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| 1 |
ID:
089978
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| Publication |
2009.
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| Summary/Abstract |
How does participation in the global economy influence the pollution management practices of firms in a developing country? Research on trade and the environment leads one to anticipate that integration into the international economy should enhance domestic firm environmental behavior. Integration facilitates access to cleaner technology, exposes domestic firms to global norms of corporate environmentalism, and compels developing country firms to meet trading partners' environmental standards or risk losing market access. This article tests these propositions by exploring the environmental compliance of internationally oriented firms in China-a country whose rapid economic expansion and increasingly prominent role as a foreign investor have considerable implications for protection of the global environment. It finds that there is only modest market-induced enhancement of environmental performance among Chinese companies. In terms of their compliance with environmental law, Chinese firms with connections to the global economy are either no better than domestically oriented companies or, in the case of firms that export heavily, are worse.
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| 2 |
ID:
143776
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| Summary/Abstract |
Mixed results from studies on Chinese cross-border mergers and acquisitions (M&As) have been a puzzle for both academia and business professionals over the years. Do these M&As create value when Chinese firms acquire foreign target firms suffering heavy losses and even on the verge of bankruptcy? This article explores the wealth effect of M&As conducted by Chinese firms as well as the relevant factors from the asset-seeking perspective. The authors use 180 M&A cases conducted by listed firms in China between 2002 and 2012 as samples and examine their wealth effects in a method of event study. The results show that these M&A activities have produced significant positive wealth effects during the event window of [–10, 10]. The authors then study the key factors affecting wealth effects. The findings reveal that an acquiring firm’s strength via research and development (R&D) and M&A experience generates significant positive impacts on the wealth effect. The findings also reveal that an innovation orientation and development stage of host countries helps create positive wealth effects; vertical M&As are particularly favored by the market since they can gain easier access to R&D, marketing channels or mineral resources.
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| 3 |
ID:
130983
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| Publication |
2014.
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| Summary/Abstract |
Many studies have been performed to assess the impacts of corporate social responsibility (CSR) on the financial performance of companies. There are, however, very few studies that analyze how CSR policies and instruments affect the realization of social and environmental CSR goals, such as the reduction of workplace accidents or CO2 emissions. Therefore, it remains uncertain to what extent CSR really contributes to sustainable development and whether it can serve as an alternative to government regulation to internalize external effects from market operation. The present study provides an explorative empirical analysis that aims to fill this gap. We employ regression analysis on a sample of 109 Chinese companies. The estimation results show that having a code of conduct stimulates the implementation of other organizational CSR instruments, but CSR implementation only partly affects the realization of CSR goals. Having codes of conduct without implementing CSR does not have a significant impact on societal welfare.
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| 4 |
ID:
112734
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| Publication |
2012.
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| Summary/Abstract |
This paper examines the impact of recent financial reforms in China on the financing constraints and investment of publicly-listed Chinese firms. Two continuous indices are constructed to measure the evolution and intensity of financial reforms: a financial liberalization index and a capital control index. Dynamic panel GMM method is used to estimate firms' financing constraints in an Euler-equation investment model. Based on panel data of listed firms for 1996-2007, we find that large firms face no credit constraints and smaller firms display significant constraints. However, the sensitivity of large firms' investment to their cash holdings is heightened as more financial reforms take place. It appears that reforms that gradually eliminate preferential treatments to large firms, primarily state-owned enterprises (SOEs) in China, have subjected these firms' investment decisions to stricter market-based discipline and therefore raised their financing constraints. No significant change in the financing constraint is detected for smaller firms in China. This is interpreted as financial reform in China has not been substantial enough for its benefits to reach smaller firms.
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| 5 |
ID:
137534
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| Summary/Abstract |
This paper investigates the impacts of ISO 14001 adoption on the performance of firms using a sample of Chinese firms. The results show that adopting ISO 14001 has insignificant impacts on the financial performance of Chinese firms. A further investigation shows that the adoption of ISO 14001 increases sales and costs of firms in similar magnitudes, thus causes insignificant net effects on the financial performance. Despite negligible financial gains, the adoption of ISO 14001 provides implicit non-financial benefits, such as promoting export and relieving coercive environmental inspections from the government.
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| 6 |
ID:
130982
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| Publication |
2014.
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| Summary/Abstract |
This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibility (CSR) by Southern Weekend (a Chinese newspaper) for Chinese firms from 2008 to 2012. Our results show significant and positive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.
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| 7 |
ID:
130288
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| Publication |
2014.
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| Summary/Abstract |
The paper presents a single case study of how one Chinese firm operates in Dar es Salaam and how the firm's embeddedness and unique managerial style in the local context affect local benefits for Tanzanian employees. The results demonstrate the need to fill a gap in the knowledge about Chinese economic activities in Africa, par-ticularly in relation to the cultural constructs present in manager-employee interactions. The findings paint a picture of a firm that intends to localize its business strategies and engage a local labour force, but similarly reveals the inherent cultural, behavioural and social norms of Chinese management, which may create organizational challenges and power differentials in the workplace.
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| 8 |
ID:
157300
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| Summary/Abstract |
This article contributes to the understanding of innovative behaviour in China’s large and medium-sized firms and hence the role of Chinese firms in innovation. The empirical analyses are based on firm-level survey data. Innovation has important implications not only for the transformation of the Chinese economy but also for the rest of the world as Chinese firms become increasingly active internationally. Specifically, this article explores the factors underlying the propensity, intensity and persistence of research and development (R&D) spending in Chinese firms.
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| 9 |
ID:
133269
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| Publication |
2014.
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| Summary/Abstract |
This study adds to the understanding of China's innovation prospects by examining how variations in institutional quality within China impact on the R&D efforts of firms located in different provincial regions. In the process of identifying the effect of institutional quality, the roles of other factors such as ownership types and market structures are revealed, which provides interesting insight into firms' R&D behavior. The key findings suggest that institutional quality positively affects the decision of firms to engage in R&D activities. Once firms start to engage in R&D, the subsequent expansion of firm-level R&D intensity depends on factors such as market structure. Therefore, strengthening domestic institutional quality is the first critical step towards the goal of building a knowledge-intensive economy in China. Efforts to nurture market development are also important for achieving this goal.
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| 10 |
ID:
143783
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What is the relationship between ownership type and environmental performance in Chinese firms? Using a survey of over 1,000 industrial firms in 12 Chinese cities in 2006, this article tests a number of competing hypotheses linking ownership type to environmental performance. The results show that small and medium state-owned enterprises (SOEs) on average spend less on pollution abatement technologies and are less likely to meet national emissions standards, compared to privately owned enterprises (POEs) and foreign invested enterprises (FIEs). However, the environmental performance of the largest SOEs matches that of their private and foreign counterparts. These findings are complemented by qualitative interviews and archival research conducted in 2012.
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