The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The ...expectation of privatization quickly boosted SOE output, profits, and employment, but did not change their operating efficiency and corporate governance. The improvements to SOE performance are positively correlated to government agents' privatization-led incentive of increasing state-owned share value. In terms of privatization methodology, the reform adopted a market mechanism that played an effective information discovery role in aligning the interests of the government and public investors.
•The worldwide COVID-19 pandemic has heavily hit small tourism enterprises.•Resilience directly and indirectly influence sustainable tourism development.•Performance mediates relationship between ...resilience and sustainable development.•Enterprise type significantly affect the results and the research model.•Small restaurant owner-managers showed more resilience than their hotel counterpart.
Tourism is one of the hardest-hit industries by the global pandemic of Novel Coronavirus (COVID-19). Small tourism enterprises have been heavily affected and have had difficulty in business recovery. This research is an early attempt to explore the direct impact of small hospitality enterprises’ resilience on sustainable tourism development as well as indirect impact through performance. A pre-tested questionnaire survey was self-administered to owner-managers of small hospitality enterprises in Greater Cairo, Egypt. The results of structural equation modeling (SEM) using AMOS showed a positive, direct, and significant impact of resilience (planned and adaptive) on sustainable tourism development and indirect influence through performance. The results of the multi-group analysis showed that enterprise type has a significant effect on the results, where restaurant owner-managers expressed more resilience than their hotel counterparts. Several theoretical (for scholars) and practical implications for tourism policy-makers and owner-managers have been discussed and elaborated.
We critically review the literature on state-owned multinationals to clarify previous arguments and guide future studies. The content analysis of prior research reveals that state-owned firms differ ...from private firms in their internationalization: they are motivated by national strategic objectives, select more challenging countries, and use acquisitions more intensively despite adverse market reactions. The analysis also reveals conflicting predictions on the level of internationalization; some studies find that state-owned multinationals internationalize more while others find the contrary. We introduce one solution to these conflicts by classifying theories into two camps based on the balance between the costs and benefits of state ownership. One camp suggests a disadvantage of stateness (agency theory, resource dependence theory, and neo-institutional theory). Another camp promotes an advantage of stateness (economic development, resource-based view, and institutional economics). We conclude by outlining three promising relationships in the study of these firms: (1) relationships internal to state-owned multinationals and the balancing of stakeholder demands; (2)relationships between state-owned multinationals and government and the influence of the political system; and (3) relationships between home and host country governments and the impact of their dynamics on state-owned multinationals.
As self-employment and entrepreneurship become increasingly important in our modern economies, Simon C. Parker provides a timely, definitive and comprehensive overview of the field. In this book he ...brings together and assesses the large and disparate literature on these subjects and provides an up-to-date overview of new research findings. Key issues addressed include: the impact of ability, risk, personal characteristics and the macroeconomy on entrepreneurship; issues involved in raising finance for entrepreneurial ventures, with an emphasis on the market failures that can arise as a consequence of asymmetric information; the job creation performance of the self-employed; the growth, innovation and exit behaviour of new ventures and small firms; and the appropriate role for governments interested in promoting self-employment and entrepreneurship. This book will serve as an essential reference guide to researchers, students and teachers of entrepreneurship in economics, business and management and other related disciplines.
Learn how to sell your startup from an acquisition expert Many entrepreneurs dream of the day their company is acquired and they secure a perfect exit. But information about the process of getting ...your business acquired usually comes from expensive investment bankers who typically advise late-stage startups. In Selling Your Startup, serial entrepreneur Alejandro Cremades delivers an accessible guide on how to sell your startup. With first-hand experience as a fully exited entrepreneur, investment banker, and lawyer, Cremades describes the tips and tricks startup founders need to sell their early-stage to growth-stage business. In this book, you'll discover: The role that investment bankers play in the acquisition process, how they add value, and how to break down their fees Preparing your company for sale, including compiling a pitch book, putting its finances in order, and building a target list of potential acquirers How to get to a Letter of Intent, perform due diligence, and reach a purchase agreement Perfect for entrepreneurs of all kinds, Selling Your Startup is a must-have roadmap to the practical realities of company acquisition and contains proven guidance on crafting your perfect exit.
Since the mid-1980s, whimsical, brightly colored wood carvings from the Mexican state of Oaxaca have found their way into gift shops and private homes across the United States and Europe, as Western ...consumers seek to connect with the authenticity and tradition represented by indigenous folk arts. Ironically, however, the Oaxacan wood carvings are not a traditional folk art. Invented in the mid-twentieth century by non-Indian Mexican artisans for the tourist market, their appeal flows as much from intercultural miscommunication as from their intrinsic artistic merit. In this beautifully illustrated book, Michael Chibnik offers the first in-depth look at the international trade in Oaxacan wood carvings, including their history, production, marketing, and cultural representations. Drawing on interviews he conducted in the carving communities and among wholesalers, retailers, and consumers, he follows the entire production and consumption cycle, from the harvesting of copal wood to the final purchase of the finished piece. Along the way, he describes how and why this invented tradition has been promoted as a Zapotec Indian craft and explores its similarities with other local crafts with longer histories. He also fully discusses the effects on local communities of participating in the global market, concluding that the trade in Oaxacan wood carvings is an almost paradigmatic case study of globalization.
We examine the relative merits of state (SOE) and private (POE) ownership on firm invention output in emerging as well as developed economies. Firm SOE affords a vehicle by which governments ...throughout the world encourage risky investment in new technological paths. Yet, from a traditional agency–theoretical standpoint, SOEs are plagued by low-powered incentives and dysfunctional involvement (e.g., wasteful budgets and political meddling), which reduces SOE performance, relative to POEs. To examine this paradox, we build an extended agency model which, rather than overlooking agency cost drivers, entertains a more balanced view, in which these so-called agency “liabilities” in fact benefit SOEs, particularly in the sphere of inventions. We argue that, given relatively higher levels of managerial autonomy, SOEs may outperform POEs in some types of inventive output. We further propose that key boundary conditions operate to modify this base effect, in that contexts lacking political constraints – a condition found in most emerging economies – increase the risk of political meddling, reducing managerial autonomy so that any SOE inventive advantages wane significantly. We also hypothesize that this negative effect of weak institutions is attenuated in high invention productivity sectors. Empirically, we track the frequency, pioneerism, and impact of patent inventions of 521 SOEs and matched POEs for 16 years, across 43 countries and 22 industries. We find empirical support for our hypotheses based on a robust set of fixed-effects regression analyses, aided by a battery of checks to assess self-selection and omitted variable bias.
What's wrong with markets in everything? Markets today are widely recognized as the most efficient way in general to organize production and distribution in a complex economy. And with the collapse ...of communism and rise of globalization, it's no surprise that markets and the political theories supporting them have seen a considerable resurgence. For many, markets are an all-purpose remedy for the deadening effects of bureaucracy and state control. But what about those markets we might label noxious-markets in addictive drugs, say, or in sex, weapons, child labor, or human organs? Such markets arouse widespread discomfort and often revulsion. In Why Some Things Should Not Be for Sale, philosopher Debra Satz takes a penetrating look at those commodity exchanges that strike most of us as problematic. What considerations, she asks, ought to guide the debates about such markets? What is it about a market involving prostitution or the sale of kidneys that makes it morally objectionable? How is a market in weapons or pollution different than a market in soybeans or automobiles? Are laws and social policies banning the more noxious markets necessarily the best responses to them? Satz contends that categories previously used by philosophers and economists are of limited utility in addressing such questions because they have assumed markets to be homogenous. Accordingly, she offers a broader and more nuanced view of markets-one that goes beyond the usual discussions of efficiency and distributional equality--to show how markets shape our culture, foster or thwart human development, and create and support structures of power. An accessibly written work that will engage not only philosophers but also political scientists, economists, legal scholars, and public policy experts, this book is a significant contribution to ongoing discussions about the place of markets in a democratic society. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/philosophy/9780195311594/toc.html
Through a detailed case study of gold mining in the Democratic Republic of the Congo, Disrupted Development in the Congo reveals the fragile foundations on which the African Mining Consensus rests. ...It documents how foreign mining corporations in the Congo have been prone to mismanagement and implicated in fuelling conflict and violence.
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