Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470505
Anna Fung
Abstract Leveraging current research in international business strategies, this article reviews existing theories related to international strategies, such as industrybased, resource-based, and institutional-based theories, and how they fit within the concepts of relative positioning and strategic planning. Overall, this article seeks to extend these existing theories by providing a conceptual framework that originates in the ancient Chinese theory of yin and yang.
{"title":"International Business Strategies: A Review and Extension of Theories","authors":"Anna Fung","doi":"10.2753/CES1097-1475470505","DOIUrl":"https://doi.org/10.2753/CES1097-1475470505","url":null,"abstract":"Abstract Leveraging current research in international business strategies, this article reviews existing theories related to international strategies, such as industrybased, resource-based, and institutional-based theories, and how they fit within the concepts of relative positioning and strategic planning. Overall, this article seeks to extend these existing theories by providing a conceptual framework that originates in the ancient Chinese theory of yin and yang.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470505","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470501
Xiaoxiang Zhang, K. Daly
Abstract In the last decade the Chinese government owned banks have undergone a privatization program resulting in considerable changes in ownership of Chinese banks. This paper examines the impact of bank-specific, macroeconomic, financial, and globalization variables on the performance of Chinese banking from 2004 to 2010. The results suggest that banks with lower credit risk, which are well capitalized, tend to be more profitable, while banks with higher expense preferences exert a negative impact on bank performance. The macroeconomic variables suggest that China’s financial services tend to grow along with economic growth. Our results also suggest that greater economic integration through increased trade and capital flows coincides with an increase in bank profitability. Likewise, social globalization and political globalization seem to exert positive effects on the profitability of Chinese banks.
{"title":"The Impact of Bank-Specific and Macroeconomic Factors on China’s Bank Performance ok","authors":"Xiaoxiang Zhang, K. Daly","doi":"10.2753/CES1097-1475470501","DOIUrl":"https://doi.org/10.2753/CES1097-1475470501","url":null,"abstract":"Abstract In the last decade the Chinese government owned banks have undergone a privatization program resulting in considerable changes in ownership of Chinese banks. This paper examines the impact of bank-specific, macroeconomic, financial, and globalization variables on the performance of Chinese banking from 2004 to 2010. The results suggest that banks with lower credit risk, which are well capitalized, tend to be more profitable, while banks with higher expense preferences exert a negative impact on bank performance. The macroeconomic variables suggest that China’s financial services tend to grow along with economic growth. Our results also suggest that greater economic integration through increased trade and capital flows coincides with an increase in bank profitability. Likewise, social globalization and political globalization seem to exert positive effects on the profitability of Chinese banks.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470501","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470503
Erin H. C. Kao, Hung-Gay Fung, Qing-zhu Li
Abstract This study examines factors that explain corporate social responsibility (CSR) engagement in Chinese firms. Contrary to the developed markets, the Chinese government plays a determinant role in CSR engagement of Chinese firms. For the state-owned firms, several results are noted. First, a firm’s CSR engagement appears to serve the government interest rather than the various stakeholders. Second, managers will overinvest in CSR for political reasons or private reputation building. The behavior supports the overinvestment hypothesis. Third, a state-owned enterprises firm with more earnings management will likely reduce CSR engagement. SOEs that have CSR engagements tend to have higher research and technical development expenditures and lower financial performance. For non-state-owned firms, the CSR engagements appear to mitigate conflicts among stakeholders and associate with higher firms’ value, supporting the conflict-resolution hypothesis. Our results find that firms of a larger size are more likely to participate in more CSR engagement for both SOEs and non-SOEs.
{"title":"What Explains Corporate Social Responsibility Engagement in Chinese Firms?","authors":"Erin H. C. Kao, Hung-Gay Fung, Qing-zhu Li","doi":"10.2753/CES1097-1475470503","DOIUrl":"https://doi.org/10.2753/CES1097-1475470503","url":null,"abstract":"Abstract This study examines factors that explain corporate social responsibility (CSR) engagement in Chinese firms. Contrary to the developed markets, the Chinese government plays a determinant role in CSR engagement of Chinese firms. For the state-owned firms, several results are noted. First, a firm’s CSR engagement appears to serve the government interest rather than the various stakeholders. Second, managers will overinvest in CSR for political reasons or private reputation building. The behavior supports the overinvestment hypothesis. Third, a state-owned enterprises firm with more earnings management will likely reduce CSR engagement. SOEs that have CSR engagements tend to have higher research and technical development expenditures and lower financial performance. For non-state-owned firms, the CSR engagements appear to mitigate conflicts among stakeholders and associate with higher firms’ value, supporting the conflict-resolution hypothesis. Our results find that firms of a larger size are more likely to participate in more CSR engagement for both SOEs and non-SOEs.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470503","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470506
{"title":"Author Index to The Chinese Economy, Vol. 47","authors":"","doi":"10.2753/CES1097-1475470506","DOIUrl":"https://doi.org/10.2753/CES1097-1475470506","url":null,"abstract":"","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470502
Babu G. Baradwaj, S. Flaherty, Yingying Shao
Abstract We investigate the impact of the growth in lending on the riskiness of Chinese banks from 1992 to 2007. We find that loan growth has a significant impact on a bank’s credit risk, return, and capital adequacy. The growth in lending leads to increases in loan loss provisions and interest income, and to lower capital ratios. Moreover, we find that the effect of lending growth on the riskiness of Chinese banks is more pronounced in recent years since the banking sector has experienced a dramatic expansion. These results suggest that loan growth represents an important driver of the riskiness of banks, and Chinese banks in general show prudent provisioning behavior.
{"title":"The Impact of Lending Growth on the Riskiness of Chinese Banks","authors":"Babu G. Baradwaj, S. Flaherty, Yingying Shao","doi":"10.2753/CES1097-1475470502","DOIUrl":"https://doi.org/10.2753/CES1097-1475470502","url":null,"abstract":"Abstract We investigate the impact of the growth in lending on the riskiness of Chinese banks from 1992 to 2007. We find that loan growth has a significant impact on a bank’s credit risk, return, and capital adequacy. The growth in lending leads to increases in loan loss provisions and interest income, and to lower capital ratios. Moreover, we find that the effect of lending growth on the riskiness of Chinese banks is more pronounced in recent years since the banking sector has experienced a dramatic expansion. These results suggest that loan growth represents an important driver of the riskiness of banks, and Chinese banks in general show prudent provisioning behavior.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470502","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470504.2014.11082916
Shaomin Li, Y. Lin, David D. Selover
Abstract Using a panel data set of 200,000+ Chinese firms constructed by merging the Chinese census of manufacturing firms for 2000–2005, we compare the performance of Chinese state-owned enterprises (SOEs) and private firms in terms of rates of return, productivity, growth, costs, and investment. Using panel regressions, we find that Chinese industrial state-owned enterprises are, indeed, less efficient than private firms and pay less attention to costs, inventories, accounts receivables, investment, employee welfare, financing, and administration. We find that this adversely affects their performance. The findings are consistent with the soft-budget constraint hypothesis.
{"title":"Chinese State-Owned Enterprises: Are They Inefficient?","authors":"Shaomin Li, Y. Lin, David D. Selover","doi":"10.2753/CES1097-1475470504.2014.11082916","DOIUrl":"https://doi.org/10.2753/CES1097-1475470504.2014.11082916","url":null,"abstract":"Abstract Using a panel data set of 200,000+ Chinese firms constructed by merging the Chinese census of manufacturing firms for 2000–2005, we compare the performance of Chinese state-owned enterprises (SOEs) and private firms in terms of rates of return, productivity, growth, costs, and investment. Using panel regressions, we find that Chinese industrial state-owned enterprises are, indeed, less efficient than private firms and pay less attention to costs, inventories, accounts receivables, investment, employee welfare, financing, and administration. We find that this adversely affects their performance. The findings are consistent with the soft-budget constraint hypothesis.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470504.2014.11082916","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-09-01DOI: 10.2753/CES1097-1475470500
Hung-Gay Fung
{"title":"Banking, State-Owned Enterprises, and Global Strategy","authors":"Hung-Gay Fung","doi":"10.2753/CES1097-1475470500","DOIUrl":"https://doi.org/10.2753/CES1097-1475470500","url":null,"abstract":"","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475470500","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-01DOI: 10.1080/10971475.2015.993217
Qiandan Deng, Zhong-Guo Zhou
This paper reexamines the driving forces for the first day initial return for ChiNext IPOs. We start from screening 29 potential explanatory variables, 4 policy break dummies, and 2 intraday trading suspension dummies, using an OLS model with dimension reduction techniques to identify significant variables. We then apply a 2SLS procedure to remove endogeneity without losing any important information. With the variables identified from the 2SLS model, we further apply a GARCH-M model with an ARMA(1,1) adjustment in the residuals to correct possible autocorrelation in the regression residuals and cross-correlation between the initial return and its conditional return variance. We find that the model fits the data well. From a number of potential factors in pricing Chinese IPOs, we identify three factors that drive the initial underpricing of ChiNext IPOs: the pre-issue share allocation multiplier from institutional investors (offline oversubscription), issue size (size effect), and the listing day stock market condition (market momentum). We estimate the contribution to the initial underpricing from each of the significant variables.
{"title":"Offline Oversubscription, Issue Size, and Market Momentum: The Driving Forces for ChiNext IPOs’ Initial Underpricing","authors":"Qiandan Deng, Zhong-Guo Zhou","doi":"10.1080/10971475.2015.993217","DOIUrl":"https://doi.org/10.1080/10971475.2015.993217","url":null,"abstract":"This paper reexamines the driving forces for the first day initial return for ChiNext IPOs. We start from screening 29 potential explanatory variables, 4 policy break dummies, and 2 intraday trading suspension dummies, using an OLS model with dimension reduction techniques to identify significant variables. We then apply a 2SLS procedure to remove endogeneity without losing any important information. With the variables identified from the 2SLS model, we further apply a GARCH-M model with an ARMA(1,1) adjustment in the residuals to correct possible autocorrelation in the regression residuals and cross-correlation between the initial return and its conditional return variance. We find that the model fits the data well. From a number of potential factors in pricing Chinese IPOs, we identify three factors that drive the initial underpricing of ChiNext IPOs: the pre-issue share allocation multiplier from institutional investors (offline oversubscription), issue size (size effect), and the listing day stock market condition (market momentum). We estimate the contribution to the initial underpricing from each of the significant variables.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993217","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59668038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-01-01DOI: 10.2753/CES1097-1475420101
R. Burdekin, Hsin-hui I. H. Whited
Macroeconomic interdependence between China and Taiwan is assessed in terms of an array of output, price, money, and stock price measures for each economy. Sizeable simple correlations between these variables are accompanied by significant bidirectional Granger causality in many cases. Further evidence of interdependence arises from impulse response and variance decomposition analysis. As expected, the effects of mainland China variables on Taiwan appear to be stronger than the reverse. The indicated responses of the Taiwanese M2 money supply to developments in China are particularly noteworthy as M2 was generally the central bank target variable over the sample period.
{"title":"Macroeconomic Interdependence Between Mainland China and Taiwan: A Cross-Strait Perspective on Globalization","authors":"R. Burdekin, Hsin-hui I. H. Whited","doi":"10.2753/CES1097-1475420101","DOIUrl":"https://doi.org/10.2753/CES1097-1475420101","url":null,"abstract":"Macroeconomic interdependence between China and Taiwan is assessed in terms of an array of output, price, money, and stock price measures for each economy. Sizeable simple correlations between these variables are accompanied by significant bidirectional Granger causality in many cases. Further evidence of interdependence arises from impulse response and variance decomposition analysis. As expected, the effects of mainland China variables on Taiwan appear to be stronger than the reverse. The indicated responses of the Taiwanese M2 money supply to developments in China are particularly noteworthy as M2 was generally the central bank target variable over the sample period.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475420101","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-11-01DOI: 10.2753/CES1097-147532066
Meng Lian
Since early 1998, in order to resolve the problems of the looming financial crisis and to expand [domestic] demand, the government [of China] undertook many projects and has achieved considerable success. Nevertheless, our national economy is always a tremendous and extremely complicated system. For a huge developing country such as ours, situated as it is in the preliminary stage of the transformation from a planned economy to a socialist market economy, and faced with an environment in which science and technology are developing rapidly throughout the world, and in which there is an extraordinarily intense competition among all kinds of economic forces, it is in no way surprising or unexpected that we would frequently encounter all sorts of difficulties and problems in our economic growth and development. We ought to be confident that under normal and general conditions, for every difficulty that we encounter in economic development, there are bound to be many—and at least two—methods of resolution. We ...
{"title":"An Analysis of the Economic Environment and Economic Policy in China in Recent Years","authors":"Meng Lian","doi":"10.2753/CES1097-147532066","DOIUrl":"https://doi.org/10.2753/CES1097-147532066","url":null,"abstract":"Since early 1998, in order to resolve the problems of the looming financial crisis and to expand [domestic] demand, the government [of China] undertook many projects and has achieved considerable success. Nevertheless, our national economy is always a tremendous and extremely complicated system. For a huge developing country such as ours, situated as it is in the preliminary stage of the transformation from a planned economy to a socialist market economy, and faced with an environment in which science and technology are developing rapidly throughout the world, and in which there is an extraordinarily intense competition among all kinds of economic forces, it is in no way surprising or unexpected that we would frequently encounter all sorts of difficulties and problems in our economic growth and development. We ought to be confident that under normal and general conditions, for every difficulty that we encounter in economic development, there are bound to be many—and at least two—methods of resolution. We ...","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-147532066","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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