• 제목/요약/키워드: SOEs

검색결과 26건 처리시간 0.019초

민영화를 위한 중국 국유기업 신규상장이 투자자의 장단기 주가 수익률에 미치는 영향 (The Effects of Privatization of State-Owned Enterprises on IPO Firms' Initial and Long-term Returns)

  • 김성환;리신위;리우용샹
    • 아태비즈니스연구
    • /
    • 제12권2호
    • /
    • pp.97-114
    • /
    • 2021
  • Purpose - The purpose of this study was to examine the effects of privatization of Chinese state-owned enterprises (SOEs) on their initial returns and long-term performance after initial public offering(IPO). Design/methodology/approach - This study used 1,599 Chinese IPO firms, some of which were SOEs. The multivariate regression analyses were implemented to analyze their effects. Findings - First, the privatization of SOEs does not have any statistically significant effect on the initial return of IPO firms. Second, the shareholdings of government prior to IPOs for both privatizing of SOEs and non-privatizing firms and for both exchanges of Shanghai and Shenzhen have a statistically significant positive effect on the initial return of IPO firms. Third, the privatization of SOEs has statistically significant negative effect on the long-term returns of IPO firms. Fourth, the state-shareholdings prior to IPOs have statistically significant negative effects on the long-term return of IPO firms. Fifth, the state-shareholdings of the privatizing SOEs prior to IPOs have statistically significant positive effects on the long-term return of IPO firms. Research implications or Originality - The results imply that the higher shareholdings and ownership of the Chinese government on SOEs reduce the information asymmetry for the investors of IPO shares or maybe due to inefficiency of SOEs prior to IPOs lead to lower offer prices or higher opening prices leading to severe underpricing and relatively lower stock market returns in the long-run both for the privatizing firms and for the higher state-shareholding firms, while both factors interactively improve their long-term stock market returns.

Employee Engagement in State Owned Enterprises. A Literature Review Paper

  • Ileen SAVO;Ranzi RUSIKE;Stephen SENA
    • 산경연구논집
    • /
    • 제15권2호
    • /
    • pp.19-30
    • /
    • 2024
  • Purpose: This paper provides both quantitative and qualitative literature review on employee engagement in State Owned Enterprises (SOEs) as portrayed in literature and offers more insight into the concept on how it can be optimised. Research design, data and methodology: The study adopted a desktop research methodology. A review and analysis of both theoretical and empirical research and articles which are relevant to employee engagement in SOEs was conducted. Only secondary information gathered through those articles and research was used to analyse and build literature review on employee engagement in SOEs. Results: A literature review of both qualitative and quantitative research on employee engagement in organisations generally and in SOEs particularly was done, and it indicated the positive relationship between employee engagement and organisational performance. From the study, it is evident that employee engagement is not optimal around the world, therefore it is an area which needs more attention. Hence, this study proffered strategies for enhancing employee engagement in SOEs. Conclusions: This study proffers strategies for optimising employee engagement in SOEs. These are brand image, work environment, management and leadership characteristics, training and development opportunities, performance management, work life balance, effective communication and Kahn's three factors of meaningfulness, safety and availability. These strategies are essential in optimising employee engagement as portrayed in the reviewed literature.

Chinese SOEs and the Completion of Cross-border M&As: The Moderating Role of M&A Experience

  • Luo Jing;Young-Gon Cho;Jaekyung Ko
    • Journal of Korea Trade
    • /
    • 제26권6호
    • /
    • pp.118-135
    • /
    • 2022
  • Purpose - The purpose of this study is to investigate the relationships among Chinese state-owned enterprises (SOEs), previous M&A experience, and the probability of deal completion in cross-border mergers and acquisitions (CBMAs). Since Chinese SOEs tend to be recognized by host countries as agents of their home country government, this study argues that SOEs will face difficulties in completing CBMA deals. However, the study expects that these difficulties may vary depending on whether the firm has previous M&A experience because firms can gain the knowledge and capabilities necessary to implement subsequent M&As successfully from past M&A experience. Design/methodology - To investigate our argument, we conduct a logistic regression using a sample of 363 CBMA deals from 304 Chinese publicly listed firms during 2007 to 2017. We used SOEs as an independent variable, experience of domestic and foreign M&As as moderating variables, respectively, and CBMA deal completion as the dependent variable. Findings - The study shows a negative and significant relationship between Chinese SOEs and the completion likelihood of CBMA deals. We find that this negative relationship is strengthened when the firm had prior domestic M&A experience, whereas foreign M&A experience alleviated the negative relationship. Originality/value - The issue of government ownership has remained unclear since government intervention has both advantages and disadvantages in pursuing CBMAs. Our findings support literature that argues Chinese SOEs face legitimacy concerns in the host countries, thereby lowering their CBMA deal completion likelihood. Furthermore, the study enriches the literature by identifying different moderating effects of domestic and foreign M&A experience on the negative relationship between SOEs and CBMA deal completion.

CSR Practices and Corporate Financial Performance: Evidence from China

  • Meng, Lamei;Byun, Hae-Young
    • 아태비즈니스연구
    • /
    • 제13권3호
    • /
    • pp.73-92
    • /
    • 2022
  • Purpose - The purpose of this paper is to explore the relationship between corporate social responsibility (CSR) and corporate present and future value. Design/methodology/approach - This paper intends to prove the relationship between CSR and corporate value once again by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 2017. This paper also examines the effect of five dimensions of CSR on corporate value in China. Findings - Empirical evidence shows that CSR is conducive to corporate value. The fulfillment of social responsibilities improves firm value in the future. Further, the regression results show that the social responsibility of the non-state-owned enterprise (Non-SOEs) group has a more significant effect on corporate financial performance than on the state-owned enterprise (SOEs) group. Research implications or Originality - This study has limitations. First, the grouping is only divided into two groups of SOEs and non-SOEs, and we did not consider foreign investments, that is, foreign-funded enterprises, for the comparative analysis. Second, only the linear relationship between CSR and corporate value was tested. In the future, we must determine whether there exists a nonlinear relationship between the two key concepts. Finally, there exists no research on CSR and corporate value by specific industries. Thus, the relationship between the five dimensions of CSR and corporate value should be investigated by specific industries.

The Impact of Government Assistance to State-owned Enterprises on Foreign Start-ups: Evidence from Yangtze River Delta

  • Risha, Omar Abu;Wang, Qingshi;Dou, Shanshan;Alhussam, Mohammed Ismail;Shi, Junguo
    • East Asian Economic Review
    • /
    • 제26권3호
    • /
    • pp.205-225
    • /
    • 2022
  • Different types of corporate ownership may affect the environment among firms and could influence the decisions of new entities in the region. This study determines the role of state-owned enterprises (SOEs) in hindering new foreign manufacturing firms in the Yangtze River delta (YRD). The negative binomial regression is used for city-sector level data and the following points summarize the results: Firstly, the unique privileges that SOEs enjoy alongside governmental support create difficulties for foreign firms trying to establish themselves near existing SOEs. Secondly, although core cities are more attractive to foreign firms than peripheral cities, the role of core-periphery reveals that, in spite of all the regional advantages core cities could offer, whenever the share of SOEs is higher, the core-periphery system will have an adverse impact on new foreign firms. In other words, government preference for SOEs can suppress the attraction of foreign start-ups. However, after 2008, the governmental authorities finally succeeded in implementing their promising policy of fair treatment and competition in only the core cities.

Top Management Commitment in Enterprise Resource Planning Implementation Success : Preliminary Study in Indonesian State-Owned Enterprises

  • Hartijasti, Yanki
    • Journal of Information Technology Applications and Management
    • /
    • 제18권3호
    • /
    • pp.41-59
    • /
    • 2011
  • This preliminary study held in two Indonesian state-owned enterprises (SOEs) showed empirical evidence that top management commitment was perceived to be the most important critical factor contributing to enterprise resource planning (ERP) implementation success, compared to top management support and top management involvement. Therefore, top management and middle management must continually show commitment during the ERP implementation process. This finding could serve as a reference for further study in a larger number of Indonesian SOEs.

진성리더십이 직원의 조직시민행동에 미치는 영향 : 일과 삶의 균형의 매개역할과 역경지수와 긍정심리자본의 조절효과 (Role of AL on Employees' Organizational Citizenship Behavior : The Mediating Role of Work-life Balance and the Moderating Effect of Adversity Quotient and Positive Psychological Capital)

  • 장완영;한주희
    • 벤처혁신연구
    • /
    • 제7권2호
    • /
    • pp.153-173
    • /
    • 2024
  • 중국 국영기업(SOEs)들은 국가 경제발전을 이바지하는데 중요한 역할을 해오고 있다. 그리고 중국 시장경제 부흥과 더불어 끊임없는 개혁과 혁신을 통해 지속적인 경제성장에 박차를 가한다. 예로부터 지금까지 SOEs 가 중국시장에서 대체 불가능한 역할을 해오고 있기에 본 연구는 SEOs 의 직원들을 대상으로 연구하였다. 사회교환이론, 역경지수이론 및 자원보존이론을 바탕으로 진성리더십과 역경지수, 조직구원들의 조직시민행동과의 관계를 연구하였다. 이 연구는 SOEs 능동적으로 진정리더십을 구축하고 직원들의 역경지수에 주의를 기울여야 한다고 권고하고 있으며, 직원들의 일과 삶의 균형에 관심을 기울이고 긍정심리자본을 구축해야 함을 보여준다. 이 연구는 계층화 선형연구 접근 방식을 사용하여 SOEs 로부터 60 개 팀, 390 개의 질문에 대한 답을 수집하였다. MPLUS 의 연구결과는 진정리더십이 조직시민행동을 촉진시킨다는 것을 확인하였고 일과 삶의 균형의 매개효과를 확인하였다. 또한 역경지수는 진정리더십과 일과 삶의 균형의 관계를 긍정적으로 조절하고, 긍정심리자본은 일과 삶의 균형과 조직시민행동의 관계를 긍정적으로 조절한다는 것을 확인하였다. 마지막으로, 이 연구의 이론적, 실무적 시사점과 본 논문의 한계점 그리고 향후의 연구방향에 대해 논의하였다.

Listed Local State-Owned Enterprises and Environmental Performance: Evidence from China

  • TANG, Kai;BAE, Khee Su
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제8권2호
    • /
    • pp.255-262
    • /
    • 2021
  • The paper examines the influence of ownership type on environmental performance of Chinese listed enterprises. China's environmental problems are attributed to the collusion between enterprises and economy-oriented local governments, which has allowed many companies to skirt environmental regulations. Especially, local state-owned enterprises (SOEs) tend to have worse environmental performance than private firms, under the wing of local governments, with whom they have a closer political connection. According to the report of the Environmental Protection Agency, currently the unacceptably poor environmental performance of local SOEs has severely hampered the realization of green economy in China. After examining the dataset of 15,996 firm-year observations from 2,688 listed firms, this paper found that, in the presence of central government supervision and personnel intervention, listed local SOEs will be forced to improve their environmental performance in accordance with standards set by the central government, which leads to better environmental performance than that of listed private firms (private firms). The result of two-stage regression also supports the conclusion. This shows increased supervision and personnel intervention from the central government can significantly improve the environmental performance of local SOEs. The research in this paper expects to make a contribution to attaining the goal of green economy in China.

The Relationship Between Company Value and Good Financial Governance: Empirical Evidence from Indonesia

  • HARIYANI, Diyah Santi;RATNAWATI, Tri;RAHMIYATI, Nekky
    • The Journal of Asian Finance, Economics and Business
    • /
    • 제8권7호
    • /
    • pp.447-456
    • /
    • 2021
  • State-Owned Enterprises (SOEs) are business entities that are owned mainly by the state. Good financial governance (GFG) is as important for SOEs as for the private sector companies. Prudence and GFG can affect the value of the company. This research aims to test the impact of macroeconomics, investment decisions, and financing decisions on prudence, Corporate Social Responsibility Disclosure (CSRD), dividend policy, and company value of SOEs registered on the IDX from 2014-2019. GFG and financing decisions are moderating variables. The population in this study is 16 SOEs listed on the Indonesia Stock Exchange from 2014-2019. The research method is quantitative and uses Partial Least Squares (PLS), which is an approach to Structural Equation Models (SEM) that allows researchers to analyze the relationships simultaneously. The results showed that macroeconomic factors, investment decisions, financing decisions, and prudence directly affect the company's value. However, CSRD and dividend policy directly do not affect the company's value. Prudence can mediate the influence of financing decisions on company value. GFG moderates the relationship between prudence and company value. Thus, GFG is key to producing compliant regulatory reports and disclosures. GFG aims at facilitating effective monitoring and efficient control of the business. Its essence lies in fairness and transparency in operations and enhanced disclosures for protecting the interest of different stakeholders.

중국 국유기업과 민간기업 간 해외직접투자 입지 차이 분석: 현지국 요인의 영향을 중심으로 (The Differences in the Selection of Outward FDI Locations between State- and Privately Owned Enterprises of China: Focusing on the Effects of Host Country Factors)

  • 나원찬;오몽추
    • 무역학회지
    • /
    • 제44권6호
    • /
    • pp.345-361
    • /
    • 2019
  • In recent years, Chinese firms have explosively increased outward foreign direct investment (oFDI). While state-owned enterprises (SOEs) are still dominant in Chinese oFDI, privately-owned enterprises (POEs) are also accelerating their internationalization. These two types of Chinese firms differ in their behavior regarding oFDI. The objective of this paper is to analyze the differences in the choice of oFDI locations between Chinese SOEs and POEs by considering host country factors. By integrating the literature on Chinese firms' oFDI and on FDI locations, we developed six hypotheses concerning how host country factors affect their choice of location. We tested our hypotheses by conducting multiple regression analysis with recent secondary data on 413 Chinese MNEs in 88 countries between 2005 and 2016. The results of the test show that in selecting oFDI locations, Chinese SOEs invest relatively more in countries with richer natural resources, more abundant strategic assets, less production efficiency, higher political risk, and lower institutional quality compared with Chinese POEs. It is our hope that the empirical results of this paper will contribute to research on Chinese oFDI.