Deforestation, corruption, and private ownership in the forest sector

One of the remedies launched in combating corruption in the forest sector is privatization of state forests (and private forest ownership). We hypothesized that privatization could reduce deforestation through reducing corruption. We found a statistically significant strong positive relation between corruption and deforestation for the period between 1995 and 2008 by using two different corruption indices and panel data, a highly statistically significant negative correlation between private forest ownership and corruption across countries by using univariate and multivariate models for three different corruption indices, and a highly statistically significant negative correlation between private forest ownership and deforestation across countries by using univariate and multivariate models.     

The impact of private benefits on institutional ownership change: evidence from markets with different sentiments

This study investigates the relationship between private benefits and institutional ownership change in markets characterized by different investors’ sentiments. High-sentiment markets tend to overvalue a firm and thereby offer institutional investors a chance to sell shares and profit from overvaluation by forgoing the private benefits otherwise obtainable. Empirical analysis of ownership data from 1990 to 2008 reveals that, in high-sentiment markets, institutional investors sell more shares low in private benefits (dual-class firm share) than shares high in private benefits (non-dual-class firm share). In contrast, firm insiders, who consume significant private benefits in both dual-class and non-dual class firms, sell more dual-class firm shares in both high- and low-sentiment markets. Their ownership disposition is more likely driven by the need for diversification. Subsample analyses show that public pension funds drive the market-sentiment-related change of institutional ownership.     

Financialisation,ownership and employee interests under private equity at the AA,part two

This article examines a theoretically informed case study of the effects of financialisation at the workplace. It focuses in particular on trade union de‐recognition and trade union recognition in the furtherance of ownership interests. The paper reports on the continued diffusion of investor‐owner interests under the private equity business model which has recently witnessed the AA re‐listed on the stock market. It addresses two research questions. One, how are investor‐owner interests secured by trade union de‐recognition and re‐recognition? Two, how and why, as a de‐recognised trade union, does the GMB continue to campaign for and represent GMB members in the AA when the IDU (the independent democratic union) has sole recognition at the firm?     

心理资本对民营企业新生代员工绩效的影响——以浙江3家民营上市公司为例

通过定性与定量研究,本文认为心理资本与新生代员工绩效有显著正相关关系。回归分析发现,员工心理资本中自信维度对于新生代员工任务绩效、人际促进、工作投入三维结构均有显著的正向促进作用;乐观、坚韧对于任务绩效达成有显著正向影响;希望维度对于人际促进有显著正向影响;而坚韧维度有助于新生代员工工作投入的增强。新生代员工不只看重物质待遇,也重视精神需求的满足。     

The effects of vehicle ownership on employment

Vehicle ownership may promote work if employment opportunities and job searches are enhanced by reliable transportation. For example, vehicles may serve to reduce potential physical isolation from employment opportunities. I examine the effects of vehicle ownership and vehicle quality on employment for single mothers with no more than a high school education using National Longitudinal Survey of Youth data. I control for potential bias by jointly estimating employment and vehicle ownership in a maximum likelihood framework using state welfare eligibility asset rules as instruments. Results show that vehicle ownership increases employment. Positive effects of vehicles do not differ for urban and rural residents, but they do change with economic conditions. Further, welfare recipients are significantly more likely to exit the program and become employed if they own a vehicle.     

Management ownership and corporate value

Existing literature on the relation between management ownership and firm value has provided competing hypotheses and conflicting evidence. Using samples of Fortune 500-sized firms in 1976, 1980 and 1984, we find that corporate value measured by Tobin's q is a function of management ownership. Specifically, the q rises when management ownership is between 0% and 5-7%, and falls as the ownership increases to 10-12%. Beyond this range, we find that the q continues to fall in the 1976 sample, and starts to rise in the 1980 and 1984 samples. The evidence supports the hypothesis that there is a nonmonotonic relation between management ownership and corporate value.     

CEO ownership and firm value

This paper examines the hypothesis that the amount of CEO ownership has a dominating effect on the value of the firm. Using a diverse sample of firms, firm value as measured by Tobin's q is found to be a nonmonotonic function of CEO ownership. Specifically, Tobin's q rises when the CEO owns between 0 and 15% and declines as CEO ownership increases to 50%. Beyond 50%, the value starts to rise. Firm value also is found not to be a function of management ownership when CEO ownership is separated out, indicating that CEO ownership does have a dominating effect on firm value. Copyright © 1999 John Wiley & Sons, Ltd.     

Underpricing and IPO ownership retention

An agency-theory model of IPO management retention is presented and empirically explored. The model is based upon the differences between the investment public’s and underwriters’ fears of the consequences of management entrenchment and other agency problems. The model suggests that IPO underpricing should be a curvilinear hump-shaped function of retention. A large-sample empirical exploration verifies the curvilinear relation.     

Board ownership and IPO returns

This study examines the role of the board of directors for IPO pricing irregularities. Theory suggests that initial underpricing may be the result of asymmetric information and the long-run underperformance may be the result of managerial mismanagement of new funds due to agency conflicts. A strong board of directors can potentially reduce both asymmetric information and agency problems. We find that the structure of the board is related to IPO pricing anomalies. Initial returns are directly related to share ownership by insiders and the percentage of independent outsiders, and long-run returns are directly related to share ownership by insiders.     

Influential ownership and capital structure

This paper explores the relation between ownership structures and capital structures in Russia—an economy with a state‐run banking sector, weak corporate governance, and highly concentrated ownership. We find that firms with the state as controlling shareholder have significantly higher leverage than firms controlled by domestic private controlling shareholders other than oligarchs. Both firms controlled by the state or oligarchs finance their growth with more debt than other firms. Profitability is negatively related to leverage across all types of controlling owners, indicating a preference for internal funding over debt. The results indicate that firms with owners that have political influence or ties to large financial groups enjoy better access to debt. Copyright © 2009 John Wiley & Sons, Ltd.     

深化所有制结构改革的几点思考

国有企业制度如何进行改革?关键是要找到合适的改造它们的所有制形式,建立起充满生机和活力的现代企业制度,并使其能与生产力发展的要求相适应,并与市场经济兼容。     

国内城市贫困问题研究

本文从城市贫困的界定、城市贫困的特征、城市贫困产生的原因、城市贫困的解决措施等方面 ,论述了当前我国城市贫困问题的研究现状。     

The effects of ownership structure and diversification strategy on performance

This study developed and tested a model that attempts to describe the influence of ownership structure and diversification strategy on performance. Results based on data from a crosssectional set of 228 Fortune 500 firms suggested that ownership structure and diversification explain differences in performance between firms.     

发展民营经济需拓宽民营企业的融资渠道

阐释了民营经济在国民经济和社会发展中的作用,分析了当前民营企业融资的现状,提出了进一步发展民营经济需解决好民营企业的融资问题,指出了拓宽民营企业融资的渠道。     

京津冀协同背景下环京津贫困带减贫途径研究

环京津贫困带是我国非常典型的紧邻大都市的“集中连片特殊困难地区”,且由于贫困与生态问题耦合,多年来难以脱贫。推动环京津贫困带减贫,成为贯彻实施“京津冀协同发展”国家战略过程中需要解决的一个重要问题。本文从承担生态涵养和生态安全功能、大城市“回波效应”大于“扩散效应”、区域开放较晚等角度,分析环京津贫困带形成与存在的多重原因,并探讨通过区域协同发展解决大都市周边生态抑制型贫困区域贫困问题的模式与路径。     

Common institutional ownership and corporate misconduct

This paper explores the relationship between common institutional ownership and corporate misconduct. Empirical evidence indicates that common institutional blockholders (institutional blockholders with multiple blockholdings), with advantages in information, experience and resources, can effectively inhibit corporate misconduct. Furthermore, the inhibitory effect is stronger in firms prone to commit misconduct. Empirical results also support the role of state blockholders with multiple blockholdings and common institutional blockholders with high ownership proportions in restraining corporate misconduct. This paper contributes to the heated debate on the economic implications of common ownership and provides additional evidence for the role of common blockholders in Chinese capital markets.     

A note on equity ownership and corporate value in Greece

This study attempts to investigate whether corporate performance is affected by the ownership structure, using data from companies quoted on the Athens Stock Exchange for the period 1996–1998. Given such an objective, the basic hypothesis examined, is that corporate performance as measured by Tobin's Q ratio is a function of ownership and other control variables. Our econometric approach relies on the use of a combination of time series and cross section data (panel‐data analysis), a procedure that avoids many statistical problems. After examining the role of each identifiable shareholder, we find a positive relationship between institutional investors and corporate performance. Copyright © 2004 John Wiley & Sons, Ltd.     

Labor market flexibility and poverty dynamics

The past two decades have witnessed a rapid growth in flexible work arrangements that, in some instances, could expose workers to a higher poverty risk via limited job stability, few advancement opportunities, and low wages. Nowhere in the world has this increase in flexible work arrangements being more evident than in Spain, where about a third of the wage and salary workforce holds fixed-term contracts. Using Spanish panel data and maximum-likelihood binary models that account for state dependence and unobserved heterogeneity, we examine the poverty implications of past and present temporary employment. Our findings suggest that fixed-term contracts are linked to a greater poverty exposure among women and older men relative to open-ended contracts. Furthermore, this greater poverty exposure can last several years due to feedback effects operating via job instability or via the transition to work statuses characterized by higher poverty hazards. Finally, the adverse impact of temporary employment is linked to the short duration of some contracts, thus signaling the importance of work attachment.