This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has bec...This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.展开更多
Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownershi...Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.展开更多
In certain cloud Electronic Medical Records (EMRs) applications, the data ownership may need to be transferred. In practice, not only the data but also the auditing ability should be transferred securely and efciently...In certain cloud Electronic Medical Records (EMRs) applications, the data ownership may need to be transferred. In practice, not only the data but also the auditing ability should be transferred securely and efciently. However, we investigate and fnd that most of the existing data ownership transfer protocols only work well between two indi-viduals,and they become inefcient when dealing between two communities. The proposals for transferring tags between communities are problematic as well since, they require all members get involved or a fully trusted aggrega-torfacilitates ownership transfer, which are unrealistic in certain scenarios. To alleviate these problems, in this paper we develop a secure auditing protocol with decentralized (t, n)-threshold ownership transfer for cloud EMRs. This protocol is designed to operate efciently without requiring the mandatory participation of every user or the involve-mentof any trusted third-party. It is achieved by employing the threshold signature. Rigorous security analyses and comprehensive performance evaluations illustrate the security and practicality of our protocol. Specifcally, according to the evaluations and comparisons, the communication and computational consumption is independent of the fle size, i.e., it is constant in our protocol for both communities.展开更多
In the context of urban-rural integration development in China,the distribution of value-added income of rural land collective ownership is related to the protection of farmers rights and interests and the specific im...In the context of urban-rural integration development in China,the distribution of value-added income of rural land collective ownership is related to the protection of farmers rights and interests and the specific implementation of rural revitalization strategy.Based on the entry of rural collectively-owned construction land into the market and the compensation system for land expropriation,this paper discusses in detail the distribution of value-added income of rural land collective ownership,analyzes the current situation,existing problems and causes of the current distribution mechanism,and puts forward countermeasures and suggestions for optimizing the distribution mechanism.Through literature research and case analysis,this paper reveals the unfair phenomenon in the distribution of value-added income of rural land,and discusses the roles and responsibilities of government,collective organizations and individual farmers in the distribution of income.The results show that establishing a fair and reasonable income distribution mechanism,strengthening the construction of laws and regulations,improving farmers participation and protecting their rights and interests are the key to optimizing the distribution of rural land value-added income.In addition,it is expected that this paper will provide some theoretical basis and practical guidance for improving the distribution mechanism of value-added income of rural land collective ownership.展开更多
Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic perfo...Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic performance.However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA.Taking A-share-listed private enterprises between 2016 and 2021 as research samples,we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA.Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises’contribution to TPA.This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity.As shown by the mechanism test,state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast,the check&balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model,state capital equity participation prompts private enterprises to contribute to TPA through industrial development,educational investment,and environmental protection,emphasizing a combination of providing external assistance and cultivating endogenous development capacity.In terms of TPA regions,state capital equity participation plays a significant role in supporting economically less-developed regions,regions with high unemployment rates,and central and western regions.This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.展开更多
As the number of high-density buildings has increased,the management of property with complex condominium ownership has become an ongoing challenge in property registration and management.The three-dimensional(3D)mode...As the number of high-density buildings has increased,the management of property with complex condominium ownership has become an ongoing challenge in property registration and management.The three-dimensional(3D)modeling of condominium ownership has emerged as an effective means of meeting this challenge and has attracted great attention from fields such as geographical information science,urban planning and management,and property administration.Much progress has been made in building 3D models of condominium ownership;however,existing studies are all on a case-by-case basis and have left some critical issues unsolved,such as vague ownership boundaries,spatial rights without physical counterparts,and the unfixed spatial extent.The purpose of this study is to construct a 3D building ownership model with multiple levels of detail in the context of Chinese law to overcome the defects of 3D models above.This 3D model is presented in a case study of China by subdividing ownership boundaries based on clarifying the internal structure of condominium ownership,embedding the apportionment mechanism,and integrating the semantics,attributes,and geometry associated with the physical and legal entity of the condominium.The proposed 3D model is implemented by extending Building Information Modeling(BIM)based on the Industry Foundation Classes(IFC)and inheriting legal information from Land Administration Domain Model(LADM).In this study,examples of condominium ownership from three real legal dispute cases in China are analyzed and tested.The study clearly demonstrates that the proposed model can provide a better cognitive understanding of the legal space of property by rendering unambiguous ownership boundaries and presenting the spatial internal structure of ownership,which offers solid technical support for dealing with property registration and many legal dispute cases about condominium ownership.展开更多
We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction...We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.展开更多
Virtual property has increasingly become a key issue,particularly regarding its nature,ownership,and goodwill acquisition,all of which are worthy of study.Analyzing these issues can contribute to a better understandin...Virtual property has increasingly become a key issue,particularly regarding its nature,ownership,and goodwill acquisition,all of which are worthy of study.Analyzing these issues can contribute to a better understanding of how to develop laws and regulations to protect virtual property.展开更多
Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process ...Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.展开更多
Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a...Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a sole ownership system after the victory of the National Revolution.In war times,land issues dominated the agenda of the Party’s work on the ownership structure since most of its bases and liberated areas were in the countryside.After the founding of the People’s Republic of China in 1949,China established a basic socialist economic system through“one industrialization and three transformations,”i.e.socialist industrialization and the transformations of agriculture,artisanal production,and capitalist industry and commerce.This nascent socialist economic system was characterized by the sole public ownership of the means of production and a highly centralized planned economy.Since the reform and opening up in 1978,the Party took bold steps to explore and reform the socialist ownership system under the principle to keep public ownership as the mainstay and allow diverse forms of ownership to develop side by side.In the new era,the Party has redefined China’s basic socialist economic system by creating a mixed ownership structure at two levels with public ownership as the mainstay.China’s increasing economic vitality and dynamism have witnessed the exploration and growth of this mixed ownership system.展开更多
The study determined the effect of ownership structure on earnings quality of listed financial firms in Nigeria.The study employed secondary data.The study population comprised all the 16 listed financial firms on the...The study determined the effect of ownership structure on earnings quality of listed financial firms in Nigeria.The study employed secondary data.The study population comprised all the 16 listed financial firms on the Nigerian Stock Exchange.Purposive sampling technique was adopted to select top 10 banks whose shares are consistently traded on the stock market.Data for ownership structure and earnings quality were sourced from the audited financial statements of the selected firms and the Nigerian Stock Exchange Factbook over a period of 10 years(2009-2018).Collected data were analyzed using pooled ordinary least square,fixed effect and random effect estimation techniques.The result from the study showed that institutional ownership(t=4.3,p˂0.05)had a positive and statistically significant relationship with earnings quality while ownership concentration(t=-2.5,p˂0.05)had a negative and significant relationship with earnings quality.The study recommended that the institutional ownership which shows a positive relationship with earnings quality enables improved earnings of the sampled listed banks.More institutional participation should be allowed in the Nigerian listed banks as it was proved that they have the power to monitor the affairs of managers as this will have a positive impact on earnings.Concentration ownership gives managers incentives to manage earnings to achieve short term opportunistic interest;therefore it should not be encouraged.展开更多
Considering both the discrete and ordered nature of the household car ownership an ordered logistic regression model to predict household car ownership is established by using the data of Nanjing Household Travel Surv...Considering both the discrete and ordered nature of the household car ownership an ordered logistic regression model to predict household car ownership is established by using the data of Nanjing Household Travel Survey in the year 2012. The model results show that some household characteristics such as the number of driver licenses household income and home location are significant.Yet the intersection density indicating the street patterns of home location and the dummy near the subway and the bus stop density indicating the transit accessibility of home location are insignificant.The model estimation obtains a good γ2 the goodness of fit of the model and the model validation also shows a good performance in prediction.The marginal effects of all the significant explanatory variables are calculated to quantify the odds change in the household car ownership following a one-unit change in the explanatory variables.展开更多
The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate ...The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.展开更多
This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific uni...This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific unification of ownership and control on corporate performance. Findings in the paper are based on research that produced empirical data for Croatia which is subsequently compared with evidence from other Asian and European transition countries facing the same issues. Consequently, transitional ownership structures, influenced by actual privatization process, like emergent corporate governance mechanisms, highly concentrated ownership and undeveloped markets for corporate control are also described. Research findings show that direct or indirect managerial ownership are important phenomena in transition countries, research has also shown that stable and concentrated managerial ownership have positive effects on firms＇ profitability in the observed transitional environments.展开更多
Auto ownership is one of the most important linkages between travel demand and land use. Residents in denser, urban or more transit accessible neighborhoods tend to own fewer cars. Car ownership influences almost all ...Auto ownership is one of the most important linkages between travel demand and land use. Residents in denser, urban or more transit accessible neighborhoods tend to own fewer cars. Car ownership influences almost all aspects of travel behavior, including travel frequency, travel distances, mode choice and time-of-day choice. At the same time, car ownership affects residential location choices, as households owning cars are less likely to choose urban neighborhoods than households without cars. This paper describes a new microscopic auto-ownership model that has been estimated with survey data. The model is fully integrated with a land use and a transportation model to capture： （1） how owning a car affects travel behavior and location choice; and （2） how the built environment and the transportation needs affect auto-ownership decisions. The model has been validated against census data and is fully operational.展开更多
This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: own...This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.展开更多
In order to satisfy the robotic personalized service requirements that can select exclusive items to perform inference and planning according to different service individuals,the service robots need to have the abilit...In order to satisfy the robotic personalized service requirements that can select exclusive items to perform inference and planning according to different service individuals,the service robots need to have the ability to independently obtain the ownership relationship between humans and their carrying items.In this work,we present a novel semantic learning strategy for item ownership.Firstly,a human-carrying-items detection network based on human posture estimation and object detection model is used.Then,the transferred convolutional neural network is used to extract the characteristics of the objects and the back-end classifier to recognize the object instance.At the same time,the face detection and recognition model are used to identify the service individual.Finally,on the basis of the former two,the active learning of ownership items is completed.The experimental results show that the proposed ownership semantic learning strategy can determine the ownership relationship of private goods accurately and efficiently.The solution of this problem can improve the intelligence level of robot life service.展开更多
Benzene is a classified as ahuman carcinogen that can cause myelodysplastic syndrome and acute myelogenousleukemia;.This compound is also a potent toxin suppressing the bone marrow.Accordingly,benzene causes serious h...Benzene is a classified as ahuman carcinogen that can cause myelodysplastic syndrome and acute myelogenousleukemia;.This compound is also a potent toxin suppressing the bone marrow.Accordingly,benzene causes serious hematological adverse effects,such as pancytopenia and aplastic展开更多
Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of ...Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.展开更多
文摘This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.
基金supported by the Humanities and Social Sciences Research Planning Project of the Ministry of Education:“A Study on Private Capital and Bank Stability”(No.19YJC790162).
文摘Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.
基金supported by the National Natural Science Foundation of China(No.61902289,No.62202102,No.61972096)the University-Industry Coop-eration Project of Fujian Provincial Department of Science and Technology(2022H60250)+2 种基金the National Technology Development Project in Fujian prov-ince(No.2023L3007)Key Projects of Scientifc and Technological Innovation in Fujian Province(No.2022G02003)the Natural Science Foundation of Fujian Province(No.2023J01534).
文摘In certain cloud Electronic Medical Records (EMRs) applications, the data ownership may need to be transferred. In practice, not only the data but also the auditing ability should be transferred securely and efciently. However, we investigate and fnd that most of the existing data ownership transfer protocols only work well between two indi-viduals,and they become inefcient when dealing between two communities. The proposals for transferring tags between communities are problematic as well since, they require all members get involved or a fully trusted aggrega-torfacilitates ownership transfer, which are unrealistic in certain scenarios. To alleviate these problems, in this paper we develop a secure auditing protocol with decentralized (t, n)-threshold ownership transfer for cloud EMRs. This protocol is designed to operate efciently without requiring the mandatory participation of every user or the involve-mentof any trusted third-party. It is achieved by employing the threshold signature. Rigorous security analyses and comprehensive performance evaluations illustrate the security and practicality of our protocol. Specifcally, according to the evaluations and comparisons, the communication and computational consumption is independent of the fle size, i.e., it is constant in our protocol for both communities.
文摘In the context of urban-rural integration development in China,the distribution of value-added income of rural land collective ownership is related to the protection of farmers rights and interests and the specific implementation of rural revitalization strategy.Based on the entry of rural collectively-owned construction land into the market and the compensation system for land expropriation,this paper discusses in detail the distribution of value-added income of rural land collective ownership,analyzes the current situation,existing problems and causes of the current distribution mechanism,and puts forward countermeasures and suggestions for optimizing the distribution mechanism.Through literature research and case analysis,this paper reveals the unfair phenomenon in the distribution of value-added income of rural land,and discusses the roles and responsibilities of government,collective organizations and individual farmers in the distribution of income.The results show that establishing a fair and reasonable income distribution mechanism,strengthening the construction of laws and regulations,improving farmers participation and protecting their rights and interests are the key to optimizing the distribution of rural land value-added income.In addition,it is expected that this paper will provide some theoretical basis and practical guidance for improving the distribution mechanism of value-added income of rural land collective ownership.
基金the National Social Science Fund of China(NSSFC),“Study on the Policy Effect Evaluation and Optimization of Dual-Pillar Regulation under Triple Pressures”(Grant No.22&ZD063)General Project of the National Natural Science Foundation of China(NSFC),“Financial Fundamentals Information and Financial Risk Forecast:Machine Learning and Economic Theories”(Grant No.72072193)General Project of the National Natural Science Foundation of China(NSFC),“Investment Q Theory,Investor Sentiment and Capital Market Asset Pricing:A Big Data Perspective”(Grant No.71872195).
文摘Targeted poverty alleviation(TPA)serves as a winning formula for fighting poverty and has generated valuable experiences for achieving common prosperity.The mixed-ownership reform has enhanced corporate economic performance.However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA.Taking A-share-listed private enterprises between 2016 and 2021 as research samples,we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA.Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises’contribution to TPA.This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity.As shown by the mechanism test,state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast,the check&balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model,state capital equity participation prompts private enterprises to contribute to TPA through industrial development,educational investment,and environmental protection,emphasizing a combination of providing external assistance and cultivating endogenous development capacity.In terms of TPA regions,state capital equity participation plays a significant role in supporting economically less-developed regions,regions with high unemployment rates,and central and western regions.This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.
基金supported by the National Natural Science Foundation of China[grant number 41871298].
文摘As the number of high-density buildings has increased,the management of property with complex condominium ownership has become an ongoing challenge in property registration and management.The three-dimensional(3D)modeling of condominium ownership has emerged as an effective means of meeting this challenge and has attracted great attention from fields such as geographical information science,urban planning and management,and property administration.Much progress has been made in building 3D models of condominium ownership;however,existing studies are all on a case-by-case basis and have left some critical issues unsolved,such as vague ownership boundaries,spatial rights without physical counterparts,and the unfixed spatial extent.The purpose of this study is to construct a 3D building ownership model with multiple levels of detail in the context of Chinese law to overcome the defects of 3D models above.This 3D model is presented in a case study of China by subdividing ownership boundaries based on clarifying the internal structure of condominium ownership,embedding the apportionment mechanism,and integrating the semantics,attributes,and geometry associated with the physical and legal entity of the condominium.The proposed 3D model is implemented by extending Building Information Modeling(BIM)based on the Industry Foundation Classes(IFC)and inheriting legal information from Land Administration Domain Model(LADM).In this study,examples of condominium ownership from three real legal dispute cases in China are analyzed and tested.The study clearly demonstrates that the proposed model can provide a better cognitive understanding of the legal space of property by rendering unambiguous ownership boundaries and presenting the spatial internal structure of ownership,which offers solid technical support for dealing with property registration and many legal dispute cases about condominium ownership.
文摘We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.
文摘Virtual property has increasingly become a key issue,particularly regarding its nature,ownership,and goodwill acquisition,all of which are worthy of study.Analyzing these issues can contribute to a better understanding of how to develop laws and regulations to protect virtual property.
文摘Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.
文摘Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a sole ownership system after the victory of the National Revolution.In war times,land issues dominated the agenda of the Party’s work on the ownership structure since most of its bases and liberated areas were in the countryside.After the founding of the People’s Republic of China in 1949,China established a basic socialist economic system through“one industrialization and three transformations,”i.e.socialist industrialization and the transformations of agriculture,artisanal production,and capitalist industry and commerce.This nascent socialist economic system was characterized by the sole public ownership of the means of production and a highly centralized planned economy.Since the reform and opening up in 1978,the Party took bold steps to explore and reform the socialist ownership system under the principle to keep public ownership as the mainstay and allow diverse forms of ownership to develop side by side.In the new era,the Party has redefined China’s basic socialist economic system by creating a mixed ownership structure at two levels with public ownership as the mainstay.China’s increasing economic vitality and dynamism have witnessed the exploration and growth of this mixed ownership system.
文摘The study determined the effect of ownership structure on earnings quality of listed financial firms in Nigeria.The study employed secondary data.The study population comprised all the 16 listed financial firms on the Nigerian Stock Exchange.Purposive sampling technique was adopted to select top 10 banks whose shares are consistently traded on the stock market.Data for ownership structure and earnings quality were sourced from the audited financial statements of the selected firms and the Nigerian Stock Exchange Factbook over a period of 10 years(2009-2018).Collected data were analyzed using pooled ordinary least square,fixed effect and random effect estimation techniques.The result from the study showed that institutional ownership(t=4.3,p˂0.05)had a positive and statistically significant relationship with earnings quality while ownership concentration(t=-2.5,p˂0.05)had a negative and significant relationship with earnings quality.The study recommended that the institutional ownership which shows a positive relationship with earnings quality enables improved earnings of the sampled listed banks.More institutional participation should be allowed in the Nigerian listed banks as it was proved that they have the power to monitor the affairs of managers as this will have a positive impact on earnings.Concentration ownership gives managers incentives to manage earnings to achieve short term opportunistic interest;therefore it should not be encouraged.
文摘Considering both the discrete and ordered nature of the household car ownership an ordered logistic regression model to predict household car ownership is established by using the data of Nanjing Household Travel Survey in the year 2012. The model results show that some household characteristics such as the number of driver licenses household income and home location are significant.Yet the intersection density indicating the street patterns of home location and the dummy near the subway and the bus stop density indicating the transit accessibility of home location are insignificant.The model estimation obtains a good γ2 the goodness of fit of the model and the model validation also shows a good performance in prediction.The marginal effects of all the significant explanatory variables are calculated to quantify the odds change in the household car ownership following a one-unit change in the explanatory variables.
文摘The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.
文摘This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific unification of ownership and control on corporate performance. Findings in the paper are based on research that produced empirical data for Croatia which is subsequently compared with evidence from other Asian and European transition countries facing the same issues. Consequently, transitional ownership structures, influenced by actual privatization process, like emergent corporate governance mechanisms, highly concentrated ownership and undeveloped markets for corporate control are also described. Research findings show that direct or indirect managerial ownership are important phenomena in transition countries, research has also shown that stable and concentrated managerial ownership have positive effects on firms＇ profitability in the observed transitional environments.
文摘Auto ownership is one of the most important linkages between travel demand and land use. Residents in denser, urban or more transit accessible neighborhoods tend to own fewer cars. Car ownership influences almost all aspects of travel behavior, including travel frequency, travel distances, mode choice and time-of-day choice. At the same time, car ownership affects residential location choices, as households owning cars are less likely to choose urban neighborhoods than households without cars. This paper describes a new microscopic auto-ownership model that has been estimated with survey data. The model is fully integrated with a land use and a transportation model to capture： （1） how owning a car affects travel behavior and location choice; and （2） how the built environment and the transportation needs affect auto-ownership decisions. The model has been validated against census data and is fully operational.
文摘This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.
基金This work was supported by the Joint Funds of National Natural Science Foundation of China(Nos.U1813215 and 2018YFB1307101)National Natural Science Foundation of China(Nos.61603213,61773239,61973187,61973192 and 91748115)+2 种基金Shandong Provincial Natural Science Foundation,China(No.ZR2017MF014)Jinan Technology project(No.20150219)Taishan Scholars Programme of Shandong Province.
文摘In order to satisfy the robotic personalized service requirements that can select exclusive items to perform inference and planning according to different service individuals,the service robots need to have the ability to independently obtain the ownership relationship between humans and their carrying items.In this work,we present a novel semantic learning strategy for item ownership.Firstly,a human-carrying-items detection network based on human posture estimation and object detection model is used.Then,the transferred convolutional neural network is used to extract the characteristics of the objects and the back-end classifier to recognize the object instance.At the same time,the face detection and recognition model are used to identify the service individual.Finally,on the basis of the former two,the active learning of ownership items is completed.The experimental results show that the proposed ownership semantic learning strategy can determine the ownership relationship of private goods accurately and efficiently.The solution of this problem can improve the intelligence level of robot life service.
基金supported by the Key Program of the National Natural Science Foundation of China [81730087]Jiangsu Provincial Youth Medical Talent program [QNRC2016536]+3 种基金Six Talent Peaks Project in Jiangsu Province [WSW-017]Jiangsu Province’s Outstanding Medical Academic Leader program [CXTDA2017029]Preventive Medicine Foundation of Jiangsu [Y2015049]Occupational Health Risk assessement and National Occupational Hygienic Standard Formulation [131031109000150003]
文摘Benzene is a classified as ahuman carcinogen that can cause myelodysplastic syndrome and acute myelogenousleukemia;.This compound is also a potent toxin suppressing the bone marrow.Accordingly,benzene causes serious hematological adverse effects,such as pancytopenia and aplastic
文摘Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.
