Using a difference-in-differences approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises ...(SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with strong IPR protection. Our results support theoretical arguments that IPR protection strengthens firms' incentives to innovate and that private sector firms are more sensitive to IPR protection than SOEs.
In the 1960s and '70s, a diverse range of storefronts-including head shops, African American bookstores, feminist businesses, and organic grocers-brought the work of the New Left, Black Power, ...feminism, environmentalism, and other movements into the marketplace. Through shared ownership, limited growth, and democratic workplaces, these activist entrepreneurs offered alternatives to conventional profit-driven corporate business models. By the middle of the 1970s, thousands of these enterprises operated across the United States-but only a handful survive today. Some, such as Whole Foods Market, have abandoned their quest for collective political change in favor of maximizing profits.Vividly portraying the struggles, successes, and sacrifices of these unlikely entrepreneurs,From Head Shops to Whole Foodswrites a new history of social movements and capitalism by showing how activists embraced small businesses in a way few historians have considered. The book challenges the widespread but mistaken idea that activism and political dissent are inherently antithetical to participation in the marketplace. Joshua Clark Davis uncovers the historical roots of contemporary interest in ethical consumption, social enterprise, buying local, and mission-driven business, while also showing how today's companies have adopted the language-but not often the mission-of liberation and social change.
The spillovers in knowledge among largely college-educated workers were among the key reasons for the impressive degree of economic growth and spread of entrepreneurship in the United States during ...the 1990s. Prior 'industrial policies' in the 1970s and 1980s did not advance growth because these were based on outmoded large manufacturing models. Zoltan Acs and Catherine Armington use a knowledge spillover theory of entrepreneurship to explain new firm formation rates in regional economies during the 1990s period and beyond. The fastest-growing regions are those that have the highest rates of new firm formation, and which are not dominated by large businesses. The authors of this text also find support for the thesis that knowledge spillovers move across industries and are not confined within a single industry. As a result, they suggest, regional policies to encourage and sustain growth should focus on entrepreneurship among other factors.
State-owned (SO) enterprises are subject to more complex institutional pressures in host countries than private firms. These institutional pressures arise from a weak legitimacy of "state ownership" ...in some countries, which arises from a combination of ideological conflicts, perceived threats to national security, and claimed unfair competitive advantage due to support by the home country government. These institutional pressures directed specifically at SO firms induce them to adapt their foreign entry strategies to reduce potential conflicts and to enhance their legitimacy. Testing hypotheses derived from this theoretical argument for subsidiaries of listed Chinese firms, we find that SO firms adapt mode and control decisions differently from private firms to the conditions in host countries, and these differences are larger where pressures for legitimacy on SO firms are stronger. These findings not only extend institutional theory to better explain differential effects on different entrants to an organizational field, but demonstrate how foreign investors of idiosyncratic origins may proactively build legitimacy in host societies.
This book is a fascinating exploration of public opinion in sub-Saharan Africa. Based on the Afrobarometer, a comprehensive cross-national survey research project, it reveals what ordinary Africans ...think about democracy and market reform, subjects on which almost nothing is otherwise known. The authors find that support for democracy in Africa is wide but shallow and that Africans feel trapped between state and market. Beyond multiparty elections, people want clean and accountable government. They will accept economic structural adjustment only if it is accompanied by an effective state, the availability of jobs, and an equitable society. What are the origins of these attitudes? Far from being constrained by social structure and cultural values, Africans learn about reform on the basis of knowledge, reasoning, and experience. Weighing supply and demand for reform, the authors reach cautious conclusions about the varying prospects of African countries for attaining fully-fledged democracy and markets.0
This open access book brings together narratives of inbound and outbound expatriate entrepreneurship in Japan to provide a comprehensive overview of international entrepreneurship in the region. ...Through in-depth interviews with expatriate entrepreneurs, policymakers, and additional stakeholders it provides the reader with a solid understanding of the current landscape of international entrepreneurship as it relates to Japan and the challenges for policymakers. The topics addressed in this book include definitions of expatriate entrepreneurship, entrepreneurship policy development and implementation, concepts of mindset, cultural brokerage, community, and identity as they relate to Japanese self-initiated expatriate entrepreneurs working in South East Asia and to non-Japanese self-initiated expatriate entrepreneurs working in Japan. Additionally, the book provides an overview of issues connected to regional development and economic growth in Asia. Illustrated through carefully chosen cases from Japan, Myanmar, Thailand, Cambodia, Vietnam, and Indonesia and developed by connecting these cases to policy and interdisciplinary studies, this book is highly recommended to scholars, policymakers and practitioners who seek an in-depth and up-to-date integrated overview of the field of expatriate entrepreneurship in Asia.
Both theory and empirical evidence suggest that managers’ career concerns can serve as an important source of implicit economic incentives. We examine how incentives for political promotion are ...related to compensation policy and firm performance in Chinese state-owned enterprises. We find that the likelihood that the CEO receives a political promotion is positively related to firm performance. We also find that CEOs with a higher likelihood of political promotion have lower pay levels and lower pay–performance sensitivity. Overall, the evidence suggests that competition in the political job market helps mitigate weak monetary incentives for CEOs in China.
Data are available at
https://doi.org/10.1287/mnsc.2017.2966
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This paper was accepted by Lauren Cohen, finance.
This book engages in the debate on growth versus economic transformation and the importance of industrial policy, presenting a comprehensive framework for explaining the politics of industrial ...policy. Using comparative research to theorize about the politics of industrial policy in countries in the early stages of capitalist transformation that also experience the pressures of elections due to democratization, this book provides four in-depth African country studies that illustrate the challenges to economic transformation and the politics of implementing industrial policies.
We add to the emerging literature on empirical asset pricing in the Chinese stock market by building and analyzing a comprehensive set of return prediction factors using various machine learning ...algorithms. Contrasting previous studies for the US market, liquidity emerges as the most important predictor, leading us to closely examine the impact of transaction costs. The retail investors’ dominating presence positively affects short-term predictability, particularly for small stocks. Another feature that distinguishes the Chinese market from the US market is the high predictability of large stocks and state-owned enterprises over longer horizons. The out-of-sample performance remains economically significant after transaction costs.
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