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| 1 |
ID:
137533
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| Summary/Abstract |
This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.
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| 2 |
ID:
137535
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| Summary/Abstract |
The purpose of this study is to explore an important issue concerning the relationship among the local government deficit, land finance and real estate markets in China. This study uses a panel data of 30 provinces in China during 1999–2010 to estimate the panel smooth transition regression model. Since the estimated transition threshold value is 14.62, provinces with the ratio of fiscal deficits to GDP of greater than 14.62% are categorized as in the high fiscal difficulty (HFD) regime. Otherwise they are in the low fiscal difficulty (LFD) regime. The primary finding of this study is that the land leasing fee has a significantly positive influence on the total value of commodity buildings sold in the LFD regime. In addition, the local fiscal deficit has a significantly positive impact on the real estate market in the LFD regime, but this impact turns to be negative in the HFD regime.
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| 3 |
ID:
137536
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| Summary/Abstract |
We investigate the impact of the emergence of China as a global competitor on the trade performance of Central, Eastern and Southeastern European (CESEE) countries at the EU-15 market, i.e. the fifteen EU members as of 1995. The main aim of the paper is thus to challenge the common view that China crowds out exporters from European markets. The paper takes a comprehensive approach in terms of empirical methods and data. We analyze export growth, export market shares, extensive and intensive margins and the dynamics in the number of joint trade links (Dynamic Trade Link Analysis), applying highly disaggregated data at the 6-digit HS level over the period 1995–2010. We show that the most contested markets are those for capital goods and transport equipment, product categories where both regions have gained market shares and comparative advantage. We show that the number of trade links at the product level where both regions are active has increased substantially, indicating intensified competition. At the same time hardly any trade links were lost, which points against cut-throat competition between CESEE and China. The decomposition of export growth along the extensive versus the intensive margin shows that in line with the literature, the deepening of already existing trade relationships (i.e. the intensive margin) contributed most strongly to export growth in both regions, whereas the contribution of new trade links (i.e. the extensive margin) had only a minor contribution, apart from the instance of EU accession, which boosted the extensive margin considerably. We further decompose intensive margin growth into demand related structural effects and a supplier related competitiveness effect. Both the CESEE region and China successfully intensified their trade linkages above all as a result of their outstanding competitiveness as shown by the econometric shift-share analysis. While this suggests that both regions pursue a suitable export strategy, further diversification of production towards promising new industries and markets will become increasingly crucial for both, especially in face of projected slower EU-15 market growth in the longer run.
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| 4 |
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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| 5 |
ID:
137539
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| Summary/Abstract |
The potential impacts of foreign acquisitions have long been debatable in both academic and policy circles in China, which have more or less shaped China's regulation policy regarding foreign acquisitions. This paper examines the causal effect of foreign acquisitions on the labor market in China with self-constructed firm level panel data. We combine the propensity score matching and the difference-in-differences techniques in our estimation to deal with the potential selection biases in acquisitions. Our results show that the impacts of foreign acquisitions in China are different from but also comparable to those in developed countries found in the literature. Specifically, foreign acquisitions have significant positive effects on the levels of wage and employment of target firms, but mildly negative impact on employment growth and insignificant impact on wage growth. The impacts show heterogeneities. We also check the potential channels of the impacts.
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| 6 |
ID:
137517
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| Summary/Abstract |
Motivated by China's experience, a growth model is developed to explain the repeated interaction between economic reforms and growth in a developing country. Convergence occurs until the developing country reaches a bottleneck, then convergence stops unless the institution is improved. After the reform, convergence resumes until a new bottleneck is encountered, which triggers another reform, and so on. Using recursive methods, I show analytically that, in a perfect international credit market, each reform occurs when the new growth bottleneck just becomes binding; the reform size changes monotonically over time; there are finite reforms and convergence is unceasing until the last constraint binds, so a permanent GDP gap may exist. The model also implies that a politically more powerful government should adopt more gradual reforms. In an imperfect credit market, convergence can be delayed and an initially richer economy can be more likely to adopt insufficient reforms.
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| 7 |
ID:
137537
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From the perspective of officials-and-directors (OADs), who are commonly appointed by the Chinese government to the banks it owns, this paper takes studies of government ownership and banks' behavior to the micro level of boards. We analyze the relationship between the special political connection of the OADs and banks' prudential behavior, using a sample of China's City Commercial Banks during 2006–2010. We further explore the impact of OADs' characteristics and the role of independent directors and female directors. The results indicate that banks with OADs exhibit lower prudential behavior, and the higher is the administrative rank of the OADs, the larger is the effect. And the older is the OADs, the larger is the effect. More importantly, the government ownership of banks does not have a significant and robust influence on their prudential behavior. Meanwhile, independent directors can significantly weaken the effect of the OADs, while female directors can enhance the prudential behavior of banks in the absence of OADs. Finally, our results persist even after controlling for sample selection bias and alternative variable measures. Our research contributes to the practice of improving bank governance and regulating systematic risk.
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| 8 |
ID:
137538
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| Summary/Abstract |
This study investigates the effects of spatial interactions on local wages based on a panel data from 31 Chinese provinces between 2001 and 2010. Using the Global Moran's I statistic, we provide empirical evidence for the presence of spatial dependencies in provincial wages. Then, we estimate the provincial wage equation using a spatial panel model that controls for spatial heterogeneity and spatial interdependence as well as other regional characteristics. The empirical results show that spatial wage spillover plays an important role in the determination of local wages. Furthermore, we find that human capital and economic growth are two underlying forces strengthening wage spillovers across provinces.
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