Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Sep -0.0047 -0.7071 0.4798 LSshare 0.0004 0.1052 0.9163 IDR 0.469 0.3186 0.7502 CM 0.2817 1.1757 0.2402 Mincome 0.3231*** 3.7302 0.0002 Mshare 1.3737*** 3.1907 0.0015 ALR -0.1158 -0.3814 0.7031 LnSIZE -0.3091*** -5.9543 0 Dependent Variable: V *** Statistically significant at the 0.01 level; The regression results basically in line with our assumptions. First, the coefficients between SEP and the value is close to 0 and not significant, which indicated that large shareholder s’ interests expropriation from minority shareholders is not serious in the central SOEs. This may be due to better corporate governance and more stringent regulations from SASAC. Also as state-owned enterprises, the central SOEs have no strong motivation to transfer the wealth of minority shareholders. It’s the reason why we only focus the 2layer agency conflict, while neglect the third one between the controlling shareholder and the minority shareholder. Secondly, although the coefficients between the largest shareholder and enterprise value is positive, it is close to 0 and not significant, indicating that major shareholders may be not doing their due management obligations. Again, from the internal governance mechanisms perspective, non-same person of chairman and general manager, the proportion of external independent directors are positively related to firm value, but the correlation was not significant, suggesting that governance mechanisms have not played the due role. From external governance point of view, due to the limitations of data, we simply look at the role of creditors. The empirical results show that the assetsliabilities ratio and enterprise value was not significant negative correlated, demonstrating that the government should help to strengthen the construction of the external governance environment. Finally, from the own characteristics angle, the scale of the central SOEs and enterprise value is significant negative correlated, which may be due to the larger company’s size, the larger internal capital markets and so the larger space for rent-seeking. The managers therefore will go" lobbying " for" private interests " and reducing the efficiency of internal capital markets. Conclusions This paper looks at the features of central SOES, and then analyzes their efficiency of ICM and the influencing factors. A pragmatic reason for studying the efficiency of central SOEs is that the managers in central SOEs always face decisions about investment and capital allocation due to the larger scale. Also, research on the efficiency of central SOEs and its influencing factors is useful to investors and to regulators especially during the transition. To improve the efficiency of ICM, central SOEs ought to establish a complete control system (shown in figure1) including all the sides of influencing factor and thus avoiding the inefficiency of capital allocation. 760
Input: Process, regulation References External governance Internal capital market of Standard process: budgets; investment; Execution; performance appraisal; motivation; etc. Scientific regulation: corporate governance; risk management; information system, etc. Challenges in the Era of Globalization Edited by Emmanuel Obuah Figure 1 financial control system of ICM in central SOEs Output: ICM efficiency Aggarwal, R., Samwick, A., 2003. Why do managers diversify their firms? Agency reconsidered. Journal of Finance 58, 71–188. Anh, S., Denis, D.J., 2004. Internal capital markets and investment policy. Journal of Financial Economics 71, 489–516. Chen, G., Firth, M., Kim, J., 2004. IPO underpricing in China’s new stock markets. Journal of Multinational Financial Management 14, 283–302. Cheng, Y.S., Lo, D., 2002. Explaining the financial performance of China’s industrial enterprises: beyond the competition–ownership controversy. China Quarterly 170, 413– 440. Maksimovic, V., Phillips, G., 2002. Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. Journal of Finance 57, 721–767. Rajan, R., Servaes, H., Zingales, L., 2000. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance 55, 35–80. Xu, L.C., 2000. Control, incentives and competition. Economics of Transition 8 (1), 151–272. 761
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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⎧κ ( ω) − ( 1− p) β ( ω)
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Academic Pry School 3 3 0 Backgroun
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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firms attained below average market
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Conclusion Dissatisfied 6 3.4 3.6 7
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Methodology Challenges in the Era o
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Figure1.1Inflation and Indexation R
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Football Spectatorship Challenges i
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