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| 1 |
ID:
090814
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| Publication |
2009.
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| Summary/Abstract |
Why have economic reforms aimed at reducing the role of the state been successful in some cases but not others? Are reform failures the consequence of leviathan states that hinder private economic activity, or of weak states unable to implement policies effectively and provide a supportive institutional environment? We explore these questions in a study of privatization in postcommunist Russia. Taking advantage of large regional variation in the size of public administrations, and employing a multilevel research design that controls for preprivatization selection in the estimation of regional privatization effects, we examine the relationship between state bureaucracy and the impact of privatization on firm productivity. We find that privatization is more effective in regions with relatively large bureaucracies. Our analysis suggests that this effect is driven by the impact of bureaucracy on the postprivatization business environment, with better institutional support and less corruption when bureaucracies are large.
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| 2 |
ID:
181620
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| Summary/Abstract |
An appreciation in the price of housing could generate speculation opportunities for enterprises. Many firms try to seize these opportunities for quick returns. This may harm their productivity. We use the real estate boom and the investment activities of Chinese manufacturing firms during 2006–2017 to examine the processes and the net effect of housing market speculation on firm productivity. We find that housing market speculation negatively affects firm productivity by crowding out investments in research and development and productive fixed assets, and the positive effect brought about by a strengthened balance sheet and better financing capacity is outweighed by the crowding-out effect. This negative impact is more evident in state-owned firms, but is mitigated in regions and periods with better business environments. Set in the overheated housing market in China, our study contributes to the existing literature by exploring how firms’ investments outside of their main business influence firm behavior and productivity.
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| 3 |
ID:
112839
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| Publication |
2012.
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| Summary/Abstract |
This article studies the influence of the institutional environment on Chinese enterprises' selection of entry mode for overseas investment from three dimensions: regulation, normalisation and imitation mechanisms. The results show that the regulation mechanism has a significant influence on the choice of mode of entry for overseas investment. Chinese enterprises tend to make investments in the form of acquisitions and wholly-owned subsidiaries in countries with sound policies, laws and formal institutional factors. The normalisation mechanism takes into consideration the influence of informal institutional factors including cultural distance mainly through adjustment of ownership mode. The greater the cultural distance between the host country and China, the higher the possibility that Chinese enterprises will opt for the joint venture mode of entry. The imitation mechanism takes into account the degree of integration between parent and subsidiary companies. Chinese enterprises which are highly integrated are likely to enter the local market via greenfield investment. Unlike the transnational enterprises of many developed countries, international experience has no significant impact on Chinese enterprises' choice of mode of entry for overseas investment.
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| 4 |
ID:
141944
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| Summary/Abstract |
THERE IS NO SINGLE generally accepted definition of the term "developing country." The United Nations system has no standard criteria for a country to be categorized as developed or developing. There is, however, a loose consensus in the world's academia on reasons for putting a country in either of the two groups. Such criteria are a country's average per capita income; the degree of industrialization of its economy; the maturity of market relations; the structure of its foreign trade; its involvement in global financial and economic processes; and guarantees of property rights and human rights in it.
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