Search

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

The relevance of the issue presented in the paper stems from the trends in current economic development. They pose multiple challenges to researchers when it comes to methods for assessing and analyzing competitiveness of business organizations. The aim of this paper is to present an approach to researching business organization's competitiveness based on highly versatile and adaptive competitiveness evaluation technology. Part of the methods on which the said approach is based are analysis, summary, logical approach, and includes quantitative assessment of indicators used to make comparisons with competitors. The results of the implementation of this approach by researches are associated with a more precise diagnosis of the causes leading to one level of business organizations' competitiveness or another. A conclusion can be drawn that the accuracy and effectiveness of any research depends on the preparation of a proper set of methods. When researching business organizations' competitiveness, it is crucial to take account of the extreme dynamics of the developing business environment. [ABSTRACT FROM AUTHOR]

Germany is among the largest countries in the world in terms of total GDP, owing largely to rapid industrialization and expansion of economic activities into several sectors. This paper contributes to the literature on German economic development by investigating the evolution of industry diversification in Germany; particularly focusing on the recent concepts of related (RV) and unrelated variety (UV) in West German regions. It also identifies the statistical and economic determinants of variation in variety over time. Among several industry structure measures; RV is the only measure that reveals a pronounced increasing trend. Since RV is composed of two parts: 1) entropy at five-digit within a two-digit classification, and 2) shares of two-digit sectors in total output, we examined which of the two components dominate. Our findings suggest that the entropy component within two-digit sectoral shares of the RV index is more dominant than the two-digit sectoral shares themselves. We further examined entries and exits of the firms among regions with top and bottom rankings in RV. Findings suggest that both the top and bottom regions experienced an increase in the total number of industries, however, exits were much less pronounced in the bottom regions. It suggests that an increase in variety among top regions is the result of the creative destruction type effect where new industries force inefficient old industries to leave the region. Finally, analysis shows support for the inverse u-shaped relationship between development and diversification. [ABSTRACT FROM AUTHOR]

Does green image impact enterprise environmental protection investment? How does the green image affect enterprise environmental protection investment? In order to solve the above problems, this paper uses an empirical analysis to explore the relationship among regional economic development level, green image, and enterprise environmental protection investment based on the empirical data of A-share manufacturing listed companies from 2007 to 2015 in China. The research results show that good green image has a positive role to promote enterprise environmental protection investment, and regional economic development level partially mediates green image and enterprise environmental protection investment. The article confirms that a good green image can send positive signals to stakeholders and increase their loyalty and satisfaction with the enterprise's products or services. The level of regional economic development provides opportunities for the green development of enterprises. With the improvement in the level of regional economic development, stakeholders' awareness of environmental protection has increased, and they have become more sensitive to enterprise environmental protection investment behaviors. The research results also show that the environmental awareness of corporate stakeholders plays an important role in actively fulfilling, and it provides new ideas for companies to conduct production and management in a green-oriented model. [ABSTRACT FROM AUTHOR]

The main aim of this paper is to facilitate small and medium sized enterprises (SMEs) to adopt environmental management (EM) and corporate social responsibility (CSR) practices. The study reveals SMEs' motivation, pressure, targets and methods for EM and CSR practices. Additionally, the paper investigates how these variables relate to employee number, turnover and geographical locations. The outcomes of the research will add value to SMEs decision-making processes in both strategic and policy levels (e.g. supplier selection) and policymakers' initiatives to make SMEs environment and socially friendly. Although there are studies on EM and CSR practices of SMEs, they mainly focus on impact of EM and CSR practices on business performance, and SMEs' motivation for adopting EM and CSR practices in specific country. Studies that reveal SMEs' motivation, pressure, targets and methods for EM and CSR practices and their relationship with their characteristics (e.g. size, turn over, and geographical location) are scant. This research bridges this gap. Our data originates from 223 carefully selected representative SMEs in the West Midlands, UK (105) and Kolkata, India (118) covering manufacturing and process industries. The relevant data was collected using questionnaires and analysed using Analysis of Variance (ANOVA) and Multivariate Analysis of Variance (MANOVA) methods. The results reveal that perceptions of SMEs’ motivation, pressure, targets and methods of EM and CSR practices vary considerably with respect to size, turn over and geographical location. The findings are significant to policymakers, client organizations and individual SME for improving EM and CSR practices. [ABSTRACT FROM AUTHOR]

Green logistics is an important aspect of production system in today’s world. It combines various efforts to quantify and control the environmental effect of production activities in an enterprise. This research is intended to emphasize upon the ways by which organizations can accomplish positive ecological effects simply by modifying their logistics practices. This paper presents a case study of an Indian automobile company by analyzing alternatives for green practices along with organizational objectives. It is imperative to focus on the green practices in context of Indian automobile sector as the volume of vehicles in India has increased considerably during last few decades. Accordingly, this paper attempts to improve the performance for sustainable adaptation of green practices of an Indian company by selecting the best alternative obtained from the use of Analytical Hierarchy Process to analyze alternatives for green practices in the assembly and packaging processes. Alternatives have been evaluated on the basis of three criteria i.e. green efficiency, factor of safety and ease of operation. The study revealed that clinch joint is the most appropriate alternative for assembly operation while carbon positive packaging material is the best alternative for packaging. [ABSTRACT FROM AUTHOR]

Since the economic transition, manufacturing in China has undergone profound changes not only in number of enterprises, but also in ownership structure and intra-urban spatial distribution. Investigating the changing manufacturing landscape from the perspective of ownership structure is critical to a deep understanding of the changing role of market and government in re-shaping manufacturing location behavior. Through a case study of Wuxi, a city experiencing comprehensive ownership reform, this paper presents a detailed analysis of the intra-urban spatial shift of manufacturing, identifies the location discrepancies, and examines the underlying forces responsible for the geographical differentiations. Through zone- and district-based analysis, a distinctive trend of decentralization and suburbanization, as well as an uneven distribution of manufacturing, is unveiled. The results of Location Quotient analysis show that the distribution of manufacturing by ownership exhibits distinctive spatial patterns, which is characterized by a historically-based, market-led, and institutionally-created spatial variation. By employing Hot Spot analysis, the role of development zones in attracting manufacturing enterprises of different ownerships is established. Overall, the location behavior of the diversified manufacturing has been increasingly based on the forces of market since the land marketization began. A proactive role played by local governments has also guided the enterprise location decision through spatial planning and regulatory policies. [ABSTRACT FROM AUTHOR]

Small and medium enterprises are fundamental to economic growth and job generation, especially in developing countries. These companies are crucial for the improvement of social conditions and technological development in poorer regions of the Americas, Asia and Africa. However, local conditions are usually very specific and demand a singular approach for sustainability. This paper presents some results of a research aimed at investigating methodologies and tools to support the application of Design for Sustainability principles adapted to the real conditions of Brazilian small and medium enterprises. These enterprises are mainly based on traditional products and technologies. The results of this research were achieved through identifying elements for development of a sustainable approach, with a focus on design of products in Brazil and other developing countries. The methodology considered variables specifically linked to the local situation. The primary focus was on small companies working in traditional production processes (or craftsmanship) in Minas Gerais State, in southeast Brazil. Four main sustainability aspects were considered: environmental, economic, social and cultural. As a conclusion, three cases of intervention focused on sustainable improvement are presented and discussed. [ABSTRACT FROM AUTHOR]

Starting from the basic concept of territorial capital (all economic, cultural, environmental and social assets that ensure the potential development of the characterized area, i.e. the region), in the context of the development of business ecosystems, in relation to the new Sustainable Development Goals, and in view of the focus on a more sensitive cultural approach, the paper describes these concepts, and their possible connection to regional growth. [ABSTRACT FROM AUTHOR]

Industrial symbiosis and eco-industrial park have been developed for decades and have significant economic and environmental effects in China. To research the evolution of industrial symbiosis and eco-industrial park construction, and summary the drivers and characteristics of industrial symbiosis development in China, this study uses the National Demonstration Eco-Industrial Park, namely, the Rizhao Economic and Technology Development Area (REDA), as a case study to introduce the industrial symbiosis development process and to research the evolution of industrial symbiosis and eco-industrial park construction, and summarizes the drivers and characteristics of industrial symbiosis development in China. Based on in-depth investigation of enterprises and the government in REDA, three stages (1991–2002, 2003–2006, 2007–2011) of industrial symbiosis development are identified, 31 inter-firms symbiosis performances involving cereal oil and food, machinery, pulp and paper, textile and garment, wine refining, and biochemical industries were formed since REDA was founded in 1991. Results show the environmental benefits of industrial symbiosis performances in 2011, and argue that economic benefits, mainly resulted from stricter environmental standards, tax preference, benefits from material substitution, and financial subsidies, is the critical driver for the stakeholders to participate in industrial symbiosis. The action of governments in industrial symbiosis development is to constituting strict environmental standards, resource comprehensive utilization schemes, financial support and circular economy and eco-industrial park planning guidance. This article provides some unique characteristics of industrial symbiosis growth in a developing country from enterprises and government aspects. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to enhance the understanding of the relation between productivity and environment in the context of sustainable development, with a case study on the Romanian industry. The approach of this subject became of utmost necessity in turbulent times such as the one Romania is facing nowadays. Firstly, it provides a theoretical approach on sustainable development; secondly, it presents sustainable development as a key element in nations' growth and thirdly, it emphasis the aspects concerning the relation productivity - environment in the context of sustainable development, with a case study on the Romanian industry. [ABSTRACT FROM AUTHOR]

Sustainability of business entities is one of the most actual unsolved problems in economics and management. Our research was devoted to its elaboration in the context of a new system-structural (neosystem) methodological paradigm, which implies a priori separation of all economic systems into four types depending on their spatial and temporal localization. Thus just a set of four different types of systems may be economic sustainable. The purpose of this work was to test the hypothesis that the economic sustainability of the enterprise caused by the level of balance of its four subsystems and can be determined on the basis of its measurement. It represents the results of the econometric analysis of 16 machine-building enterprises of Ukraine for the period of 2004-2015, conducted by the methods of Data Mining technology. We have determined the indexes of the enterprise's subsystems, estimated their mutual balance and on the basis of all estimates-the indexes of system balance of the enterprises. To test our hypothesis, we have compared the indexes of system balance with the results of traditional estimation of sustainability conducted on the basis of generally accepted financial ratios. This allowed to confirm the hypothesis and to identify the systemstructural character of the imbalances of the subsystems inherent to the machinebuilding enterprises. [ABSTRACT FROM AUTHOR]

For the advancement and prosperity of an economy a highly developed and innovated business environment is required. In this respect the State must issue some regulations in order to establish certain standards that would allow the opening of new opportunities for business environment, encouraging entrepreneurs. The current study highlights modern trends in business development of the Republic of Moldova and exposes some recommendations for its improvement. During the research there have been used traditional research methods of quantitative and qualitative analysis, comparative analysis and logic. Preference was given to monographic study method applying the elements of observation, selection, induction and deduction. The investigations allow us to conclude that the basic pillar for development and advancement of a State under different aspects is business environment. There are many problems and constraints that hinder business development in the Republic of Moldova, but in spite of them the positive dynamics is observed in this sector. In order to increase business efficiency there must be a joint collaboration between the government, the civil society and business owners [ABSTRACT FROM AUTHOR]