Top management team career experience heterogeneity, digital transformation, and the corporate green innovation: a moderated mediation analysis.

Introduction: Drawing upon upper echelon theory and the resource-based view, this study employs a moderated mediation model to investigate the moderating role and underlying mechanisms of digital transformation in the influence of top management teams (TMT) on corporate green innovation. Methods: Our analysis of panel data from 19,155 Chinese A-share listed companies (2011-2020) demonstrates that TMT career experience heterogeneity has a positive effect on green innovation, a relationship that is further strengthened by digital transformation. Results: This study shows the role of digital transformation in amplifying the effects of TMT diversity on green innovation and the crucial role of industry-academia-research collaboration as a mediator. Heterogeneity analysis highlights that non-state-owned enterprises (non-SOEs) show more agility than state-owned enterprises (SOEs) in leveraging heterogeneous TMT to drive green innovation. Conversely, green innovation in SOEs benefits more from digital transformation, which includes both its direct and indirect effects of digital transformation. Enterprises located in non-Yangtze River Economic Belt regions benefit more from digital transformation, demonstrating the importance of a balanced distribution of digital resources. Discussion: This study provides novel insights into leveraging inclusive leadership and digital capabilities to enhance ecological sustainability. This study underscores the potential of diversified TMTs and digitalization technology integration to catalyze green innovation, which is critical for environmentally responsible transformation.

Is state-owned enterprise merging private enterprise "market choice" or "space crowding" ? -Based on the motives of equity transfer of mixed-ownership enterprises.

Many state-owned enterprises have mergers and acquisitions (M&A) with private enterprises, which has caused private enterprises to worry about their living space being squeezed. Based on 572 data records about equity transfers of Chinese listed companies extracted from CSMAR4.0 from 2013 to 2020, this paper categorized ownership structures into three categories: privatization of state-owned enterprises (Category 1), state-owned enterprises merging private enterprises (Category 2), and state-owned enterprises merging state-owned enterprises (Category 3). The categorical regression of ex-ante equity transfer motivation revealed that the motives for Category 1 conformed to the phenomenon of the "pretty girl gets married first" and "embezzlement view." Category In contrast, the motives for Category 2 conformed to the "fiscal revenue view." The categorical regression of ex-post equity transfer motivation showed that all three types significantly improved various efficiencies and represented an optimal allocation of resources. Moreover, it was revealed that the transfer of equity to state-owned enterprises by inefficient private firms in Category 2 also significantly improved enterprise efficiency. Thus, it can be considered as a rational behavior of market selection and never squeezed the space crowding. Further analysis showed that the efficiency improvement is due to the symbiotic development relationship rather than the antagonistic relationship between heterogeneous shareholders. Therefore, it is suggested to initiate market-oriented reform by actively developing ownership mixed-ownership economy and adhering to the "two unwavering" basic economic system.

Insurers' intervention, separation of two rights and firm's technology innovation.

This paper takes insurers' intervention as the entry point, and sets insurers' intervention, separation of two rights and firms' technological innovation in a specific context to study the transmission mechanism and economic consequences using panal model. The results show that there is a positive relationship between insurers' intervention and firm's technological innovation, and the degree of separation of two rights has a negative moderating effect on the relationship between insurers' intervention and technological innovation, and this effect is more obvious in the sample of state-owned enterprises. Therefore, the state should formulate relevant policies to guide the equity investment behavior of insurance companies so as to improve the operational efficiency of market resources.

COVID-19 Pandemic and Corporate Liquidity: The Role of SOEs' Trade Credit Response.

Although state-owned enterprises are associated with less efficiency and lead to resource misallocation, they may have stabilizing effect in face of a crisis. Exploiting the COVID-19 pandemic as a natural experiment, we study the role of firm ownership in trade credit provision and find robust evidence that SOEs increase their trade credit to downstream firms more than non-SOEs after the outbreak of the pandemic. Moreover, we explore the underlying mechanism and find that better financing ability and multitask of the SOEs contribute to greater trade credit during the pandemic, and the latter plays a more active role. Further analyses show that SOEs' advantage in trade credit extension is more pronounced in industries with higher external financial dependence and provinces with a higher level of government involvement, suggesting that SOEs might have greater comparative advantage in screening due to its involvements in local economy during crisis periods. Our paper provides new insights into the real effects of SOEs on the economy.

Puzzling Partnerships: Overseas Infrastructure Development by Chinese State-Owned Enterprises and Humanitarian Organizations.

Chinese state-owned enterprises (SOEs) are now working with humanitarian organizations to develop infrastructure abroad. This emerging phenomenon is puzzling: when, where, and why do Chinese SOEs, best known for constructing massive overseas infrastructure projects for commercial and political gain, execute smaller, lower-profile humanitarian projects? Similarly, why would humanitarian organizations--often with minimal experience in infrastructure contracting--select partners criticized for lack of emphasis on the international standards and best practices that they seek to promote? We address these questions through qualitative case studies of Chinese SOE-humanitarian organization collaboration in the Democratic Republic of Congo, Nigeria, and the Republic of Congo. These cases suggest that such partnerships are more likely when a humanitarian organization has previous experience working in China or with Chinese actors, when Chinese SOEs aim to enter new markets, or when these firms operate in dangerous or politically unstable environments. This study contributes to scholarship on China's evolving role in international development by providing the first empirical analysis of Chinese SOE-humanitarian organization partnerships.

How does CEO power and overconfidence affect the systemic risk of China's financial institutions?

The purpose of this paper is two-fold. First, this study measures the contribution of banks and non-bank financial institutions toward the systemic risk of China. Second, the present study investigates the relationship between CEO power, CEO overconfidence, and systemic risk. This study uses the Delta Conditional Value-at-Risk (∆CoVaR) method to measure the systemic risk contribution of firms listed on the Shenzhen and Shanghai stock exchanges over a period of 2006-2018. The results show that non-bank financial institutions are systemically more important compared to banks. We employed fixed-effect regression analysis to show that banks with overconfident CEOs increase the firm's systemic risk. The results also confirm that powerful CEOs enhance the contribution of non-bank financial institutions to systemic risk, whereas CEO power's impact was significant only for non-state-owned banks. The findings were further validated by the robustness test results obtained using the two-stage least squares approach. These findings are important for constructing regulations to reduce the contribution of firms to systemic risk.

Does board diversity reduce the probability of financial distress? Evidence from Chinese firms.

This paper empirically investigates the impact of cognitive board diversity in education, expertise, and tenure facets on financial distress likelihood in the emerging economy of China. This study examines how this relationship varies across State-Owned Enterprises (SOEs) and Non-State-Owned Enterprises (NSOEs). Paper argues that the Chinese stock market, as a typical emerging market, is an excellent laboratory for studying the impact of board diversity on the probability of financial distress. Its underdeveloped financial system and inadequate investor protection leave firms unprotected from financial hardship. A sample of 12,366 observations from 1,374 firms from 2010 to 2018 shows that cognitive diversity qualities are positively linked with Z-score, implying that directors with different educational backgrounds, financial skills, and tenures can assist in reducing the probability of financial distress. Cognitive board diversity reduces the likelihood of financial distress in SOEs and NSOEs. However, tenure diversity is insignificant in all cases. Furthermore, the robustness model "two-step system Generalized Methods of Moments (GMM)" demonstrated a positive association between educational diversity, financial expertise, and financial distress scores. The results have significant implications for researchers, managers, investors, regulators, and policymakers.

Equity Reform and High-Quality Development of State-Owned Enterprises: Evidence From China in the New Era.

How to improve the development quality of state-owned enterprises is of great significance to the economic and social development in the transition period. And promoting the reform of mixed ownership is an important path for state-owned enterprises to achieve high-quality development. Based on the micro-data of China's A-share listed state-owned companies, the paper explores the impact of mixed ownership reform on the high-quality development of state-owned enterprises. It clarifies the importance and moderation of equity reform and the heterogeneity of impact effects from the theoretical mechanism analysis and empirical test. It also analyzes the reasons of inverted U-shape from the perspective of the transmission mechanism of the internal competition atmosphere and non-state-owned capital speculation motivation. It is found that the relationship between equity reform and state-owned enterprises' high-quality development is inverted U-shaped with multi-dimensional heterogeneity. From the analysis of conduction mechanism, on the one hand, the equity reform can enhance the internal competitive atmosphere, stimulate the vitality of enterprises and improve the development quality for state-owned enterprises. On the other hand, it enhances the speculation motivation of enterprises and slows down the high-quality development process.

Exploring the implementation of sustainable development goals: a comparison between private and state-owned enterprises in Indonesia.

This study explores the extent of the United Nations Sustainability Development Goals (UN SDGs) implementations by listed companies in Indonesia. It also evaluates whether the SDG practices differ between state-owned enterprises (SOEs) and private companies listed in the Indonesia Stock Exchange (IDX). The main contributions of this paper are twofold: (1) it compares SGD reports and disclosures of listed SOEs vis-à-vis listed private companies in a developing country, and (2) it evaluates and compares the SGDs disclosures before and during the COVID-19 pandemic. Thirty-four listed companies produced sustainability reports consecutively from 2016 to 2020, resulting in 170 reports were used and analyzed in this study. A content analysis was applied to observe the SDGs disclosures in these reports. The findings show that overall, the listed companies in the study performed moderately well in their SDGs practice, with an overall disclosure index of 74% during the observed period. While a private company was a clear leader in its SDGs disclosure, overall, listed SOEs performed better to some extent than their private companies counterparts at a combined level. These indicate some aspect of legitimacy to maintain a good reputation in the community and also implies some level of coercive isomorphism, especially for the SOEs. At the level of sustainable development targets, however, the study finds indications to strongly propose that the achievements of the SDG targets were not yet significant. This study also finds slightly less but no significant difference in the SDGs practice during the COVID-19 pandemic compared to the practice before the COVID-19 pandemic. The findings of this study contribute to enriching the currently limited literature in this area and providing insights to relevant users, investors, and policymakers concerning the UN SDGs practices in Indonesia.

How do the China Pollution Discharge Fee Policy and the Environmental Protection Tax Law affect firm performance during the transitional period?

The Chinese authorities revised its Pollution Discharge Fee Policy and officially implemented the Environmental Protection Tax Law on January 1, 2018. Considering the importance of such a reform, we utilise the ordinary least squares and probit regression models to explore the effects of these policies on firm performance during the transitional period of 2016 to 2019. We find that fee rates are negatively related to firm financial performance, i.e. profitability and development capability, and positively associated with firm environmental performance, i.e. corporation social responsibility. We applied the IV 2SLS regression model to control for firms' research and development investment, and the empirical results remain the same. Regarding subsample tests, these policies have stronger impacts on firm performance among heavy polluters and non-state-owned enterprises than those of environmental friendly firms and state-owned enterprises. The empirical results hold after we control for various potential endogeneity issues. The findings of this article may assist the authorities to adjust the tax law, so as to protect the environment and relieve the negative impact on firm performance simultaneously.

Do Tournament Incentives Matter for CEOs to Be Environmentally Responsible? Evidence from Chinese Listed Companies.

Relying on tournament theory and environmental management research, we examine how CEO tournament incentives induce top executives to invest more in green innovation. Using a sample of Chinese listed companies from 2010 to 2016, we find evidence that CEO tournament incentives are positively associated with green innovation. In addition, we find that a positive relationship between CEO tournament incentives and green innovation is stronger in state-owned enterprises than in non-state-owned enterprises. These results support tournament theory, which proposes that better incentives induce top executives' efforts to win the tournament incentives, and such efforts are subject to fiercer competition among employees, which improves firms' social and financial performance. Moreover, our findings have implications for policy makers and regulators who wish to enhance environmental legitimacy by providing tournament incentives to top executives.

Sincerity or hypocrisy: can green M&A achieve corporate environmental governance?

Although green mergers and acquisitions (M&A) emerged recently as corporate green management actions, whether they can prompt corporations to achieve green transformation is unclear, as little is known about how green M&A affects strategic decisions on corporate environmental behavior. Based on legitimacy theory, we analyze Chinese heavy-polluting firms listed in the Shanghai and Shenzhen Stock Exchanges from 2009 to 2017 to explore the impact of green M&A on corporate environmental governance. Results show that green M&A has a positive impact on corporate environmental management. Specifically, we find that the positive relationship between green M&A and corporate environmental governance is strong in firms in localities under considerable media scrutiny, as such firms face increased legitimacy benefits and illegitimacy penalties. Conversely, state-owned enterprises (SOEs) weaken this relationship, as such enterprises have natural political connections to undermine legitimacy benefits and avoid illegitimacy penalties. Thus, we argue that media scrutiny and SOEs influence the likelihood of an organization to implement green M&A as a sincere substantive strategic action. Finally, we summarize the green M&A implementation of an organization in environmental governance as a sincere green action rather than hypocritical greenwashing. Furthermore, we make contributions to legitimacy theory and the corporate environmental governance literature.

Analysis of the function orientation and social environment of medical institutions run by state-owned enterprises / 中华医院管理杂志

In order to give full play to the social functions of state-owned enterprises running medical institutions, find out the functional orientation, and maximize their role in the context of regional health planning, the author made a comprehensive analysis of the functional orientation of state-owned enterprises running medical institutions. It is suggested that governments at all levels should integrate the state-owned enterprise-run medical institutions into the regional medical and health service system for overall planning, provide reasonable support and compensation for the public welfare responsibilities and tasks undertaken by state-owned enterprise hospitals, provide policy space for their exploration and innovation, and support the collectivization development of state-owned enterprise-run hospitals.

Analysis on the effect of resource integration of medical institutions run by state-owned enterprises / 中华医院管理杂志

With the deepening reform of state-owned enterprise-run medical institutions, a large number of medical institutions have entered the state-owned enterprises dominated by the health industry through resource integration. The research team conducted in-depth research on six medical institutions run by state-owned enterprises and analyzed the effect of resource integration. The research found that the investment of the holding enterprises in hospitals was significantly increased, the talent team tended to be stable, and the scope and volume of medical services were improved, but there were still problems such as insufficient participation in market competition and large differences in hospital operation, which needed to be further explored in practice.

Strategic analysis of the development of medical institutions run by state-owned enterprises in China / 中华医院管理杂志

In order to adapt to the development of market economy, the original medical institutions run by state-owned enterprises have undergone restructuring reform, but these medical institutions have not fully played their role. Through the sampling survey and research interviews of several medical institutions run by state-owned enterprises, it was found that many problems such as unclear functional positioning, imperfect regional health planning, unclear responsible subjects and inadequate financial support hindered the development of medical institutions run by state-owned enterprises. In order to develop healthily, medical institutions run by state-owned enterprises need to cooperate with various parties to improve supporting policies, optimize their business environment, and build and improve the health service system.

Exploring the Parameters of China's Economic Influence.

To what extent do China's linkages to the global economy translate into political influence in other countries? This topic is the focus of copious amounts of policy and scholarly attention in the USA and around the world. Yet without thoughtful conceptualization of key assumptions and creation of research designs that allow identification of mechanisms of potential influence, we cannot gain an accurate understanding of Chinese influence. How can we assess Beijing's intentions? Through what mechanisms-both intended and unintended-might influence arise, and under what conditions is influence most likely to occur? To what degree are Chinese companies agents of the state and therefore tools of economic statecraft? What factors condition how host countries react to economic ties with China? In this article, we explore existing scholarship on these questions, and assess promising directions for future research.

Smog, media attention, and corporate social responsibility-empirical evidence from Chinese polluting listed companies.

In recent years, the frequent occurrence of smog in Chinese cities has prompted great changes in the policy environment faced by enterprises. In this study, we address the question whether the decision-making behavior of enterprises will be affected by smog. This paper studied the 2010-2018 data of 218 listed Chinese polluting companies to investigate the impact of smog on corporate social responsibility (CSR). The subjects of this study were all listed on China's A-share market on either the Shenzhen or Shanghai Stock Exchange. The empirical results indicate the following: (1) the more serious the smog, the more likely enterprises are to perform CSR; (2) smog exerts a higher impact on the social responsibility of enterprises that receive more media attention. Further research determined that media attention, whether positive, negative, or neutral, plays the same role in moderating the relationship between smog and CSR; and (3) compared to private enterprises, the function of smog in promoting the CSR fulfillment of state-owned enterprises (SOEs) is more obvious. Based on the reality of Chinese polluting industries, this research combined smog and media attention in the exploration of CSR, which not only enriches CSR research but also provides positive guidance for the sustainable development of polluting enterprises.

Did state-owned enterprises do better during COVID-19? Evidence from a survey of company executives in China.

In a survey of 1,182 company executives in China, state-owned enterprises (SOEs) reported less business reductions under COVID-19. This paper examines if SOEs' superior performance was resulted from government support rather than innate ability of coping with the pandemic. We construct a proxy for firm-level government support using firm's human resources (HR) action taken during the outbreak with firm's 2019 China revenue share as an instrument for the HR action variable. After controlling for the proxy for firm-level government support as well as other observed firm characteristics, we find SOEs in the sample performing significantly worse in the pandemic period.

COVID-19 and business renewal: Lessons and insights from the global airline industry.

The emergence of the COVID-19 pandemic has adversely affected the fortunes of multiple companies around the globe. Accordingly, questions are increasingly being asked about how organizations can revitalize during and after a crisis. Yet, we have limited understanding of how organizations renew themselves during crises over time. We explore this question through the lens and examination of two South-Asian airlines: Pakistan International Airlines and Sri Lankan Airlines. The cases offer important insights into the reasons behind underperformance of state-controlled enterprises and renewal activities. We shed light on strategic renewal (SR) in the wake of increasing liberalization and deregulations in the global airline industry. To this end, we propose a four-stage approach towards renewing such underperforming organizations to respond effectively to black swan events and external shocks.

Is environmental regulation effective in promoting the quantity and quality of green innovation?

Green innovation (GI) is an important means of achieving a win-win outcome in the form of both economic development and environmental protection. Using a unique Chinese Patent Census Database to identify the quantity and quality of GI in each province and panel data for Chinese industrial sector in 30 provinces from 2002 to 2015, we investigated the impact of environmental regulation (ER) on GI in China. This study presents the first attempt to identify green innovation quality in China. Empirical results show that there is an inverted-U relationship between ER and GI. The heterogenous effects are further investigated in order to obtain more accurate policy implications. The results indicate that the impact of ER on GI is insignificant in the central and western regions, implying the necessity of adjusting ER policies in these regions. Second, the inverted U-shaped relationship between ER and GI only occurred in provinces with high state-owned enterprise (SOE) ratio, figuring out the special role of Chinese SOEs in promoting GI. Third, the impact of ER on GI is insignificant in regions with high levels of pollution, indicating high potential of green innovation and policy adjustments there.