Suchergebnisse

Cover -- Contents -- List of Tables -- List of Figures -- Acknowledgements -- PART I -- 1 Introduction -- 2 A Review of the Institutional Perspective -- 2.1 The Selection of the Institutional Perspective -- 2.2 The Generic Paradigm of Structural Analysis -- 2.3 A Comparative Review of the Institutional Perspective -- 2.4 The Introduction of Institutional Change -- 2.5 The Property Rights Approach -- 2.6 North's Approach on Institution and Institutional change -- 3 Research Design -- 3.1 Formulating a Theoretical Framework -- 3.2 Some Methodological Considerations -- 3.3 The Research Process -- PART II -- 4 Background - The Relationship between the Government and the Enterprise -- 4.1 The Relationship between the Government and the Enterprise before the Economic Reform -- 4.2 Two Approaches to Economic Development -- 4.3 The Development of the Contract Management Responsibility System -- 4.4 The Introduction of the CMRS -- 5 The CMRS in Practice I - The Formulation of Contracts -- 5.1 General Views -- 5.2 Background of the Four Companies -- 5.3 The Establishment of a Contractual Relationship -- 6 The CMRS in Practice II - The Implementation of Contracts -- 6.1 The Changes to the Tax System -- 6.2 The Case of Beijing Electric Power Generator Company (BEPGC) -- 6.3 The Case of the Beijing Transformer Company (BTC) -- 6.4 The Case of Beijing Dahua Shirt Company (BDSC) -- 6.5 The Case of Beijing Leather Shoe Company (BLSC) -- PART III -- 7 The Structural Features of the CMRS -- 7.1 The Complicated Role Relationships between the Government and the State-owned Enterprise -- 7.2 The Property Rights Structure of the CMRS -- 8 A Meaningful Interaction Process -- 8.1 Government Actions with its Administrative and Political Strength -- 8.2 The Managers' Response to Constraints and Oppurtunities -- 8.3 The Adaptive Process -- 9 The Coordination Mechanism.

This article presents an early intervention model for infants who are deaf-blind that focuses on the significance of infant-caregiver interaction. It proposes intervention strategies to develop contingent responsiveness in caregivers, to promote active learning in infants, to support mutually satisfying exchanges, and to address the exceptional learning needs of these infants.

For decades, the issue of young people who are aged 16 -18 and not in employment, education, or training (NEET) has been a major concern for governments and local authorities. In this paper, a big data perspective is taken to examine the NEET issue in order to highlight factors that are correlated with NEET, the negative consequences and causes of NEET, and potential solutions to NEET. The NEET dataset about the 33 London Boroughs has been considered along with other seven datasets relating to population, crime offences, benefits claimants, median property price, active businesses, immigrants, and conception under 18. All the datasets are public-accessible and comprise a data collection of the same period of time from 2009 to 2013. Each of them represents a particular measure. Hierarchical variable clustering, k-means clustering, and correlation analysis have been conducted using SAS Enterprise Miner and Tableau in this work. These tools enable us to analyse the problem in a multi-dimensional, hierarchical, integrated, and longitudinal way. The research has demonstrated that a) The NEET issue is much more severe in outer London than in inner London; b) The main factors correlated with NEET vary from inner London to outer London; c) Each of the measures considered has a certain correlation strength with the NEET rate, and amongst them, median property price is a simple and seemingly accurate indicator of areas likely to suffer from NEET and thus to take appropriate precautions in order to reduce the likelihood of further increases in NEET; and d) The London Boroughs can be grouped based on similarities in terms of a set of given measures, and the memberships of the groups remain stable.

We investigate theoretically and empirically the impact of foreign direct investment (FDI) on the product innovation activity of Chinese firms. We extend the existing literature by examining a new type of spillover benefit, as well as new mechanisms by which knowledge spillovers occur. Theoretically, we extend the existing FDI spillover literature that mainly focuses on industry-level spillover effects on productivity by examining FDI spillovers at both firm and location levels, and their impact on product innovations. Using the knowledge-based view of firms we argue that knowledge spillover is likely to occur when foreign firms form joint ventures with local firms and/or when local firms are located in cities with concentrated foreign activities. Empirically, we utilize product innovation information for nearly 40,000 Chinese firms in high technology industries over the period 2000-2005. We find conditional support for our theory. Specifically, we find that in locations with strong clustering of innovative foreign invested firms, local firms benefit from knowledge spillovers and are themselves more likely to introduce product innovations. However, in locations where foreign concentration is measured not by innovations, but by employment or capital local firms do not benefit from foreign knowledge spillovers. These contrasting results suggest that only when foreign invested firms conduct innovative activities can they generate positive locational spillovers. We also find conditional support for knowledge spillover through joint ventures. This spillover benefit becomes weaker if we control for the locational spillover of foreign innovations. These results suggest that relative to location, joint ventures may represent a weaker knowledge spillover mechanism. We discuss the implications of these results for firm strategy and government policy.

China's rapid growth in the absence of autonomous legal institutions of the kind found in the west appears to pose a problem for theories which stress the importance of law for economic development. In this article we draw on interviews with lawyers, entrepreneurs and financial market actors to illustrate the complexity of attitudes to contract, corporate and financial law and economic growth in contemporary China. In the case of product markets, we find that business relations are increasingly characterised by a mix of trust-based transacting and legal formality. Financial markets are less like their western counterparts, thanks to the preponderant role of government in asset allocation, and a lack of transparency in market pricing. Overall, China's experience does not suggest that law is irrelevant or unrelated to growth, but that legal and economic institutions coevolve in the transition from central planning to a market economy. ; We gratefully acknowledge funding from the ESRC's 'Rising Powers' Programme (ES/J012491/1).

We use China as a laboratory to test the effect of government quality on cash holdings. We build on, and extend, the existing literature on government expropriation and its interaction with firm-level agency problems by proposing a financial constraint mitigation argument. We find that firms hold less cash when local government quality is high, which is not consistent with the state expropriation argument, but supports the financial constraint mitigation argument. A good government lowers the investment sensitivity to cash flows and cash sensitivity to cash flows, decreases cash holdings more significantly in private firms, and improves access to bank and trade credit financing. We also test and find support for Stulz's (2005) model on the interaction between government and firm agency problems. © 2014 Elsevier B.V. ; postprint

Session - Cash Holding and Financial Constraints ; While Stulz (2005) highlights the importance of the state expropriation agency problem and its interaction with the insider agency problem, there is limited research on how state policies shape firm policies. We test the effects of government quality on corporate cash holdings using a unique World Bank survey containing data on local government quality in China. Using single-country data enables us to have a cleaner test of the effects of law enforcement on cash holdings by effectively holding shareholder rights conferred by law constant (shareholder rights are a focus of prior international studies). We hypothesize that on the one hand, a good government refrains from expropriating firms and enables firms to hold more cash. On the other hand, a good government may help relieve financial constraints and enable firms to hold less cash – a new channel that has been neglected by the prior literature. In addition, a good government may indirectly affect cash holdings through limiting insiders' private consumption of firm resources. We find that firms hold less cash when there is a better local government, and the effect is more pronounced in private firms than in state-owned enterprises (SOEs). Our evidence suggests that the financial constraint relieving argument dominates the expropriation argument in China. Increasing external sources of finance such as bank loans, trade credit, and inward foreign direct investment are among the ways through which local governments help relieve firms' financial constraints. Our study is also the first to find evidence that supports Stulz's (2005) argument on the interaction between the twin agency problems. ; postprint