Employment is fundamental in improving the livelihood of the people and social security is the source ofhuman happiness. This is how the international community protects and improves basic human rights. It is also the...Employment is fundamental in improving the livelihood of the people and social security is the source ofhuman happiness. This is how the international community protects and improves basic human rights. It is also the policy China has adopted to achieve sustainable economic and social development. Furthermore, it is clear evidence of China＇s respect and protection of human rights.展开更多
Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Scien...Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.展开更多
Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Scien...Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.展开更多
Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Scien...Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.展开更多
Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Scien...Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.展开更多
The territorial consideration is enclosed in the development of network economy and e-Business, and there is no departure of the cultivation of e-Business from the establishment of territorial competitiveness. The tra...The territorial consideration is enclosed in the development of network economy and e-Business, and there is no departure of the cultivation of e-Business from the establishment of territorial competitiveness. The traditional theory of the territorial competitiveness has come across a serious impact from the Internet. So the development of Intemet infrastructures and institutional environment would be something new to the theory of territorial competitiveness in the Internet era.展开更多
Limited by the condition of information, technology and natural elements, the compulsive institutions in the environment governance can not form a “hard constraint” to the individuals. Because of the individual'...Limited by the condition of information, technology and natural elements, the compulsive institutions in the environment governance can not form a “hard constraint” to the individuals. Because of the individual's speculative behaviors, the government's deviation from its environmental governance, and the non-cooperative game between individuals and the legal organization, the implementation of the compulsive institutions is not as good as being expected. Through analyzing the mechanism of the compulsive institutions, this paper puts forward some suggestions to enhance the efficiency of such institutions' implementation.展开更多
Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of...Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.展开更多
Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local governmen...Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local government intervention,and local legal environment,on blockholder characteristics and ownership concentration,and the relation between the endogeneity of ownership structure and institutional environment.Our results indicate that the effects of these variables on ownership concentration are(1)positive for listed companies controlled by state asset management bureaus affiliated with local governments,(2)negative for listed companies controlled by state-owned enterprises affiliated with local governments and(3)unclear for listed private companies.These variables also positively affect the degree of privatization of listed companies in China.展开更多
From the perspective of neoinstitutionalism,higher vocational education has become an emerging institution in Chinese society.Its development over three decades entails a trend of institutionalization of higher vocati...From the perspective of neoinstitutionalism,higher vocational education has become an emerging institution in Chinese society.Its development over three decades entails a trend of institutionalization of higher vocational education.In such a process,higher vocational education is gaining legitimacy and experiencing isomorphic changes.Various challenges have indicated an absence of institutional legitimacy at all levels of higher vocational education,namely regulative,normative,and cultural-cognitive legitimacy.The latter two are considered key for the ongoing process of institutionalizing higher vocational education.Moreover,the emergence and development of higher vocational education in China has indicated isomorphic changes in Chinese higher education in terms of non-university sectors,practical/skills learning,teachers with dual qualifications and graduate employment.展开更多
How culture affects banks’digital transformation(BDT)is understudied.We discover that clan culture inhibits BDT in China.Clan culture’s short-radius trust requires banks to have more physical branches and employees ...How culture affects banks’digital transformation(BDT)is understudied.We discover that clan culture inhibits BDT in China.Clan culture’s short-radius trust requires banks to have more physical branches and employees to establish trust,and its risk aversion reduces banks’willingness to bear risks,inhibiting BDT.Resource pooling within clans attenuates the financing constraints and reduces the credit demand of enterprises;households seek more credit through informal channels,limiting their reliance on bank loans and inhibiting BDT from the demand side.Developing the institutional environment and generalized trust as well as demographic change can attenuate these negative effects.Overall,we clarify how informal institutional factors inhibit BDT,enriching research on clan culture and modern financial development.展开更多
This paper explores how the influences corporate donations, based on political identity of top managers upper echelons theory （UET）. The results show that the political identity of the top manager has a significant ...This paper explores how the influences corporate donations, based on political identity of top managers upper echelons theory （UET）. The results show that the political identity of the top manager has a significant impact on the donation behavior of a company, especially in areas with poor institutional environments. Corporate donations depend not only on whether the top manager has a political identity but also the type of this identity. Furthermore, the impact differs significantly between companies with different ownership structures. This study enriches our knowledge of corporate philanthropy by demonstrating that corporate donation practices are shaped by a range of contextual factors. Corporate giving behaviors in emerging economies such as China are differently motivated according to the fundamentally different aspects of their institutional settings.展开更多
This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation＇s Index of Economic Freedom （IEF） as a proxy for the he...This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation＇s Index of Economic Freedom （IEF） as a proxy for the heterogeneous institutional environment, and a sample of 3728 IPOs from 22 countries and regions over the period 1993--2014, we find that countries with higher economic freedom have significantly less serious IPO underpricing problems. Moreover, we find that among the 10 economic freedom factors covered by theIEF, financial freedom related factors play a more important role in reducing the IPO underpricing problem. Finally, consistent with the market sentiment hypothesis, we find strong evidence that pre-IPO market sentiment influences IPO firstday returns, and that the IPO underpricing problem is less severe when the market is bearish.展开更多
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 bo...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.展开更多
文摘Employment is fundamental in improving the livelihood of the people and social security is the source ofhuman happiness. This is how the international community protects and improves basic human rights. It is also the policy China has adopted to achieve sustainable economic and social development. Furthermore, it is clear evidence of China＇s respect and protection of human rights.
文摘Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.
文摘Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.
文摘Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.
文摘Editor-in-Chief Yuanming Lai,Academician of Chinese Academy of Sciences,director of Northwest Institute of Eco-Environment and Resources,Chinese Academy of Sciences,Lanzhou,China,Associate Editor of Cold Regions Science and Technology.
文摘The territorial consideration is enclosed in the development of network economy and e-Business, and there is no departure of the cultivation of e-Business from the establishment of territorial competitiveness. The traditional theory of the territorial competitiveness has come across a serious impact from the Internet. So the development of Intemet infrastructures and institutional environment would be something new to the theory of territorial competitiveness in the Internet era.
基金Supported by the National Scientific Technology Project(No.2002BA901A43).
文摘Limited by the condition of information, technology and natural elements, the compulsive institutions in the environment governance can not form a “hard constraint” to the individuals. Because of the individual's speculative behaviors, the government's deviation from its environmental governance, and the non-cooperative game between individuals and the legal organization, the implementation of the compulsive institutions is not as good as being expected. Through analyzing the mechanism of the compulsive institutions, this paper puts forward some suggestions to enhance the efficiency of such institutions' implementation.
基金supported by the Program for New Century Excellent Talent at University(Grant No.NCET-06-0565)the Foundation of the Key Research Institution of Humanities and Social Science at University(Grant No.07JJD630009)of the Ministry of Education of Chinathe National Nature Science Foundation of China(Grant No.G0205-70572092)
文摘Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.
基金funded by grants from Key Projects of Key Research Institute of Humanities and Social Science of Ministry of Education(2009JJD790040)the National Social Science Foundation of China(No07CJY010)
文摘Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local government intervention,and local legal environment,on blockholder characteristics and ownership concentration,and the relation between the endogeneity of ownership structure and institutional environment.Our results indicate that the effects of these variables on ownership concentration are(1)positive for listed companies controlled by state asset management bureaus affiliated with local governments,(2)negative for listed companies controlled by state-owned enterprises affiliated with local governments and(3)unclear for listed private companies.These variables also positively affect the degree of privatization of listed companies in China.
文摘From the perspective of neoinstitutionalism,higher vocational education has become an emerging institution in Chinese society.Its development over three decades entails a trend of institutionalization of higher vocational education.In such a process,higher vocational education is gaining legitimacy and experiencing isomorphic changes.Various challenges have indicated an absence of institutional legitimacy at all levels of higher vocational education,namely regulative,normative,and cultural-cognitive legitimacy.The latter two are considered key for the ongoing process of institutionalizing higher vocational education.Moreover,the emergence and development of higher vocational education in China has indicated isomorphic changes in Chinese higher education in terms of non-university sectors,practical/skills learning,teachers with dual qualifications and graduate employment.
基金financial support from the National Social Science Fund of China(No.24CJY053)Zhejiang Provincial Natural Science Foundation of China(No.LQ23G030006)the Institute of Asset Management Research Project,Zhejiang Gongshang University(No.ZCYJ2004009).
文摘How culture affects banks’digital transformation(BDT)is understudied.We discover that clan culture inhibits BDT in China.Clan culture’s short-radius trust requires banks to have more physical branches and employees to establish trust,and its risk aversion reduces banks’willingness to bear risks,inhibiting BDT.Resource pooling within clans attenuates the financing constraints and reduces the credit demand of enterprises;households seek more credit through informal channels,limiting their reliance on bank loans and inhibiting BDT from the demand side.Developing the institutional environment and generalized trust as well as demographic change can attenuate these negative effects.Overall,we clarify how informal institutional factors inhibit BDT,enriching research on clan culture and modern financial development.
基金Acknowledgements We thank the editor and two anonymous reviewers for their many insightful and constructive suggestions. This work was supported by the National Natural Science Foundation of China （71372166, 71502174） and the Research Base on Low-carbon Economy for Guangzhou Area.
文摘This paper explores how the influences corporate donations, based on political identity of top managers upper echelons theory （UET）. The results show that the political identity of the top manager has a significant impact on the donation behavior of a company, especially in areas with poor institutional environments. Corporate donations depend not only on whether the top manager has a political identity but also the type of this identity. Furthermore, the impact differs significantly between companies with different ownership structures. This study enriches our knowledge of corporate philanthropy by demonstrating that corporate donation practices are shaped by a range of contextual factors. Corporate giving behaviors in emerging economies such as China are differently motivated according to the fundamentally different aspects of their institutional settings.
文摘This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation＇s Index of Economic Freedom （IEF） as a proxy for the heterogeneous institutional environment, and a sample of 3728 IPOs from 22 countries and regions over the period 1993--2014, we find that countries with higher economic freedom have significantly less serious IPO underpricing problems. Moreover, we find that among the 10 economic freedom factors covered by theIEF, financial freedom related factors play a more important role in reducing the IPO underpricing problem. Finally, consistent with the market sentiment hypothesis, we find strong evidence that pre-IPO market sentiment influences IPO firstday returns, and that the IPO underpricing problem is less severe when the market is bearish.
基金This research was financially supported by the National Social Science Foundation of China(No.19BJY105).
文摘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.
