State-owned enterprises, exporting and productivity in China:a stochastic dominance approach

A popular explanation for China's rapid economic growth in recent years has been the dramatic increase in the number of private domestic and foreign-owned firms and a decline in the state-owned sector. However, recent evidence suggest that China's state-owned enterprise (SOEs) are in fact stronger than ever. In this paper we examine over 78,000 manufacturing firms between 2002 and 2006 to investigate the relationship between ownership structure and the degree of firm-level exposure to export markets and firm-level productivity. Using a conditional stochastic dominance approach we reveal that although our results largely adhere to prior expectations, the performance of state-owned enterprises differs markedly between those that export and those that supply the domestic market only. It appears that China's internationally focused SOEs have become formidable global competitors.

Some aspects of management in state-owned enterprises in the Republic of Vietnam:as a case study for developing countries

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State-owned enterprises, exporting and productivity in China:a stochastic dominance approach

A popular explanation for China's rapid economic growth in recent years has been the dramatic increase in the number of private domestic- and foreign-owned firms and a decline in the state-owned sector. However, recent evidence suggests that China's state-owned enterprises (SOEs) are in fact stronger than ever. In this paper, we examine over 78,000 manufacturing firms between 2002 and 2006 to investigate the relationship between ownership structure and the degree of firm-level exposure to export markets and firm-level productivity. Using a conditional stochastic dominance approach, we reveal that although our results largely adhere to prior expectations, the performance of SOEs differs markedly between those that export and those that supply the domestic market only. It appears that China's internationally focused SOEs have become formidable global competitors. © 2013 John Wiley & Sons Ltd.

Institutional complexity in Thai state-owned enterprises:the implementation of performance measurement systems

This study explores institutional complexity in Thai State-Owned Enterprises (SOEs). In doing so, a qualitative approach has been employed in this study in order to identify institutional logics in the field of Thai SOEs and to understand organisational and individual perceptions of institutional complexity in the implementation of performance measurement systems (PMS) and how they respond to the complexity. To achieve this goal, two Thai SOEs were studied, both of which faced challenges in the implementation of Economic Value Management (EVM) and Balance Scorecard (BSC) as well as difficulties in linking their individual BSC and incentive systems. The qualitative data were collected from semi-structured interviews and document reviews. The empirical aspects of this study reveal that the institutional logics in the field of Thai SOEs are the logic of bureaucracy, commercial operations, social activities, seniority and unity. Regarding the multiple institutional logics embedded, SOEs experienced the institutional complexity in the implementation of PMS. The results suggest that the organisations have decoupled the EVM and loosely coupled the BSC from organisational practices to cope with institutional complexity and conflict institutional demands. Also, the evidence shows that the institutional logics influence SOEs’ actions towards resisting changes incentive systems and the relationship between individual BSC and incentives.

Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

Capabilities and competitiveness of Chinese state owned manufacturing enterprises:what has been learned over 20 years and what remains to be learned

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which and how domestic market oriented state owned enterprises (SOEs) have developed their capabilities remain important questions. The East Asian latecomer model has been adapted to study six Chinese SOEs in the automotive, steel and machine tools sectors to assess capability levels attained and the role of external sources and internal efforts in developing them. All six enterprises demonstrate high competence in operating established technology, managing investment and making product and process improvements but differ in innovative capability. While the East Asian latecomer model in which linking, leveraging and learning explain technological capability development is relevant for the companies studied, it needs to be adapted for Chinese SOEs to take account of types of external links and leverage of enterprises, the role of government, enterprise level management motives and means of financing development.

International technology transfer and development of capabilities in Chinese state-owned manufacturing enterprises:lessons from 20 years of case research

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which domestic market oriented state owned enterprises (SOEs) have developed their capabilities is not clear. Six SOEs in the automotive, steel and machine tools sectors in Beijing and Tianjin have been studied since the mid-1990s to assess the capability levels attained and the role of external sources and internal efforts in developing them. Aided by government policies, acquisition of technology and their own efforts, the case study companies appear to be broadly following the East Asian late industrialisation model. All six enterprises demonstrate competences in operating established technology, managing investment and making product and process improvements. The evidence suggests that companies without foreign joint venture (JV) collaborations have made more progress in this respect.

Corporate governance in municipality-owned enterprises: a case study

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015

The innovation process of a privately-owned enterprise and a state-owned enterprise in China

This study compares the innovation process of a privately-owned enterprise and a state-owned enterprise in China using their patent data. Huawei and ZTE were selected for this study because they experienced the same historical environment in the same industry from the same region in China leaving their owner types as their critical difference. This study investigates the difference in the innovation process in R&D between a privately-owned and a state-owned enterprise by analyzing (1) domestic and international patent application pattern, (2) co-application and co-applicants, (3) knowledge accumulation inside Huawei and ZTE, and (4) knowledge spillover to domestic and foreign firms.

Stakeholder impact analysis of infrastructure project management in developing countries : a study of perception of project managers in state-owned engineering firms in Vietnam

Construction projects can involve a diverse range of stakeholders and the success of the project depends very much on fulfilling their needs and expectations. It is important, therefore, to identify and recognize project stakeholders and develop a rigorous stakeholder management process. However, limited research has investigated the impact of stakeholders on construction projects in developing countries. A stakeholder impact analysis (SIA), based on an approach developed by Olander (2007), was adopted to investigate the stakeholders' impact on state-owned civil engineering projects in Vietnam. This involved the analysis of a questionnaire survey of 57 project managers to determine the relative importance of different stakeholders. The results show the client to have the highest level of impact on the projects, followed by project managers and the senior management of state-owned engineering firms. The SIA also provides suggestions to project managers in developing and evaluating the stakeholder management process.

Avoidance Techniques: State Related Defences in International Antitrust Cases

Despite its economic significance, competition law still remains fragmented, lacking an international framework allowing for dispute settlement. This, together with the growing importance of non-free-market economies in world trade require us to re-consider and re-evaluate the possibilities of bringing an antitrust suit against a foreign state. If the level playing field on the global marketplace is to be achieved, the possibility of hiding behind the bulwark of state sovereignty should be minimised. States should not be free to act in an anti-competitive way, but at present the legal framework seems ill-equipped to handle such challenges.

This paper deals with the defences available in litigation concerning transnational anti-competitive agreements involving or implicating foreign states. Four important legal doctrines are analysed: non-justiciability (political question doctrine), state immunity, act of state doctrine and foreign state compulsion. The paper addresses also the general problem of applicability of competition laws to a foreign state as such. This is a tale about repetitive unsuccessful efforts to sue OPEC and recent attempts in the US to deal with export cartels of Chinese state-owned enterprises

Russian Enterprise Restructuring - the Effect of Privatisation and Market Liberalisation on the Performance of Large Enterprises

The fundamental question in the transitional economies of the former Eastern Europe and Soviet Union has been whether privatisation and market liberalisation have had an effect on the performance of former state-owned enterprises. This study examines the effect of privatisation, capital market discipline, price liberalisation and international price exposure on the restructuring of large Russian enterprises. The performance indicators are sales, profitability, labour productivity and stock market valuations. The results do not show performance differences between state-owned and privatised enterprises. On the other hand, the expansion of the de novo private sector has been strong. New enterprises have significantly higher sales growth, profitability and labour productivity. However, the results indicate a diminishing effect of ownership. The international stock market listing has a significant positive effect on profitability, while the effect of domestic stock market listing is insignificant. The international price exposure has a significant positive increasing effect on profitability and labour productivity. International enterprises have higher profitability only when operating on price liberalised markets, however. The main results of the study are strong evidence on the positive effects of international linkages on the enterprise restructuring and the higher than expected role of new enterprises in the Russian economy.

A Study Of Chit Finance In Kerala With Special Emphasis On Kerala State Financial Enterprises Ltd.

Chit funds contribute to the value of financial markets in India particularly in Kerala. Chit finances with its unique features are of great significance especially as a savings cum borrowing avenue. The present study entitled “A Study of chit Finance in Kerala with special emphasis on Kerala State Financial Enterprises Ltd.” examines the socio-economic aspects of Chit schemes run by the private Chit Funds, KSFE, co-operatives, and informal Chit Funds. The study is an attempt to find the reasons for the growing popularity of Chit Funds as savings cum borrowings avenues even in the presence of various other avenues of savings and borrowings and also to understand how the Chit subscribers utilize the funds. The objectives of the present study are to examine the trends and pattern of growth of Chit Funds in the formal sector in Kerala, performance of KSFE as the only public sector Chit Fund company in India, preference for joining Chit Funds, estimate the cost and return on Chit Funds etc. is an indigenous financial instrument is complementary to modern financial techniques of savings and borrowings. KSFE is the dominant foremen in the chit business in Kerala, its weaknesses result in the non-attainment of certain objectives. Driven by the growing trend of privatization, KSFE needs to be innovative and competitive. It is also necessary that KSFE continue its leadership role by being more effective in being the harbinger of more efficiency, professionalism and good governance in the Chit Fund Industry. The growth and development of chit business by protecting the interests of both the subscribers and the foremen will therefore be most beneficial for any growing economy.