Explaining the Persistence of State-ownership in China

In the recent decade China witnessed an upsurge of privatization of small and medium state-owned enterprises (SOEs). In contrast to the consequent sharp reduction in the number of firms, however, the estimated share of broadly-defined SOEs that includes limited liabilities companies controlled by the State has shown virtually no sign of decline. We explain the backgrounds of this seemingly paradoxical persistence of state-ownership by looking into two distinctive types of large SOEs: traditional SOEs that remain dominant in oligopolistic industries and manager-controlled SOEs surviving in competitive industries. The two types exemplify several factors constraining further progress of SOE reform such as, financing the costs of restructuring, redefining the role of the State as the single dominant shareholder, and balancing the interests of the State and managers as entrepreneurs. Sorting these issues out will take time, which means that instabilities associated with state corporate ownership will remain in place in the foreseeable future in China.

Post-Crisis Economic Reform in Indonesia:Policy for Intervening in Ownership in Historical Perspective

Introduction : Economic reform in Indonesia after the Asian currency crisis is often discussed in parallel with Thailand and South Korea, which were alike hit by the crisis. It should however be noted that what happened in Indonesia was a change of political regime from authoritarianism to democracy, not just a change of government as seen in Thailand and South Korea. Indonesia’s post-crisis reform should be understood in the context of dismantling of the Soeharto regime to seek a new democratic state system. 　　　In the political sphere, dramatic institutional changes have occurred since the downfall of the Soeharto government in May 1998. In comparison, changes in the economic sphere are more complex than the political changes, as the former involve at least three aspects. The first is the continuity in the basic framework of capitalist system with policy orientation toward economic liberalization. In this framework, the policies to overcome the crisis are continued from the last period of the Soeharto rule, under the support system of IMF and CGI (Consultative Group on Indonesia). The second aspect is the impact of the political regime change on the economic structure. It is considered that the structure of economic vested interests of the Soeharto regime is being disintegrated as the regime breaks down. The third aspect is the impact of the political regime change on economic policy-making process. The process of formulating and implementing policies has changed drastically from the Soeharto time. With these three aspects simultaneously at work, it is not so easy to identify which of them is the main cause for a given specific economic phenomenon emerging in Indonesia today. 　　　Keeping this difficulty in mind, this paper attempts to situate the post-crisis economic reform in the broader context of the historical development of Indonesian economic policies and their achievements. We focus in particular on the reform policies for banking and corporate sectors and resulting structural changes in these sectors. This paper aims at understanding the significance of the changes in the economic ownership structure that are occurring in the post-Soeharto Indonesia. Economic policies here do not mean macro economic policies, such as fiscal, financial and trade policies, but refer to micro economic policies whereby the government intervenes in the economic ownership structure. In Section 1, we clarify why economic policies for intervening in the ownership structure are important in understanding Indonesia. Section 2 follows the historical development of Indonesia’s economic policies as specified above, throughout the four successive periods since Indonesia’s independence, namely, the parliamentary democracy period, the Guided Democracy period under Soekarno, the Soeharto-regime consolidation period, and the Soeharto-regime transfiguration period2. Then we observe what economic ownership structure was at work in the pre-crisis last days of the Soeharto rule as an outcome of the economic policies. In Section 3, we examine what structural changes have taken place in the banking and corporate sectors due to the reform policies in the post-crisis and post-Soeharto Indonesia. Lastly in Section 4, we interpret the current reorganization of the economic ownership in the context of the historical transition of the ownership structure, taking account of the changes in the policy-making processes under democratization.

El modelo Total Cost of Ownership (TCO) y la adquisición de un paquete informático propietario

Este trabajo se focaliza en el estudio y análisis del modelo Total Cost of Ownership (TCO) para obtener como resultado su configuración para la ad-quisición de un paquete informático propietario. Se describe el modelo TCO y se presenta el estado del arte con los diferentes tipos de estudios existentes y aplicaciones prácticas de referencia. Una vez conocida la situación actual de las investigaciones, se crea una base de características relevantes del modelo, para a partir de ellas obtener los factores a tener en cuenta en la adquisición de un pa-quete informático propietario considerando las características específicas de este tipo de producto. A continuación se aplica el modelo a un caso concreto de adquisición de un paquete de gestión de medios de pago.

"Another Way": The Pneumatology of Deleuzean Minoritarian Communal Interpretation in Scripture, the 16th Century Radical Reformation, and Alternative 21st Century Anabaptist Community

This dissertation proposes a constructive theology of the Holy Spirit called the "pneumatology of minoritarian communal interpretation," the alternative creation of meaning within an oppressive majority context. It illustrates the convergence of Deleuzean philosophy with Anabaptist pneumatology and media communal interpretation theory in three particular locations: 1) selected mentions of the Holy Spirit in the Hebrew Bible and Christian New Testament; 2) the 16th century Radical Reformation; and 3) "Another Way," a 21st century alternative Anabaptist group focused around the spiritual discussion of art and popular media. Chapter One outlines the three theories. Chapter Two examines the Holy Spirit in the Hebrew Bible, particularly 1 Samuel 8, the book of Ezekiel, and the Gospel narratives. Chapter Three examines the pneumatological writings of the Radical Reformers, concentrating particularly on their theologies of the intersection between church and the surrounding majoritarian culture. Chapter Four outlines my original field research with Another Way, and examines the tension between minoritarian communal interpretation and the 21st century semiotic regime. Chapter Five then summarizes the conversations between theory and illustration to propose the pneumatology of minoritarian communal interpretation for Christian theology.

Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic. Factor Markets Working Paper No. 17, February 2012

Cooperative and corporate farms have retained an important role for agricultural production in many transition countries of Central and Eastern Europe. Despite this importance, these farms' ownership structure, and particularly the ownership's effect on their investment activity, which is vital for efficient restructuring and the sector's future development, are still not well understood. This paper explores the ownership-investment relationship using data on Czech farms from 1997 to 2008. We allow for ownership-specific variability in farm investment behaviour analyzed by utilizing an error-correction accelerator model. Empirical results suggest significant differences in the level of investment activity, responsiveness to market signals, investment lumpiness, as well as investment sensitivity to financial variables among farms with different ownership characteristics. These differences imply that the internal structure of the Czech cooperative and corporate farms will be developing in the direction of a decreasing number of owners and an increasing ownership concentration.

Home ownership, labour markets and the economic crisis. ECRI Commentary No. 14, 15 June 2015

In recent decades, a growing body of academic literature has focused on the possible negative effects of high levels of home ownership, especially on labour markets. Morethan-optimal levels of home ownership may impede the mobility of workers, resulting in higher unemployment rates in some European regions. Against that backdrop, a simple model was devised to test the relationship between home ownership, mobility and unemployment. Recent macroeconomic data published by Eurostat suggest that both the variables of mobility and home ownership have had a significant impact on the dynamics of unemployment rates across the EU28.

Disturbances of agency and ownership in schizophrenia: An auditory verbal event related potentials study

A ‘sense of self’ is essentially the ability to distinguish between self-generated and external stimuli. It consists of at least two very basic senses: a sense of agency and a sense of ownership. Disturbances seem to provide a basic deficit in many psychiatric diseases. The aim of our study was to manipulate those qualities separately in 28 patients with schizophrenia (14 auditory hallucinators and 14 non-hallucinators) and 28 healthy controls (HC) and to investigate the effects on the topographies and the power of the event-related potential (ERP). We performed a 76-channel EEG while the participants performed the task as in our previous paper. We computed ERPs and difference maps for the conditions and compared the amount of agency and ownership between the HC and the patients. Furthermore, we compared the global field power and the topographies of these effects. Our data showed effects of agency and ownership in the healthy controls and the hallucinator group and to a lesser degree in the non-hallucinator group. We found a reduction of the N100 during the presence of agency, and a bilateral temporal negativity related to the presence of ownership. For the agency effects, we found significant differences between HC and the patients. Contrary to the expectations, our findings were more pronounced in non-hallucinators, suggesting a more profoundly disturbed sense of agency compared to hallucinators. A contemporary increase of global field power in both patient groups indicates a compensatory recruitment of other mechanisms not normally associated with the processing of agency and ownership.

Turning Agents into Psychological Principals: Aligning Interests of Non-Owners Through Psychological Ownership

Principals who delegate tasks to agents face the perennial challenge of overcoming agency problems. We investigate whether feelings of ownership among senior managers in the absence of formal ownership can align agents' interests with those of principals, thus turning agents into psychological principals. Using a moderated mediation model, we find that psychological ownership is positively related to company performance through the mediating effect of individual-level entrepreneurial behaviour. We also find that the effect of psychological ownership on individual-level entrepreneurial behaviour and, ultimately, company performance is weaker for high levels of monitoring compared to low levels. These findings offer important contributions to agency, psychological ownership, and entrepreneurship literatures.

Affective Commitment and Job Satisfaction among Non-family Employees: Investigating the Roles of Justice Perceptions and Psychological Ownership

Due to numerous characteristics often attributed to family firms, they constitute a unique context for non-family employees’ justice perceptions. These are linked to non-family employees’ pro-organizational attitudes and behaviors, which are essential for family firms’ success. Even though scholarly interest in non-family employees’ justice perceptions has increased, more research is still needed, also because the mechanism connecting justice perceptions and favorable outcomes is not fully understood yet. We address this gap by explicitly investigating non-family employees’ justice perceptions and by introducing psychological ownership as a mediator in the relationships between justice perceptions (distributive and procedural) and common work attitudes (affective commitment and job satisfaction). Our analysis of a sample of 310 non-family employees from Germany and German-speaking Switzerland reveals that psychological ownership mediates the relationships between distributive justice and affective commitment as well as job satisfaction. This represents valuable contributions to family business research, organizational justice and psychological ownership literature, and to practice.

Psychological Ownership of Employees as a Mediator in the Justice - Affective Commitment Relationship

Numerous scholars have accumulated evidence on the positive effects that employees’ organizational justice perceptions exert on work-related outcomes such as affective commitment. However, research still lacks understanding of the underlying mechanisms connecting the two constructs. In this article we aim to narrow this gap by examining the concept of psychological ownership as a possible mediator between organizational justice perceptions and affective commitment. Investigating a sample of 619 employees, we find distributive justice to be positively related to psychological ownership, and observe psychological ownership as a full mediator of the distributive justice and affective commitment relationship. These insights offer a new explanation in understanding the justice-commitment connection, contributing to both organizational justice and psychological ownership literature and opening up ways for promising future research.

The Committed and the Happy: Exploring the Effects of Justice and Ownership Perceptions among Non-family Employees

A main challenge that family businesses face is fostering non-family employees' val-ue-creating attitudes, such as affective commitment and job satisfaction. While justice perceptions have been identified as being critical in the creation of these outcomes, the process how they actually evolve is less clear, especially in family firms. We address this gap by introducing psychological ownership as a mediator in the relationships between justice perceptions (distributive and procedural) and common work attitudes (affective commitment and job satisfaction). Our analysis of a sample of 310 non-family employees from family firms in German-speaking Switzerland and Germany reveals that psychological ownership mediates the relationships between distributive justice and affective commitment as well as job satisfaction. This leads to valuable contributions to family business research, organizational justice and psychological ownership literatures, and to practice.