This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants. We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs. Similar performance exists among commercial class I and II...

Chinese companies have been seeking to climb up the value chain by becoming investors and operators of the infrastructure projects they are contracted to build. Despite their prominent market share in Africa as contractors, Chinese companies face a steep learning curve and have sought to work...

This paper presents a proximal study of energy transition in a large state-owned enterprise. Organizational change is the prerequisite for energy transition in a company that has historically understood its own identity in the remunerative oil gas industry. The methodology of the research is a...

This study was aimed at assessing the moderating effects of state ownership and chief executive officer (CEO) duality on the relationship between internationalisation and the performance of listed firms in the Hanoi Stock Exchange (HNX). A detailed panel data set of listed firms between 2009 and...

This research aims to investigate the influence of female directors on Intellectual Capital Performance (ICP) using a sample of manufacturing-listed companies in China. Our study investigates the link between having two or more female directors and the Modified Value-Added Intellectual...

Purpose: Poor leadership skills are often one reason for poor performance in emerging economies' state-owned enterprises (SOEs). Research on transformational leadership's (TL) effectiveness in the public sector is limited and sometimes contradictory and incomplete. The present study sought to...

According to portfolio theory, diversifying investment to several stocks with negative correlations may reduce portfolio risk. In contrast, combining stocks with similar movement (co-movement) has no impact on portfolio risk reduction. This study aims to examine state-owned enterprise stock...

This study investigates the privatization situation in Indonesia between 1996 and 2020. This study conducts a comparative analysis to see the impact of privatization on companies' performance and, with regard to the crisis that occurred with respect to the companies that have been privatized,...

The Chinese state owned enterprise (CSOE) presents an anomaly in the operation of the well-ordered construction of a self-referencing and closed system of liberal democratic internationalism, especially as that system touches on business responsibilities under national and international human...

The purpose of this study is to analyze two models of mixed oligopolies with a singe public firm who takes the extra care of attaining a social goal (reduction of environmental damage). We investigate the effect of such social performance management on the optimal privation policy in the mixed...

Value Added Tax is a type of tax that is levied directly by the government through State-Owned Enterprises as an intermediary for state business activities, in accordance with Minister of Finance Regulation No. 37/PMK. 03/2015, PT. Hutama Karya (Persero), which is a state-owned company in the...

This paper explores the influence of the State Capital Investing and Operating Company (SCIOC) pilot reform on SOE bailout using a staggered difference-in-differences model. Based on a sample of listed SOEs during 2011-2018, we find that when the real controllers of listed SOEs enter the list of...

Using a unique list of 528 fake state-owned enterprises (SOEs) exposed in China, we examine whether and how investors react to the government’s property rights protection actions. Our results show that real SOEs with more subsidiaries, pyramid layers, and popularity are more likely to be...

As a result of scandals that have occurred in a variety of national corporations, international organizations, and governments all over the world, academics have turned their attention to the governance of businesses as a hot topic. International organizations on a global scale had been shaken...

This paper examines the impact of managerial entrenchment on financial flexibility, and financial leverage decisions of small public firms compared to medium and large firms based on market capitalization quartiles. E-index is a proxy for managerial entrenchment, and excess cash is a proxy for...

This paper provides both a quantitative and qualitative analysis of whether the Chinese national oil companies have “overpaid” than international counterparts in overseas asset acquisitions during 2001-2017. Using a hedonic pricing framework, we find that while the Chinese companies did not...

We study corporate investments around national elections in India. Investment rates drop by a nonsignificant 2.2% for state-owned enterprises (SOEs) in election years. The decrease is significantly larger for private firms, which record an investment drop of 7.4%. The decrease in investment for...

This study examines innovation activities of state-owned enterprises (SOEs) and reveals that emerging market (EM) SOEs invest in innovative development by means of enhancing the AC of target companies after the deal, which in turn contributes to the capability upgrade of SOE. We get the evidence...

Authored by the University of Cambridge SupTech Lab, the State of SupTech Report 2022 presents insights on the current state of the digital transformation of financial supervision based on engagement with 146 supervisory agencies globally, including: i) Suptech demand from financial authorities,...

Governments in every country across the globe have been directly producing and distributing a variety of goods and services, which indicates that they are actively participating in a wide range of economic activities. The extent to which a country is involved in this process differs from nation...

Using a unique sample of exchangeable bond issues carried out in seven countries since the 2000s, this paper investigates the role of hybrid debt in the privatization of state‑owned enterprises (SOEs) via government‑controlled investment vehicles. This research shows that so far, sixteen...

In this paper, we develop a computational measure of rhetorical nationalism for Chinese public firms. We first review the literature and develop a four-dimensional theoretical framework of nationalism relevant to firms: national pride, anti-foreign, dominant agenda (national revival), and...

We study the effects of state-owned enterprise (SOE) privatization on political distrust and social unrest in China. Exploiting variations in geography, time, and life-cycle stage induced by the influential 1998-2002 SOE reform and instrumental variable estimation, we document that working-age...

This study considers a mixed downstream market wherein a vertically-integrated public utility competes with a private firm that purchases inputs from an upstream firm under output subsidies. We construct an endogenous competition mode game and find that not only do pure Cournot and Bertrand...

Why are perennially entrenched institutions so hard to reform? This paper proposes a theory of institutional rebound when implementing difficult changes. It untangles reforms in China's state-owned enterprises, which aimed to break the three "iron institutions" in leadership (iron chair),...

The impact of the incumbent state-owned enterprises (SOEs) on the births of new private-owned enterprises (POEs) in China is a central concern for the government and society. In this paper, we apply agglomeration theories to distinguish the linkages between SOEs and POEs. Using China's 2008...

Purpose: This study aims to provide more detailed knowledge of how the performance of Indonesian SOEs is described from the perspective of managerial performance and financial performance. Design/methodology/approach: The method used in this study is comparative analysis where managerial...

Organisational restructuring involving cost-cutting, downsizing, and the acquisition and divestment of different functions is an increasingly normalised aspect of employment in both the private and public sectors. This article takes up the question of the effects of restructuring on workers...

Eswatini's economy has been characterized by persistent low growth, high fiscal deficits, and unprofitable state-owned enterprises (SOEs). Without significant reform, the country is unlikely to achieve its socioeconomic aspirations, and poverty and unemployment are likely to remain high. These...