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Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...
Persistent link: https://www.econbiz.de/10005575801
Weak institutions ought to deter foreign direction investment (FDI), and mass media stories highlight China's institutional deficiencies, yet China is now one of the world's largest FDI destinations. This incongruity characterizes China's paradoxical growth. Cross-country regressions show that...
Persistent link: https://www.econbiz.de/10005778377
Summary Weak institutions impede foreign direction investment (FDI), yet China attracts massive FDI despite global media spotlighting its institutional infirmities. Standard institutional quality variables poorly track rapid transformations, like China' regime shift following Den Xiaoping's 1993...
Persistent link: https://www.econbiz.de/10005289944
In generating fast economic growth, China is also generating growing concern about its environmental record. Using 2000-2009 data, we find that, while spending on environmental infrastructure has visible positive environmental impact, city spending is strongly tilted towards transportation...
Persistent link: https://www.econbiz.de/10010950924
Persistent link: https://www.econbiz.de/10009715154
Persistent link: https://www.econbiz.de/10011753048
Purpose – The purpose of this paper is to provide a systematic comparison of the level of business diversification in China and eight other large economies for the 2001‐2005 period. The reasons why publicly listed Chinese firms are more diversified than companies elsewhere are investigated....
Persistent link: https://www.econbiz.de/10014697431
We investigate how institutional factors influence the behavior of distressed firms in emerging markets, where bankruptcy laws are often weak and debtors have greater bargaining power in distress. By studying two comprehensive samples of distressed firms in China, we find that local government...
Persistent link: https://www.econbiz.de/10010719619
China is now the world's largest destination of foreign direct investment (FDI), despite assessments highlighting its institutional deficiencies. But this FDI inflow corresponds closely to predicted FDI flows into China from a model that predicts FDI inflow based on government quality indicators...
Persistent link: https://www.econbiz.de/10010521702
Greater instability in a country's list of top corporations is associated with faster economic growth. This faster growth is primarily due to faster growth in total factor productivity in industrialized countries, and faster capital accumulation in developing countries. These findings are...
Persistent link: https://www.econbiz.de/10009440726