Subsidies, rent seeking and performance:being young, small or private in China

Entrepreneurs in emerging market economies operate in weak institutional contexts, which can imply different types of government. In some countries (e.g., Russia), the government is predatory, and the main risk faced by (successful) entrepreneurs relates to expropriation. In other countries (like China) this kind of risk is lower; nevertheless the government is intrusive, and the rules of the game remain fluid. The implication of the latter for entrepreneurs is that they are more likely to spend time and resources on influence (rent seeking) activities rather than on productive activities.We illustrate this type of government by focusing on the distribution of subsidies in China.We present a simple formalmodel that explores not only the direct effects of rent seeking for a company but also externalities under a situation of policy-generated uncertainty in the distribution of subsidies.We explore how these effects differ for the entrepreneurial sector (young, private and small companies) compared with other sectors. We posit that while the performance of private companies is more affected than the performance of state firms, the impact of government-induced uncertainty on young and small companies is actually less pronounced. Our empirical analysis, based on a unique large dataset of 2.4 million observations on Chinese companies, takes advantage of the regional and sectoral heterogeneity of China for empirical tests.

The emergence of integrated private reporting

Purpose - This paper aims to provide evidence to suggest that private social and environmental reporting (i.e. one-on-one meetings between institutional investors and investees on social and environmental issues) is beginning to merge with private financial reporting and that, as a result, integrated private reporting is emerging. Design/methodology/approach - In this paper, 19 FTSE100 companies and 20 UK institutional investors were interviewed to discover trends in private integrated reporting and to gauge whether private reporting is genuinely becoming integrated. The emergence of integrated private reporting through the lens of institutional logics was interpreted. The emergence of integrated private reporting as a merging of two hitherto separate and possibly rival institutional logics was framed. Findings - It was found that specialist socially responsible investment managers are starting to attend private financial reporting meetings, while mainstream fund managers are starting to attend private meetings on environmental, social and governance (ESG) issues. Further, senior company directors are becoming increasingly conversant with ESG issues. Research limitations/implications - The findings were interpreted as two possible scenarios: there is a genuine hybridisation occurring in the UK institutional investment such that integrated private reporting is emerging or the financial logic is absorbing and effectively neutralising the responsible investment logic. Practical implications - These findings provide evidence of emergent integrated private reporting which are useful to both the corporate and institutional investment communities as they plan their engagement meetings. Originality/value - No study has hitherto examined private social and environmental reporting through interview research from the perspective of emergent integrated private reporting. This is the first paper to discuss integrated reporting in the private reporting context.

Technological capability development in China's energy service company industry

Technological capability (TC) plays a strategic role in the competitive advantage of not only individual corporate entities but also entire industries. This paper investigates the crucial factors that affect technological capability development by Energy Service Companies (ESCOs) in China. It identifies how differently sized ESCOs make progress in developing TCs. Through looking at the successes achieved by developed countries in the field of energy conservation, ESCOs are able to improve energy efficiency and reduce emissions and are deemed to provide an effective means of conserving energy in China. Existing literature indicates that limited TC levels of are one of the crucial barriers facing Chinese ESCOs. Through investigating three different sizes of Chinese ESCO - small, medium-sized and large - this paper provides a framework to present the idea that Chinese ESCOs' TC development is affected by four key internal and external capabilities: management capability, investment capability, innovation capability and linkage capability. Through comparative analysis, the paper establishes that small and medium-sized private ESCOs are mainly affected by investment and linkage capabilities. Large state-owned ESCOs are mainly affected by innovation and management capability. In addition, all three types of ESCO exhibit a strong desire to develop their technological capability, but small and medium-sized ESCOs exhibit a stronger desire to conduct research and development (R&D) than large ESCOs, whilst large ESCOs prefer to increase their technical reserves through acquisition. This paper identifies factors that affect Chinese ESCOs' TC, but it does intend to address the problem of how to reduce the negative effects of limited TC or the question of how to improve the TC development of Chinese ESCOs effectively. This paper contributes to the field of TC development in the ESCO industry.

Commentary on the Humble Remonstrance of the Company of Stationers 1643

A petition from the Company of Stationers to Parliament to introduce some form of legislative regulation of the press. The petition is significant in revealing the extent to which the Stationers depended upon the state to support the regulation of the book trade, as well as the nature of the various public and private interest arguments upon which they sought to base their claim. The commentary articulates the various arguments presented by the Stationers within their petition. The benefits of the legal regulation they suggested concerned not only the censorship and suppression of seditious and heretical texts, but also facilitated the advancement of learning and knowledge and the flourishing of the printing industry itself. In addition, the petition presents the figure of the ‘author' as reliant upon the benefit of his work, and that the ‘production of the Brain' was to be regarded as equivalent to any other commodity or chattel.

Prevalence of chronic diseases in private healthcare sector of South Africa: A threat to public health

Purpose: To evaluate the prevalence of patients suffering from registered chronic disease list (CDL) conditions in a section of the South African private health sector from 2008 - 2012. Methods: This study was a retrospective analysis of the medicine claims database of a nationally (South African) representative Pharmacy Benefit Management (PBM) company data between 2008 and 2012. Statistical analysis was used to analyse the data. Descriptive analysis was performed to calculate the prevalence of CDL conditions for the entire population, and stratified by age and gender. However, MIXED linear modelling was used to determine changes in the average number of CDL conditions per patient, adjusted for age and gender from 2008 - 2012. Results: An increase of 0.20 in chronic diseases was observed from 2008 - 2012 in patients having any CDL condition, with an average of 1.57 (1.57 - 1.58, 95 % CI) co-morbid CDL conditions in 2008 and 1.77 (1.77 - 1.78, 95 % CI) in 2012. This increase in average number of CDL conditions per patient between 2008 and 2012 was statistically significant (p < 0.05), but with no large practical significance (d < 0.8). Conclusion: Prevalence of patients with CDL conditions along with risk of co-morbidity has been increasing with time in the private health sector of South Africa. Risk of increased co-morbidity with age and among different genders was prevalent.

SC private letter ruling

This paper gives a ruling on the annual membership fees paid to a company that allow members to receive the benefits that are associated with shopping on-line and are subject to South Carolina sales tax as part of the consideration paid for the purchase of tangible personal property pursuant to Code Section 12-36-60. It also rules on the free one month trial membership offered by a company that allows individuals to receive the same benefits as other members that are associated with shopping on-line and is not a sale of tangible personal property for a consideration under Code Section 12-36-100 and, therefore, is not subject to South Carolina sales and use tax.

Equity management strategies in the Australian private sector

This paper outlines the methods and outcomes of a study into equity management strategies in Australian private sector organisations reporting to the Equal Opportunity for Women in the Workplace Agency. Reports from 1976 organisations indicate eleven key factors characterising equity management in Australia. The study highlights differences within previously identified social structural policies, temperamental and opportunity policies and identifies a further policy type, categorised as “support policies”. Differences have also been identified in relation to distribution structures, suggesting that gender is not the sole consideration in determining equity management strategies. The principle of distribution also figures strongly in equity management implementation.