Local integration and co‐evolution of internationalizing Chinese firms

This study investigates the integration of internationalizing Chinese firms into local host markets. We explore the market‐driven investment of a new wave of Chinese private and local state‐owned firms in Australia since 2012, which has replaced the initial large‐scale investment in resources by central state‐owned enterprises. Using an in‐depth analysis of nine Chinese firms operating in various sectors of the Australian market, we argue that market integration, adaptation, and bilateral institution‐building through co‐evolution and empowerment of local subsidiaries of Chinese multinational enterprises results in entrepreneurial autonomy and characterizes a new generation of Chinese investors. We propose that Chinese multinational subsidiaries have transferred domestic practices to the Australian market and have reconfigured domestic and host market resources to gain a competitive advantage in their original investment industry and new industries. Our study advances middle‐range theory building and provides a practical understanding of the strengths and weaknesses of Chinese investors, their potential to disrupt local markets, and their responsiveness to market‐oriented institutional guidance. The results of this study suggest that the bilateral institution‐building and resource reconfiguration capabilities of Chinese enterprises can be transferred to other developed and developing markets, including Belt and Road Initiative countries.     

Labor migration and the decoupling of the crop-livestock system in a rural mountainous area: Evidence from Chongqing,China

Massive out-migration of rural labor force brings both challenges and opportunities to crop-livestock integrated production system (crop-livestock system) in smallholder economy. Compared with previous researches that have paid major attention to the effect of labor migration on either crop production or livestock husbandry, this study considers the mediating role of crop production in predicting the effect of labor migration on livestock raising. Our econometric estimation based on a 2012 survey of 974 rural households in Chongqing, a mountainous region of China, showed the following. (1) The massive migration of rural labor force had led to significant increase in farmland abandonment and considerable changes in the pattern of livestock raising. (2) The livestock raising number per household began to differentiate, with the livestock system separating from the traditional crop-livestock system and becoming a specialized business. (3) In terms of the pathways through which rural labor migration exerts impact on livestock raising number, though the increased opportunity costs of rural labor greatly reduced farmers’ willingness to raise livestock, the decoupling of the crop-livestock system partly alleviated the declining trend in the livestock raising number because of the availability of household labor force freed from cropping via farmland abandonment. These findings have important policy implications for rural development and agricultural restructuring in mountainous areas of China, and provide references for other developing countries.     

Towards a hybrid model? A systematic review of human resource management research on Chinese state-owned enterprises (1993–2017)

Abstract

Over the past two decades, there has been a proliferation of research on human resource management (HRM) in Chinese state-owned enterprises (SOEs) as a result of the wide-reaching state-sector reform of the late 1980s. This article aims to provide a systematic review of literature on this topic and capture the nature of HRM in Chinese SOEs, both in research and practice. The article draws on 178 studies from 43 English academic journals over a period of 25?years (1993–2017). In analysing this literature and by taking stock of theoretical frameworks, research methods, themes and analysis of academic articles in this area, we have gained a number of insights. The study has found that the research methods used have shifted from qualitative and interpretive methodology toward quantitative and sophisticated modelling. A further insight is that there has been a relatively heavy reliance on institutional theory in the earlier studies reviewed, and since then a switch towards organizational behaviour perspectives. The level of analysis has moved from macro to micro level and thematic foci have become more diverse and complex. We highlight a number of avenues, theoretical and empirical, for future studies in this field.     

Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?

Institutional investors show increasing interest in how companies align their corporate social responsibility strategies with the sustainable development goals (SDGs) proposed by the United Nations (UN). The information disclosed in this regard is essential to know and monitor business contribution to the 2030 Agenda. In this paper, we analyze the influence that institutional investors have on the adoption of the disclosure strategy established by UN and the Global Reporting Initiative (GRI)—GRI‐SDG Compass. The results obtained for a sample of 989 international companies, which prepare their sustainability reports following the GRI guidelines, show that ownership by foreign investors, pension funds, and “other” investors boosts the relevance of the information disclosed in relation to the 2030 Agenda. On the contrary, government, financial institutions, and cross holdings have no impact on the information systems developed.     

关键驱动力作用下的新疆生态系统服务时空格局分析

[目的]恶劣的生态环境和有限的资源驱动着新疆特殊生态系统服务的形成,人类又通过对生态系统服务的消费来满足和提高自身福祉,需要研究其时空变化并辨识主要驱动因素,支持区域可持续发展。[方法]文章构建了融合不同土地利用类型生态系统服务的价值量排序及服务功能强度矩阵的生态系统服务评估体系,并耦合3种关键驱动因子以评估各个因子的驱动强度,实现对生态系统服务热点与冷点变化的驱动及迁移分析。[结果]2000—2010年全疆生态系统服务总体增加,这一时期生态系统服务的热点区大部分转变为2010—2015年的冷点区,且15年来生态系统服务总体呈现小幅下降趋势。3个时期北疆和南疆人为干扰强度均呈增加趋势,由其驱动的生态系统服务则相应减小;南疆地区植被覆盖范围极其有限,故对生态系统服务驱动强度低;降水在北疆和南疆都能够产生高生态系统服务,但降水量的不稳定性能够使生态系统服务产生较大波动。相比于南疆地区,北疆生态系统在外界干扰下能够体现出更强的抗性和整体性,从而实现相对高效的生态系统服务输出。[结论]对关键驱动因子作用下的生态系统服务进行时空变化分析,有助于理解当地生态系统产生变化的原因,从而为当地生态环境保护提供参考。     

The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan

The purpose of this paper is to investigate the influence of shareholding stability of institutional investors on firm performance. We analyze 647 sample companies listed in the Taiwan Stock Exchange from 2005 to 2009 using the coefficient of variance of institutional holding proportion as the measure for ownership stability. The empirical results show that increasing stability of institutional holdings is related to better firm performance. The low-risk and younger firms with higher CEO incentive compensation, larger insider holdings, and higher growth usually have better performance. Furthermore, when the long-term institutional shareholdings, particularly of foreign institutions, are higher, the firm performance is better.     

Doorsteps Toward Political and Economic Openness: Testing the North-Wallis-Weingast Transition Framework

In this paper, we test the theoretical framework developed by North, Wallis, and Weingast (2009), who posit that limited-access societies need to meet three doorstep conditions before they can transit into open-access societies: (1) establishment of rule of law among elites, (2) adoption of perpetually existing organizations, and (3) political control of the military. We identify indicators reflecting these doorsteps and econometrically test their relationships with specific political and economic variables. We broadly confirm the logic behind the doorsteps as necessary conditions in the transition to open-access societies. The doorsteps influence economic and political processes, as well as each other, with varying intensities.     

县域旅游经济制度变迁的实证分析--以杭州地区二县市(淳安县、临安市)为例

本文通过对杭州地区二县市(淳安县、临安市)旅游经济制度变迁的实证考察，剖析了改革开放后我国县域旅游经济制度变迁情况，阐述了影响县域旅游经济制度变迁和创新的因素，并指出了县域旅游经济制度变迁和创新的紧迫性和必要性。     

Does Good Governance Matter to Institutional Investors? Evidence from the Enactment of Corporate Governance Guidelines

Corporate governance guidelines are a mechanism that a firm can enact which should reduce agency costs and better align the interests of boards and the suppliers of capital. This study examines stock price reactions primarily attributable to institutional investors occurring when corporations announce the enactment of corporate governance guidelines. A final sample of 77 firms was derived from the first announcement of corporate governance guidelines exclusive to the SEC-EDGAR database. The results indicate that good governance does matter. Firms that announced the enactment of corporate governance guidelines experienced increased stock prices following the announcements. There was an immediate (days 1–4) reaction for firms that provided all or part of the guidelines’ substance; a delayed (days 8–10) reaction occurred for those firms that only referenced the guidelines’ enactment. Additionally, firms with either a potentially greater following or that had a previous history of acrimonious relations with stakeholders were rewarded by the announcement of the enactment of guidelines.     

三峡移民对库区经济的影响研究

三峡库区移民是一项投资大,移民人数多,影响地区广,持续时间长的巨大工程。通过对三峡库区移民几个阶段的投入产出分析,总结出三峡移民对库区经济发展的影响是非常巨大的。三峡移民应该走可持续发展的道路,我们既应该看到其对经济发展的短期影响,也要关注其对库区经济的长期影响,只有在深刻认识了三峡库区移民对经济所产生的影响之后,我们才能够寻找到可持续发展库区经济的有效措施,以做好三峡移民的后续工作。