Rethinking Private Authorityexamines the role of non-state actors in global environmental politics, arguing that a fuller understanding of their role requires a new way of conceptualizing private ...authority. Jessica Green identifies two distinct forms of private authority--one in which states delegate authority to private actors, and another in which entrepreneurial actors generate their own rules, persuading others to adopt them.
Drawing on a wealth of empirical evidence spanning a century of environmental rule making, Green shows how the delegation of authority to private actors has played a small but consistent role in multilateral environmental agreements over the past fifty years, largely in the area of treaty implementation. This contrasts with entrepreneurial authority, where most private environmental rules have been created in the past two decades. Green traces how this dynamic and fast-growing form of private authority is becoming increasingly common in areas ranging from organic food to green building practices to sustainable tourism. She persuasively argues that the configuration of state preferences and the existing institutional landscape are paramount to explaining why private authority emerges and assumes the form that it does. In-depth cases on climate change provide evidence for her arguments.
Groundbreaking in scope,Rethinking Private Authoritydemonstrates that authority in world politics is diffused across multiple levels and diverse actors, and it offers a more complete picture of how private actors are helping to shape our response to today's most pressing environmental problems
The increasing importance of CSR means that companies must consider multi-stakeholder interests as well as the social, political, economic, environmental and developmental impact of their actions. ...However, the pursuit of profits by multinational corporations has led to a series of questionable corporate actions and the consequences of such practices are particularly evident in developing countries. Adefolake Adeyeye explores how CSR has evolved to aid the anti-corruption campaign. By examining voluntary rules applicable for curbing corruption, particularly bribery and analysing the domestic and extra-territorial laws of Nigeria, United Kingdom and the United States for holding corporations liable for bribery, she assesses the adequacy of international law's approach towards corporate liability for bribery and explores direct corporate responsibility for international corruption. The roles of corporate governance, global governance and civil liability in curbing corporate corrupt practices are given special focus.
We explore the effect of green credit policy on firm performance of listed firms in China. We find that green credit policy reduces firm performance in heavily polluting industries. This effect is ...more prominent in state-owned enterprises, firms with large size, high institutional ownership, high analyst coverage and during high economic policy uncertainty period. Moreover, we observe that green credit policy decreases heavily polluting firms' performance by increasing firm financing constraints and decreasing investment level. Our results help to restrain heavily polluting enterprises and promote industrial transformation in developing markets.
•We explore the effect of green credit policy on firm performance in China.•Green credit policy reduces firm performance in heavily polluting industries.•This policy effect is more prominent in SOEs and large-cap firms.•This policy effect is more significant in firms with stronger external supervision.•EPU enhances the restraining effect of green credit policy.•Financial constraints and investment level play crucial economic channels.
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.
The real value of China’s stock market Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F.
Journal of financial economics,
03/2021, Volume:
139, Issue:
3
Journal Article
Peer reviewed
Open access
What capital allocation role can China's stock market play? Counter to perception, stock prices in China have become as informative about future profits as they ate in the US. This rise in stock ...price informativeness has coincided with an increase in investment efficiency among privately owned firms, suggesting the market is aggregating information and providing useful signals to managers. However, price informativeness and investment efficiency for state-owned enterprises fell below that of privately owned firms after the postcrisis stimulus, perhaps reflecting unpredictable subsidies and state-directed investment policy. Finally, evidence from realized returns suggests Chinese firms face a higher cost of equity capital than US firms.
The reform of China's state-owned enterprises (SOEs) has been characterized by a gradual and selective approach. In fact there was not privatization at all until the mid-1990s, some 15 years after ...Chian started its economic reform. Despite years of economic reform, state ownership remains significant in the economy. In this paper a theory of China's SOE reform in China is offered, and predictions regarding the types of SOEs to be chosen for privatization and the results of privatization are made. Then empirical evidence is presented supporting the basic premise of the theory and its theoretical predictions.
This article contributes to the development of state capitalism as a reflexively critical project focusing on the morphology of present-day capitalism, and particularly on the changing role of the ...state. We bring analytical clarity to state capitalism studies by offering a rigorous definition of its object of investigation, and by demonstrating how the category state capitalism can be productively construed as a means of problematising the current aggregate expansion of the state’s role as promoter, supervisor and owner of capital across the world economy. Noting some of the geographical shortcomings of the field, we outline an alternative research agenda ‘uneven and combined state capitalist development’ which aims at spatialising the study of state capitalism and revitalising systemic explanations of the phenomenon. Rather than the negation of an abstract model of free-market capitalism, or the rise of a nationally scaled variant of capitalism, we posit contemporary state capitalism as a global process of restructuring of the capitalist state (including in its liberal form) underpinned by secular transformations in the materiality of surplus-value production, such as the consolidation of new international divisions of labour driven by automation and labour-saving technologies. The political mediation of these transformations results in the combined expansion of state-capital hybrids and of muscular forms of statism, which develop in inter-referential and cumulative forms across territory, producing further state capitalist modalities. This is a particularly potent dynamic in contemporary state capitalism, and its tendency to develop in a spiral that both shapes and is shaped by world capitalist development.
Seizing opportunities, inventing new products, transforming markets--entrepreneurs are an important and well-documented part of the private sector landscape. Do they have counterparts in the public ...sphere? The authors argue that they do, and test their argument by focusing on agents of dynamic political change in suburbs across the United States, where much of the entrepreneurial activity in American politics occurs. The public entrepreneurs they identify are most often mayors, city managers, or individual citizens. These entrepreneurs develop innovative ideas and implement new service and tax arrangements where existing administrative practices and budgetary allocations prove inadequate to meet a range of problems, from economic development to the racial transition of neighborhoods. How do public entrepreneurs emerge? How much does the future of urban development depend on them? This book answers these questions, using data from over 1,000 local governments.
The emergence of public entrepreneurs depends on a set of familiar cost-benefit calculations. Like private sector risk-takers, public entrepreneurs exploit opportunities emerging from imperfect markets for public goods, from collective-action problems that impede private solutions, and from situations where information is costly and the supply of services is uneven. The authors augment their quantitative analysis with ten case studies and show that bottom-up change driven by politicians, public managers, and other local agents obeys regular and predictable rules.
•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.
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