Subnational institutional environment,scale competition and MNEs’ ownership levels in transition economy: evidence from China

Abstract

This paper shows that the effect of market scale competition on the ownership levels of foreign-funded enterprises is conditioned on sub-national institutional environment in China. Analysis is based on the idea that multinational enterprises subject to the dual pressures of institutional isomorphism and competition in the host country. The provincial panel data from 2001 to 2012 is used for empirical tests. This study indicates that the weaker the legal property rights protection and legal enforcement of contracts, and the higher the opening up, the more the large foreign-funded enterprises decrease their ownership levels, whereas the negative moderating effect incurred by the reduction to government intervention in business is limited significant.     

Institutions,resources, and internationalization of emerging economy firms

An important step in the internationalization process of emerging economy firms is the shift from exports to foreign direct investment (FDI). We integrate the resource- and institution-based views to suggest that firms that can use unique institutional advantages are more likely to make this shift. We test these arguments with a longitudinal sample of 28,563 firm-year observations (1989–2005). We found that firms that are affiliated with a business group, have more firm- and group-level international experience, have more technological and marketing resources, and operate in service industries are more likely to shift from exports to FDI.     

The ‘credibility thesis’ and its application to property rights: (In)Secure land tenure,conflict and social welfare in China

Debates over tenure insecurity have been divided between those favoring private, marketable, and formalized property rights versus champions of grassroots’ customary and communal arrangements. By positing the “credibility thesis”, this article argues that it might be more insightful to move beyond concepts of formal and informal, private and common, or secure and insecure institutions, to leave the discussion about institutional form for a discussion about function. The notion of credibility does so by drawing attention to institutional function over time and space rather than to a desired form postulated by theory or political conviction. Apart from furthering the theoretical foundations on credibility and institutional functionalism, this article aims to develop its methodology and empirical study by taking China as a case study, with particular reference to its rural land-lease system, which is perceived to be highly insecure due to forced evictions and government intervention. Paradoxically, the study finds significant social support for the rural land-lease system and a low level of conflict. These findings might indicate that the form of the Chinese rural lease system (insecure tenure) is the outcome of its present function (provision of social welfare). Simultaneously, it was also found that when conflict does occur expropriation is a prime cause for it.     

C2C电子商务卖家及其产品成交量的多层线性影响分析

论文以淘宝网为对象收集样本,运用多层线性模型研究价格、信息描述、默认排名、卖家信用度和卖家好评率对成交量的影响。结果显示成交量在不同商家间存在显著的差异,价格和信息描述会对成交量产生重要影响而默认排名影响不显著,卖家信用度和卖家好评率会对成交量产生显著的影响。     

异质性机构投资者差异化作用于双元创新投资吗 ——基于注意力基础观与市场迎合理论双重视角

基于2011-2020年沪深A股高新技术企业样本,探究公司治理框架下异质性机构投资者对企业双元创新投资的差异化作用机理,得出如下结论：①异质性机构投资者对于双元创新投资具有差异化影响,其中,专注型机构投资者更有利于双元创新投资;②专注型机构投资者影响决策者注意力资源配置,使其更注重探索性创新投资,临时型机构投资者基于市场迎合动机作用于开发性创新投资,且当管理层业绩和外部监管压力较大时,其对开发性创新投资的迎合动机更明显;③专注型机构投资者通过监督和激励管理层、提升企业风险承担水平作用于企业双元创新投资,临时型机构投资者通过丰富投资者情绪作用于开发性创新投资未得到验证;④产业政策有助于增强专注型机构投资者对决策者注意力的影响,使其更专注于探索性创新投资,同时也有助于提高临时型机构投资者的开发性创新迎合投资动机。研究结论为理解机构投资者差异化治理角色提供了一种新视角。     

城市科技创新人才政策扩散动力因素时空差异研究

科技创新人才是城市提升创新能力的核心资源,是科技进步的关键要素。科技创新人才政策作为城市争夺人才的工具,被各个城市广泛采纳和使用。以161个城市为研究对象,运用事件史分析方法,探寻城市科技创新人才政策扩散的动力因素并进行时空差异分析。研究发现,城市科技创新人才政策扩散具有双重动力因素：在需求拉动因素中,经济发展水平和财政收入是影响城市科技创新人才政策扩散的主要因素;在压力推动因素中,行政指令、府际竞争和社会舆论显著影响城市科技创新人才政策扩散;在政策扩散平稳增长期,双重动力因素共同作用于政策扩散过程,而在政策扩散加速和减速增长期,城市科技创新人才政策扩散动力因素存在差异;在东、中部地区,压力推动因素占据主导,而在西部地区,双重动力因素都发挥重要作用。     

机构侵害中小投资者违规监管博弈仿真

本文主要对股票市场中机构投资者侵害中小投资者利益这种违规行为的监管进行了博弈分析,并使用基于主体建模的动态仿真方法在Swarm仿真平台上建立了仿真模型,同时进行了仿真实验。研究指出,严厉的事前监管、完善的上市公司管理制度以及更高的监管者素质可以有效地杜绝机构投资者侵害违规行为的出现。本文通过运用经济仿真方法对股票市场具体违规行为监管问题进行研究,将股票市场监管、博弈论与经济仿真这三个研究领域结合在一起,拓展了对股票市场监管的研究手段,在经济学研究中做出了一定有益的探索。 更多还原     

技术创新促进经济增长的动力研究

根据经济增长理论及影响变化因素,结合我国经济发展实际,本文论证了技术创新促进经济增长的不同模式,提出了发展中国家促进技术创新发展的框架,技术创新是企业发展的根本动力。提高区域经济的增长速度和转变经济增长的方式是发展中国家的必由之路。在区域经济视角下研究影响企业技术创新的因素,通过政府和企业联动改善这些因素作用的效率,非常必要。论文首先根据技术创新理论,分析了不同层面的企业技术创新发展的影响因素。最后提出了区域经济视角下提高企业技术创新能力的对策,强调了政府、企业在技术创新中的不同作用。     

Gaining legitimacy through hiring local workforce at a premium: The case of MNEs in the United Arab Emirates

This study examines the process and outcomes of cultivating external legitimacy through the employment of host country nationals by multinational enterprises’ (MNEs) affiliates in the United Arab Emirates. It builds on the literatures of both institutional theory and legitimacy. Analysis of data obtained from 48 managers of MNE's affiliates located in the UAE shows that in sectors where the employment of host country nationals is almost taken for granted such as in banking, MNEs are driven by a sense of appropriateness and social legitimacy. In contrast, in sectors where the employment level of UAE nationals is almost nonexistent, those MNEs engaging in localization are driven by the logic of economic efficiency and tend to employ nationals in order to extract rent from the government. The authors discuss the results and their managerial and policy implications.