Foreign ownership mode,executive compensation structure,and corporate governance: Has the literature missed an important link? Evidence from Taiwanese firms

We propose an alternate context-based extension to the agency theory-grounded explanation of foreign ownership mode choices proposed in the literature. Using a sample of Taiwanese firms investing in the greater China region over the 2001–2009 period, we show that both economic and non-economic factors influence the choice of foreign ownership mode. In addition, we document that higher institutional ownership percentages motivate Taiwanese firms to select shared ownership in the greater China region. Further, no long term compensation mix/ownership structure link is found. These findings run counter to a theory provided for foreign ownership mode choices of US based firms. Our findings provide support for the validity of stewardship and social capital theory, but not financial incentives-based agency theory, for Taiwanese firms investing in the greater China region.     

The Narrow and Broad Approaches to Evolutionary Modeling in Economics

Some models in evolutionary economics rely on direct analogies to genetic evolution, assuming a population of firms with routines, technologies, and strategies on which forces of diversity generation and selection act. This narrow conception can build upon previous findings from evolutionary biology. Broader concepts of evolution allow many or just one adaptive entity, instead of necessarily requiring a population. Thus, an institution or a society can also be understood as an evolutionary entity. Both the narrow and broad approaches have been extensively used in the literature, albeit in different literature traditions. I provide an overview of the conception and development of both approaches to evolutionary modeling, and argue that a generalization is needed to realize the full potential of evolutionary modeling.     

Who should own it? An agency‐based explanation for multi‐outlet ownership and co‐location in plural form franchising

Plural forms exist when managers use two owners to perform one activity. Franchising is a plural form explained by agency theory, however, the theory is unable to explain two franchisor actions: 1) allowing franchisees to own multiple outlets and 2) co‐locating company‐owned and franchised outlets. We use research that describes a symbiosis between company‐owned and franchised outlets to extend agency theory and explain these actions. Our investigation of ownership patterns among 4,339 outlets of 16 plural form franchisors is consistent with our theory that multi‐outlet franchising is cost efficient and that co‐location occurs when franchisors fill market gaps left by franchisees. Copyright © 2011 John Wiley & Sons, Ltd.     

Lessons for Development from the Japanese Experience

Economic class, defined in relation to its actual control over the economy’s productive assets, is the most useful lens for examining power distribution in the post-Soviet transition and clarifying the neoliberal nature of its social provisioning processes. Using Ukraine as an illustration, I argue that only ownership empowerment of economically powerless classes can democratize the oligarchic transition economies. As an exit strategy from oligarchic capitalism, I recommend that state capitalism be implemented, as a transitory condition only, to divest oligarchs of unlawfully acquired economic power. Then, progressive restructuring of oligarchic companies must be conducted through broadening property ownership to include shared ownership and worker participation in economic decisions. I conclude that only by nurturing the democratic fundamentals of the economy and promoting a social democratic welfare state could a government in post-Euromaidan Ukraine initiate its own social control and create a genuine political and economic democracy.     

文化财产纠纷解决模式的法律机制探析

保护文化财产现已成为一种普遍共识,针对历史遗留和正在产生的文化财产纠纷,许多国家、组织和个人在设想一些模式试图更好地解决这些纠纷,如诉讼模式、仲裁模式、双边模式等等,这些模式有的实行成本和难度很大、有的还处于设想当中。本文在比较几种模式利弊的基础上,分析互惠返还协议(MBRAs模式),旨在论证这种模式在中国应用的可行性。     

Rural labour market policies in Croatia,FYR of Macedonia and Turkey

Considerable differences are found among countries regarding the importance of the agricultural labour force, between rural and urban labour, and in poverty and living conditions in rural areas. Declines in the agricultural labour force and rural population are foreseen for each of the countries, but with significant variations between them. Showing different patterns over time, labour market developments in the sector and in rural areas have been shaped by the overall labour market institutions, conditions and factors in each country, such as the legal basis, educational attainment and migration flows, and the presence of non-agricultural activities in rural areas.     

浅谈房屋权属登记薄的填制和对外利用规则

就本人在理论和实际工作中对自治区房屋权属登记簿的填制和对外利用规则谈谈个人的粗浅认识。     

Whose firm is it anyway? Analyzing ownership effects on IPO performance

This study revisits current practice that ownership holding at IPO has a homogeneous impact on IPO performance. Using signalling theory, we develop and test a conceptual model explaining the relationships between the aggregated ownership structure and IPO price premium. We argue that aggregated ownership has a direct effect on issue price premium, and offer specific hypotheses on the effect of the shares sold during the offering by each type of owner on IPO performance. We use archival data from a sample of US firms that issued IPOs between 1996 and 2000 and find a significant direct effect of ownership configuration, namely, heterogeneity in effect of each ownership type on IPO performance as well as interaction effects between different ownership types. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.     

Marketing Metrics Use in a Transition Economy: The Case of Vietnam

ABSTRACT

This article explores the use of marketing metrics by a sample of Vietnamese firms, providing an example of the use of marketing metrics in a “transition” economy as it grows and becomes more market and marketing driven. The analysis reports usage frequency and then develops a set of “correlation chains” linking firm characteristics, metric use, and various indicators of performance. Vietnamese managers generally report that several types of metrics are used. Ownership structure and industry also impact which metrics are utilized. An initial assessment of chains relating metric use to firm performance indicates that the impact is complex and indirect.