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AbstractResearch question/issueThis study attempts to shed new light on how the state as a controlling shareholder can affect the interests of minority shareholders by investigating the role of state ownership in deterring securities fraud commission.Research findings/insightsUsing archival data from a large sample of Chinese publicly traded firms, we uncover that state ownership is negatively associated with the likelihood of securities fraud commission. Further, CEO political background reinforces this negative relationship. We also uncover that firms with high state ownership are more likely to dismiss CEOs than those with low or no state ownership upon securities fraud detection.Theoretical/academic implicationsDeparting from agency theory‐centric research on state ownership and corporate governance, this study introduces a political governance perspective to unpack the role of state ownership in corporate governance. Political governance refers to organizational control mechanisms deployed by political actors to achieve their objectives.Practitioner/policy implicationsStudying how political governance systems influence managerial behaviors is critical to gaining a complete insight into the implications of state ownership on corporate governance.

"The literature on the quality of democracy, market economy and political management in the new democracies of Southeastern Europe has raised three main doubts and concerns. First, democracy in Southeast Europe has turned into power struggles among elites largely isolated from a citizenry that is increasingly disaffected with democracy and susceptible to populist and radical political forces. Second, the institutions of market economy are undermined by the rise of the informal economy and widening social disparities. Third, lacking safe electoral majorities and a sufficiently realistic prospect of EU membership, liberal and Western-oriented political actors have failed to sustain democratic and economic reforms. This paper uses the findings of the Bertelsmann Transformation Index, a global ranking of democracy, market economy and political management, to discuss these hypotheses. We compare the performance profiles for Albania, Bosnia and Herzegovina, Croatia, the Former Yugoslav Republic of Macedonia and Serbia and Montenegro, analyzing the trajectories of these countries over time and in comparison with other Southeast European, East Central European and Latin American democracies. The paper shows that there is an evident public disappointment with the performance of democratic institutions, coupled with weak intermediary organizations and significant populist or nationalist voices, but this belongs to an interplay of mutually reinforcing defects that can also be observed in Latin American countries. Western Balkan countries are characterized by significant informal sectors, increasing social inequalities and fragile or insufficient electoral majorities for liberal reformers, but market reforms have so far been continued and economic performance has improved. The management performance of Albania, Bosnia, Macedonia and Serbia for all four management criteria is more than two points weaker than the average for East Central Europe including Bulgaria, Croatia and Romania. This suggests that the four problem countries from the Western Balkans not only lag behind in the development of democracy and market economy, but also lack sufficient governance capacities to catch up with East Central Europe. Developing these capacities appears to be the key to sustainable conflict settlements and to EU membership strategies for this part of Europe." (author's abstract)

The paper considers political parties as political governance subject. The mechanisms of political parties' functioning under the parliamentary democracy conditions are analyzed. The role of electoral systems within the system of public administration is emphasized. Keywords: political parties, parliamentary democracy, political governance, electoral systems.

The paper explores a framework for analysing governance towards sustainabledevelopment. Departing from the thesis about a possible positive role forcorporate action, it refers to recent theorizing about both market and governmentfailures. Discussing externalities, public goods, information and adaptationdeficits, as well as bureaucracies' self-interest, corruption and capture of theregulator, the paper stresses the importance of governance aiming at synergiesbetween corporate and political governance. Concerning framework conditions, itoutlines principles of regulated self-regulation. Following the thesis about apositive role, the paper adds recent insights about theories of the knowledge-basedfirm, which help to analyse market evolution. In this context, it outlines theconcept of responsible corporate governance. Because governance involvesactors in their daily operations and certainly goes beyond setting a frame, thepaper finally discusses innovation-inducing regulation, serving complementaryfunctions to a framework and business operations. The conclusion is drawn thatgovernments' main function is to facilitate learning processes, thus departing fromstates' function as known from welfare economics. Thus, governance will have tobe explored as collective learning, involving business, governments, and civilsocieties' actors. ; Der Beitrag entwickelt einen Analyserahmen für einige Steuerungsfragen, die füreine zukunftsfähige Entwicklung relevant sind. Im Mittelpunkt steht die Suchenach Strategien zur Aktivierung von Unternehmen, Märkten und Zivilgesellschaft.Zunächst werden Theorien des Markt- und Staatsversagens analysiert; in beidenBereichen erlaubt der Stand der Forschung eine Überwindung der Gegenüber-stellung (hier der Markt, dort der Staat) und eine Hinwendung zu komplexerenGovernance-Strukturen. Derartige Governance-Strukturen werden im Beitrag ent-wickelt. Das Papier erläutert das Anliegen einer regulierten Selbstregulierung. Esanalysiert neuere Unternehmens- und Marktprozesstheorien und stellt Prinzipeneiner verantwortlichen Unternehmensführung vor. Im letzten Abschnitt geht esauf verbleibende Politikspielräume ein, die unter den Stichworten Aktivierungvon Innovationen und responsive Regulierung diskutiert werden. Die Schluss-folgerung lautet, dass Politik zunehmend als kollektiver Lernprozess analysiertwerden muss, in dem Anreize für die dezentrale Wissensgenerierung durchprivate Akteure zu entwickeln sind. Funktionen des Staates, wie sie etwa noch inder Wohlfahrtsökonomie formuliert werden, werden dadurch zugunstenevolutorischer Ansätze relativiert.

When the status of the federal state at the international arena is in major defined by its scientific and technological potential, migration of the highly trained professional from or to Russia acquires a strategic status. The article is devoted to the consequences of the intellectual migration in Russia and proposals for optimization of the management policy at this direction. Authors regret that at this time in Russia the migration outflow of scientists and other specialists in quality and quantity figures substantially exceeds the inflow. This hinders plans on the modernization of the Russian economy and postpones refusal from extractive development model. Authors suggest expanding the governmental regulation of the intellectual migration in Russia by adopting special programs on the basis of the international experience. It shall be based on the principles of the differentiated and targeted approach to the intellectual migrants, effective monitoring, and effective feed-back relations when the decision are being implemented. The funding of the science also shall be increased both, by means of the target projects and exemptions to the science-driven business. The significance of these steps is high, particularly in the light of outflow of the Russian specialists abroad. If the positive tendencies will be supported by the active governmental policy and social-economic increase, in the mid-term perspective this may drive to turning point in the still negative situation with "brain drain" from Russia. It is worth to pay additional attention to the educational and scientific immigration to Russia as to an important offsetting factor if we do not want to lose this chance.