerly policy decision-making related to state ownership and the business environment to boost corporate performance. [ABSTRACT FROM AUTHOR]

In a 2010 special report, The Economist magazine termed the resurgence of state-owned, publicly listed enterprises "Leviathan Inc." and criticized the poor governance and low efficiency of these firms. We compile a new comprehensive data set of state ownership of publicly listed firms in 44 countries over the period of 2004–2017 and show that state-owned enterprises are more responsive to environmental issues. The effect is more pronounced in economies lacking energy security and strong environmental regulation, and among firms with more local operations and higher domestic government ownership. We find a similar effect on corporate social engagement but not on governance quality. These results suggest a different role for "Leviathan Inc.," especially in dealing with environmental externalities. This paper was accepted by Colin Mayer, Special Section of Management Science on Business and Climate Change. Funding: H. Liang acknowledges the DBS Sustainability Fellowship from Singapore Management University. P.-H. Hsu acknowledges the fellowship from the Batten Institute of Darden School of Business of the University of Virginia and the financial support from the E.SUN Academic Award and Ministry of Science and Technology and Ministry of Education in Taiwan [Grants MOST108-2410-H-007-099-MY2, MOST109-2628-H-007-001-MY4, MOST109-2634-F-002-045, MOE109J0321Q2, and MOE109L900202]. P. Matos acknowledges financial support from the Richard A. Mayo Center for Asset Management at the University of Virginia's Darden School of Business. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2021.4064. [ABSTRACT FROM AUTHOR]

This paper addresses the effects of state ownership on decisions of port development companies, through a case study of Port of Rotterdam (PoR). This issue is relevant, given the economic impact of port development and the important role of ports in the transition towards a more sustainable economy. The insights from this case study thus can be useful for shaping port (governance) reform. The paper reviews the rationale for state ownership of the port development company, and describes the case of PoR, focused on the public interests that the public shareholders aim to promote through ownership, and mechanisms through which the consideration of the public interests is incorporated in PoR's decisions. The following conclusions are drawn. First, the two public shareholders of PoR (the city of Rotterdam and the Dutch state) have made an explicit choice to 'permanently' use state ownership to achieve public interests. Second, PoR's shareholders have identified specific public interests and have developed specific mechanisms to secure that PoR takes these public interests into account in decision-making. Third, there are clear indications that PoR's decisions indeed have advanced the public interests as identified by the shareholders. [ABSTRACT FROM AUTHOR]

Announcements of corporate misconduct can trigger negative market reactions. However, our understanding of mechanisms that shape variations of investors' responses across different disclosed-firms is underdeveloped. From the legitimacy theory perspective, this study focuses on the impact of state ownership on market reaction to misconduct announcements. Using a sample of misconduct announcements of Chinese listed firms from 2010 to 2021 and employing a combination of an event study method and a Heckman two-stage model, this study finds that market reaction to misconduct announcements is weaker if state ownership of the disclosed firm is larger. Furthermore, the affiliation level of SOEs (central SOEs versus local SOEs) weakens the positive association between state ownership and market reaction. The main positive effect is strengthened when the disclosed firms are located in regulated industries. [ABSTRACT FROM AUTHOR]

The Vietnamese government has long recognized the essential importance of innovation in fostering sustainable competitive advantage and economic growth. While transitional countries have experienced limited research on SOEs and firm innovation, our research makes an initial effort to examine the impact of state ownership on innovation in Vietnam's emerging market using extensive panel data of firms listed on the Ho Chi Minh Stock Exchange from 2007 to 2016. The study integrates the institutional view, which regards that SOEs' political and financial favoritism would connect firms to overcome constraints; and agency theory, which holds that SOEs would be less efficient in leveraging these critical resources in pursuing innovative projects. Our study demonstrates that innovation practices occur less often with the increased government involvement in a corporate structure. Our findings are attributable to the inherent problems of state-owned firms and suggest implications for managers and policymakers regarding the benefits and costs of state ownership in fostering innovation in the context of the socialist-oriented market economy of Vietnam. [ABSTRACT FROM AUTHOR]

Copyright of Management & Organization Review is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research scrutinises the correlation between state ownership and the attributes of green innovation, specifically underscoring generality as a primary trait of innovation favoured by governments. Green innovation with generality, due to its applicability across diverse contexts at reduced expense, becomes an appealing strategy for states to address environmental concerns. Consequently, we suggest that state ownership encourages the prevalence of green innovation characterised by generality. Furthermore, we delve into two contingencies related to ascribed and achieved political connections, positing that they, respectively, impose negative and positive moderating influences. Support for our propositions comes from data gathered from Chinese listed firms during the period 2004–2019. By emphasising the importance of green innovation characteristics over their quantity, our research offers a significant contribution to the literature on green innovation in the context of state ownership. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)