Along with innovation in ICT technology and the spread of the internet,the online network,through its“technological empowerment”of citizens and governments,has driven a series of institutional changes designed to pr...Along with innovation in ICT technology and the spread of the internet,the online network,through its“technological empowerment”of citizens and governments,has driven a series of institutional changes designed to promote government responsiveness.The global spread of online political deliberation is indeed an achievement of the internetdriven construction of responsive government.In recent years,the Chinese government has vigorously promoted online political deliberation,established virtual platforms to build bridges between netizens and public power,brought internet activism into institutional channels,and implemented political absorption and online consultation.Under the influence of policy initiatives and local innovations,China has created diversified response systems that strengthen the institutionalization of online political deliberation and thereby enable this system to play an active role in improving government capacity and regulating the relationship between the state and society.At present,China has seven types of online response:the Communist Party Committee-led mode,the mixed mode,the governmentled mode and the modes led by the departments in charge of absorption,business,supervision departments,and petitioning.Empirical studies show that the diversity and degree of institutionalization of online political deliberation significantly affect institutional performance and that political authority and professionalism are important features that enable the different response systems to influence institutional performance.In short,the endogenous elements of the response system—level of institutionalization and institutional diversity—are key factors in institutional performance.展开更多
Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-speci...Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find,first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second,trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies.Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.展开更多
Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of...Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.展开更多
The focus of this article is this question： under China＇s present household registration system, what factors influence migrant workers＇ decisions to obtain urban household registration in order to stay permanently...The focus of this article is this question： under China＇s present household registration system, what factors influence migrant workers＇ decisions to obtain urban household registration in order to stay permanently in the city？ Our research finds that if willingness to give up their land is used as the indicator for behavioral permanent migration, the main factors that influence migrant workers＇ intention to migrate will be their individual motives for migration, i.e. choices based on economic rationality. If wishing to transfer their household registration to the cities where they work is used as the indicator for institutional permanent migration, the main factors that influence their intentions will be regional conditions and the pressure of institutional legitimacy, and their choices will be socially rational in that they are seeking institutional protection to improve their life in the city. Groups with different aspirations vary in their individual motivations for migration and the degree to which they feel the pressure of institutional legitimacy.展开更多
Based on joint-innovation patent data from 2000 to 2016 in the Beijing-Tianjin-Hebei region of China,the purpose of this paper is to analyze how technological proximity affects university-industry collaborative innova...Based on joint-innovation patent data from 2000 to 2016 in the Beijing-Tianjin-Hebei region of China,the purpose of this paper is to analyze how technological proximity affects university-industry collaborative innovation in the Beijing-Tianjin-Hebei region.We adopt a 1:1 matching design to conduct an empirical study.The results show that the effect of technological proximity on the formation of collaborative innovation displays an inverted U-shape,and geographical proximity and institutional proximity play a positive role of forming a tie.Geographical proximity and institutional proximity as a coordination mechanism,have negatively influenced the relationship between technological proximity and the formation of university-industry collaborative innovation.Furthermore,university strength improves the possibility of collaborative innovation.These findings contributed to the understanding of the relationship between technological proximity and collaborative innovation.展开更多
This study analyzes the design and operation of multi-level governance system for the smooth delivery of infrastructure mega-projects with high institutional complexity caused by market transition. From an institution...This study analyzes the design and operation of multi-level governance system for the smooth delivery of infrastructure mega-projects with high institutional complexity caused by market transition. From an institutional perspective, this study scrutinizes the structure,elements, and dynamics of the governance system of infrastructure mega-projects and then proposes an integrative framework based on the inductive case study of the Hong Kong-Zhuhai-Macao Bridge mega-project. Multiple evidences of archives, field studies, and interviews related to the case project are triangulated to further analyze the institutional effects, specifically those with government logics and market structures, on the design and operation of the three-level governance system. Results reveal that the co-evolution between governments and markets in China has shaped the vertical levels of the mega-project governance system and has further affected their evolution and operation across various stages of project development. This study contributes to the rapidly emerging research on complex system governance by proposing a systematic model of three-level mega-project governance to enhance the timely delivery of infrastructure megaprojects within budget.展开更多
This article discusses the achievements and major changes in China's rural development, elaborates on the prominent problems related to agriculture, rural areas and farmers in China, and discusses some key policy ...This article discusses the achievements and major changes in China's rural development, elaborates on the prominent problems related to agriculture, rural areas and farmers in China, and discusses some key policy issues concerning the building of a new socialist countryside, especially from the perspective of balancing urban and rural development. The underlying viewpoint of this article is that to promote the building of a new countryside, a system and mechanism of balancing urban and rural development must be gradually established and improved. The policies should focus on improving the social mobility mechanism to remove the institutional barriers to the social mobility of farmers; establishing public finances to cover both urban and rural areas to narrow the gap in basic public service provision between cities and the countryside; expediting the establishment of a social security network to protect the interests of rural disadvantaged groups; improving the mechanism of protecting land-use rights and interests of farmers; effectively organizing the mechanism of ensuring allocations for the building of a new countryside; improving the organizational structure of rural society to support self-organized farmers' groups; and changing the concept of rural governance and the operation of social governance.展开更多
文摘Along with innovation in ICT technology and the spread of the internet,the online network,through its“technological empowerment”of citizens and governments,has driven a series of institutional changes designed to promote government responsiveness.The global spread of online political deliberation is indeed an achievement of the internetdriven construction of responsive government.In recent years,the Chinese government has vigorously promoted online political deliberation,established virtual platforms to build bridges between netizens and public power,brought internet activism into institutional channels,and implemented political absorption and online consultation.Under the influence of policy initiatives and local innovations,China has created diversified response systems that strengthen the institutionalization of online political deliberation and thereby enable this system to play an active role in improving government capacity and regulating the relationship between the state and society.At present,China has seven types of online response:the Communist Party Committee-led mode,the mixed mode,the governmentled mode and the modes led by the departments in charge of absorption,business,supervision departments,and petitioning.Empirical studies show that the diversity and degree of institutionalization of online political deliberation significantly affect institutional performance and that political authority and professionalism are important features that enable the different response systems to influence institutional performance.In short,the endogenous elements of the response system—level of institutionalization and institutional diversity—are key factors in institutional performance.
文摘Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find,first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second,trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies.Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.
基金supported by the Program for New Century Excellent Talent at University(Grant No.NCET-06-0565)the Foundation of the Key Research Institution of Humanities and Social Science at University(Grant No.07JJD630009)of the Ministry of Education of Chinathe National Nature Science Foundation of China(Grant No.G0205-70572092)
文摘Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.
文摘The focus of this article is this question： under China＇s present household registration system, what factors influence migrant workers＇ decisions to obtain urban household registration in order to stay permanently in the city？ Our research finds that if willingness to give up their land is used as the indicator for behavioral permanent migration, the main factors that influence migrant workers＇ intention to migrate will be their individual motives for migration, i.e. choices based on economic rationality. If wishing to transfer their household registration to the cities where they work is used as the indicator for institutional permanent migration, the main factors that influence their intentions will be regional conditions and the pressure of institutional legitimacy, and their choices will be socially rational in that they are seeking institutional protection to improve their life in the city. Groups with different aspirations vary in their individual motivations for migration and the degree to which they feel the pressure of institutional legitimacy.
基金This work was supported by the National Social Science Foundation of China(grant number 13AZD015)Key Project of Philosophy and Social Sciences Research,Ministry of Education of PRC(grant number 15JZD017)National Natural Science Foundation of China(grant number 71373158).
文摘Based on joint-innovation patent data from 2000 to 2016 in the Beijing-Tianjin-Hebei region of China,the purpose of this paper is to analyze how technological proximity affects university-industry collaborative innovation in the Beijing-Tianjin-Hebei region.We adopt a 1:1 matching design to conduct an empirical study.The results show that the effect of technological proximity on the formation of collaborative innovation displays an inverted U-shape,and geographical proximity and institutional proximity play a positive role of forming a tie.Geographical proximity and institutional proximity as a coordination mechanism,have negatively influenced the relationship between technological proximity and the formation of university-industry collaborative innovation.Furthermore,university strength improves the possibility of collaborative innovation.These findings contributed to the understanding of the relationship between technological proximity and collaborative innovation.
基金funded by the National Natural Science Foundation of China(Grant Nos.71501142,71390523/71390520 and 71471136)Shanghai Pujiang Program(Grant No.17PJC101)
文摘This study analyzes the design and operation of multi-level governance system for the smooth delivery of infrastructure mega-projects with high institutional complexity caused by market transition. From an institutional perspective, this study scrutinizes the structure,elements, and dynamics of the governance system of infrastructure mega-projects and then proposes an integrative framework based on the inductive case study of the Hong Kong-Zhuhai-Macao Bridge mega-project. Multiple evidences of archives, field studies, and interviews related to the case project are triangulated to further analyze the institutional effects, specifically those with government logics and market structures, on the design and operation of the three-level governance system. Results reveal that the co-evolution between governments and markets in China has shaped the vertical levels of the mega-project governance system and has further affected their evolution and operation across various stages of project development. This study contributes to the rapidly emerging research on complex system governance by proposing a systematic model of three-level mega-project governance to enhance the timely delivery of infrastructure megaprojects within budget.
文摘This article discusses the achievements and major changes in China's rural development, elaborates on the prominent problems related to agriculture, rural areas and farmers in China, and discusses some key policy issues concerning the building of a new socialist countryside, especially from the perspective of balancing urban and rural development. The underlying viewpoint of this article is that to promote the building of a new countryside, a system and mechanism of balancing urban and rural development must be gradually established and improved. The policies should focus on improving the social mobility mechanism to remove the institutional barriers to the social mobility of farmers; establishing public finances to cover both urban and rural areas to narrow the gap in basic public service provision between cities and the countryside; expediting the establishment of a social security network to protect the interests of rural disadvantaged groups; improving the mechanism of protecting land-use rights and interests of farmers; effectively organizing the mechanism of ensuring allocations for the building of a new countryside; improving the organizational structure of rural society to support self-organized farmers' groups; and changing the concept of rural governance and the operation of social governance.
