Suchergebnisse

This study examines the factors determining board structure at IPO, as well as the long-run performance of firms after their IPO in the context of China—a transitional economy. Specifically, three characteristics of the board are considered: board size, board composition (i.e outsider ratio) and board political connection (i.e CCP membership ratio). This study focuses on the roles that two contrasting institutional investors – state and venture capitalist (VC) play on board structure and the long-run performance of firms. Based on a sample of 217 Chinese SMEs listed on the SME board of Shenzhen Stock Exchange for the period of 2004 to 2010, the results suggest that state ownership is positively associated with board size and CCP membership ratio and negatively associated with outsider ratio. In addition, there is a negative relationship between state ownership and firm long-run performance and this relationship is mediated by board structure. Contrary to the findings in developed markets, this study suggests that VC involvement does not lead to more efficient board structure and superior performance in Chinese SMEs.

Motivated by the limited evidence on the influence of religious beliefs on financial development in the current literature, this article aims to provide significant empirical evidence on the relationship between the two variables. In particular, we examine whether major religious beliefs (Christianity, Judaism, Islam, and Buddhism) have an impact on financial development globally. Using data for 82 developing and developed countries from 1975 to 2015 and controlling for income, openness and polity, our results show significant influence of religion on financial development. In particular, we found that Christianity and Islam have negative impact on financial development, while the impact of Judaism on financial development is positive. In addition, a weak positive effect of Buddhism on financial is also found from the results. This article has also found evidence that the effect of religion varies among different economies characterized by religious diversity. Our findings are robust to different measures of financial development and religious sub‐groups as well as alternative estimators that take care of endogeneity.

The selection of the procurement model, which is a process of discretion exercised by procurement officials, is crucial to the Public-private Partnership (PPP) procurement performance. From theoretical analysis and international practice, we could find that the negotiation method is more suitable for complex PPP projects, while the tendering method is widely used in China's PPP procurement. To analyze the reasons for the phenomenon, we used the logit regression model to examine the influence of regulatory competition, risk aversion preference, and tacit interaction on the procurement model selection based on the data of 8,926 PPP projects from 2009 to 2021 in China. The results indicate that regulatory competition leads to confusion in procurement model selection, while risk aversion preference and tacit interaction significantly promote the application of tendering. Moreover, the heterogeneity analysis of regions and return models prove that provincial capitals and municipalities are more susceptible to regulatory competition, risk aversion preference, and tacit interaction than ordinary cities. Compared with user-pay projects, government-pay projects and viability gap funding projects are more susceptible to regulatory competition and risk aversion preference, and less affected by tacit interaction. Therefore, to optimize the procurement model selection, policymakers should improve procurement policies to reduce the adverse effects of regulatory competition, risk aversion preference, and tacit interactions.

AbstractThis study examines the relationship between social inclusions of migrant and income inequality. Both positive and negative impacts of social inclusion on income inequality have been observed in the previous literature. This study specifically considers two types of migration flow: migration flow from EU and migration flow from non‐EU. The aim of this article is twofold: 1) is there a strong association between social inclusion of migrants and income inequality, 2) is there any different impact of social inclusion of two types of migrants (EU vs non‐EU)? Using data from 33 mainly European countries over the period 2003‐2015 and controlling for savings rate, arable land rate and age‐dependency ratio, our results indicate that there is a significant negative relationship between social inclusion and income inequality. In particular, we find that social inclusion from non‐EU migrants significantly reduces income inequality compare with EU migrants.

Abstract
This paper explores the potential causal relationship between political orientation and education investment by using panel data from 21 OECD countries from 1970 to 2020 and utilizing estimators that address endogeneity (i.e. 2SLS, System GMM, and Lewbel 2SLS). In particular, using communist influence as a physical instrument for political orientation, we find a positive impact of the right political orientation on education investment, and the impact of the left orientation is negative. The positive impact from the right orientation is also stronger than the negative impact from the left. Moreover, these core results are robust to alternative measures of political orientation and education investment, alternative estimators that address endogeneity, and the moderation effect of innovation.