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How to leverage the advantages of state-owned capital to promote the high-quality development of private enterprises is a central issue of mixed-ownership reform. We empirically explore the effect of reverse mixed-ownership reform on the cost of equity financing for private enterprises and the underlying mechanism from two perspectives: equity structure and high-level governance using fixed-effect and IV regressions. We find that reverse mixed-ownership reform significantly reduces the cost of equity financing for private enterprises. The mediation effect tests suggest that the improvement of information disclosure quality and equity liquidity partially play intermediary roles in the relation between the reform and the equity financing cost. Heterogeneity tests suggest that cost of equity financing for private enterprises are significantly reduced for firms operating in highly competitive industry environment and firms located in regions with lower level of marketization. We contribute to the understanding of the economic consequences of reverse mixed-ownership reform and provide policy insights for further advancing the reform in private enterprises while effectively harnessing the advantages of state-owned capital. [ABSTRACT FROM AUTHOR]

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Private enterprise development encounters numerous challenges. China encourages state-owned enterprises to acquire equity stakes in private enterprises, thereby facilitating development of private enterprises through reverse mixed-ownership reform. To test the effectiveness of this approach, we focus on the impact of state-owned equity on the organizational resilience of private enterprises. Using empirical research methods and data from A-share listed Chinese companies from 2009 to 2022, we find that reverse mixed-ownership reform is significantly and positively correlated with the organizational resilience of private enterprises. Further analysis reveals that involvement of shareholders from state-owned enterprises can bolster the organizational resilience of private enterprises by mitigating their financing constraints. This paper extends the research on the mechanism by which a heterogeneous ownership structure can impact the organizational resilience of private enterprises and offers insights for private enterprises on how to bolster their organizational resilience through mixed-ownership reform.

Small businesses producing cereals, legumes, and sunflower seeds contribute to the country’s food security and environmental protection potential. The purpose of this study was to substantiate the social, economic, and conceptual foundations of small business entities’ activities in the production of cereals, legumes, and sunflower seeds in modern conditions. The methodological framework of the study included the provisions of institutional economic theory and functional analysis. To generalise the results, the study employed analysis, graphic, and abstract-logical methods, and approaches of generalisation of results. The motivational orientation of the functioning of small businesses engaged in the production of cereals, legumes, and sunflower seeds and their place in production and consumption were determined. The study found that in 2023, the company achieved a record grain yield of 51.8 100 kg/ha, which was driven by favourable weather conditions. It was substantiated that the cost of crop production has increased due to lower prices for agricultural products (maize by -41%; sunflower by -35%; wheat by -37%) and an almost twofold increase in the cost of plant protection products and fuel. It was proved that in 2017-2022, 91.79% of the variation in net profit is explained by the variation in the level of grain, legumes, and sunflower seeds sold by small businesses. It was found that the disruption of the sales system of small businesses producing cereals, legumes, and sunflower seeds, the low level of purchase prices and the considerable increase in prices for material and technical sources of survival and fertilisers due to the hostilities make production inefficient. The development of small businesses and family farming stays one of the priority areas of regional policy. The information and analytical material can be considered when creating regional programmes for the development of agrarian entrepreneurship

Extant studies of environmental investment determinants have not distinguished between different types of political connections. This study tries to close this gap by employing an extensive dataset based on the four-yearly Chinese Private Enterprises Survey conducted between 2006 and 2012. The central question in this paper asks whether different political connections (ascribed vs. achieved) are fostering or hindering environmental protection expenditures in private enterprises. The results show that achieved political connections serve as binds of promoting firm environmental investment while ascribed political connections act as buffers, hampering firm environmental expenditures. The moderating roles of environmental regulation and innovation capability demonstrate heterogeneous effects: environmental regulation stringency strengthens the positive impact of achieved political connections only. In contrast, innovation capability enhances the negative impact of ascribed political connections. [ABSTRACT FROM AUTHOR]

IntroductionPrivate enterprises are playing an increasingly important role in production and employment in China. However, due to less regulation and a stronger profit motivation than state-owned enterprises with more standardized management, a considerable portion of these private enterprises fall short of fulfilling their basic responsibilities for government-mandated old-age insurance.MethodsThis study establishes a comprehensive research framework aimed at delving into the precise factors contributing to the lax adherence of private enterprises to their basic old-age insurance obligations. This framework takes into account a range of factors, including enterprise profitability, the external environmental context (specifically the level of regional development), and internal organizational dynamics (such as the presence of labor unions and workers’ congresses). To validate this framework, empirical data from a substantial sample of 3,123 private enterprises, which were part of the 10th Chinese Private Enterprise Survey (CPES), were utilized. This study employs the stepwise multiple regression analysis and conducts robustness tests to ensure the model’s effectiveness.ResultsEnterprise profitability, regional development levels, and the existence of labor unions all wield a positive influence on basic old-age insurance coverage that private enterprises extend to their workforce. Moreover, an intriguing aspect emerges: the developmental stage of the region, as well as the presence of labor unions exercise a negative moderating effect on the relationship between enterprise profitability and the coverage rate of basic old-age insurance. In essence, this implies that the basic old-age insurance coverage rate for private enterprises operating in well-developed regions and those with established labor unions is relatively insulated from fluctuations in profitability.DiscussionTo increase the participation rate of private enterprises’ basic old-age insurance, it is important to improve the overall development environment for private enterprises, enhance internal organizational mechanisms, and strengthen regulatory oversight of enterprises in various regions.

The innovation of private enterprises plays a crucial role. This study focuses on the impacts of market information asymmetry, the technology spillover effect, and the order of innovation research and development (R&D) decisions on the evolution of private enterprises' innovation. This study constructs a dynamic model to analyze how the innovation decision-making order of private enterprises influences their profits and intertemporal innovation decision making. First, we derive the equilibrium point under sequential decisions and the stability of the system at the equilibrium point. Second, we investigate the impact of sequential and simultaneous innovation decisions on the evolution of the dynamic system and its economic implications. Finally, we study the evolutionary dynamics of the attractor with the rate of innovation adjustment and point to the existence of multiple equilibria. The results suggest that the speed of the innovation R&D cost change should be moderate, and the asynchronous updating of the innovation R&D strategy can prevent the system evolution from turning into chaos. These conclusions guide innovation policies. [ABSTRACT FROM AUTHOR]

China's environmental crackdowns under Xi Jinping have led to a sweeping shutdown of private enterprises. To circumvent this, enterprises have developed different survival strategies including direct lobbying to government officials and indirect lobbying through business associations. Based on comparative case studies of environmental lobbying in Chinese cities, our research finds that larger enterprises, enjoying more economic leverage, tend to lobby directly using their own political connections to sway environmental enforcement. By contrast, smaller enterprises are excluded from these clientelist networks and have to lobby through business associations, the effectiveness of which hinges on the support of large enterprises. Therefore, we argue that although the Chinese government's increasingly stringent environmental policies have shrunk the lobbying (and living) space for private enterprises, the existence of environmental clientelism protects economically powerful and politically connected private enterprises but sacrifices the others in the implementation of environmental policies. [ABSTRACT FROM AUTHOR]

• AI has a U-shaped effect on the distribution of income between profits and wages. • AI affects the distribution of income between profits and wages through labor demand effects and productivity effects. • The effect of AI on the distribution of income between profits and wages is heterogeneous across enterprises, entrepreneurs, and industries. Using artificial intelligence (AI) patents and private enterprise survey data in China, we investigate the impact of AI on the distribution of income between profits and wages. Our results reveal that the impact of AI on the distribution of income between profits and wages is U-shaped, implying that with AI shocks the distribution of income shifts from labor to capital. We find that AI impacts the distribution of income between profits and wages by reducing labor demand and increasing capital productivity. The impact of AI on the distribution of income between profits and wages is heterogeneous across enterprise organizational forms, employee training and dividend incentives, attributes of enterprise owners, and industry factor endowments. [ABSTRACT FROM AUTHOR]

Political connections and corporation social responsibility (CSR) play important roles in firms’ investment decisions. This paper examines empirically how distinct social organization identities of the entrepreneurs affect their environmental investment using Chinese private enterprises from the 13th national private enterprise sampling survey in 2018. The results show that: (1) The social organization identities of private entrepreneurs has a significant positive effect on firms’ environmental investment; (2) The positive effects decrease in sequence for government-pushed organizations, industry associations and fellowship organizations; (3) There are significant heterogeneities among regions, industries, external risks and internal ownership structures; and (4) Environmental investment has a significant positive effect on firms’ economic performance. After the methods of variable substitution, instrumental variable, PSM, etc., the results are all robust, which ensures the reliability of our findings. Finally, the research proposes policies of voluntary environmental management for Chinese private enterprises with different social organization identities. [ABSTRACT FROM AUTHOR]

Micro-entrepreneurial structures in the field of agricultural production generate employment, have adaptive potential for the formation of stable food systems and survival. The purpose of this study was to substantiate the theoretical and methodological foundations and socio-economic problems of micro-entrepreneurial activities in agriculture under martial law. Research methodology. The methodological framework of the present study included the provisions of system analysis. To generalize results, the study involved monographic, normative, graphic, abstractlogical methods and approaches. Study results. The place of micro-enterprises in the “production – distribution – exchange – consumption” system is determined. They can creatively contribute to the achievement of sustainable development criteria, form sustainable agri-food chains, guarantee self-sufficiency in food products, develop local niche exclusive productions, and ensure self-employment of the rural population. It is established that personal farms that have organized a family farm and registered as individual entrepreneurs also have the opportunity to implement their activities. It was found that the most adapted to the crisis conditions associated with military actions are family farms and household plots. However, the lack of stable sales channels for the products of micro-enterprises, the low level of purchase prices and a considerable increase in prices due to military operations for energy resources, machinery, fertilizers, and plant protection products make production inefficient. One of the priority areas of regional policy is still the development of family farming, small and micro businesses in rural areas. Practical significance. The results of the study can be considered when developing regional programs for the development of agricultural business entities

The new product development (NPD) process–performance link has been sufficiently studied in academic research. However, recent NPD process is significantly different from the conventional NPD specifically with the inclusion of sustainability considerations under circular economy (CE) context. In theory, NPD with CE considerations (CE-NPD), compared with the conventional NPD, is associated with higher costs and longer development times. This study empirically examines the effect of the CE-NPD process on both time-to-market (TTM) and profit performance in the context of Chinese private enterprises. In addition, the role of traditional Chinese philosophies of Confucianism and Taoism in influencing the CE-NPD process–performance link is also investigated. We find that Confucianism positively moderates the relationship between the CE-NPD process and TTM performance. However, it negatively moderates the CE-NPD-profit link. On the other hand, the moderating effect of Taoism is negative on both the CE-NPD-TTM and CE-NPD-profit links. An interesting finding of this study is that the coexistence of Confucian and Taoist values in NPD workers has the strongest positive impact on the relationship between the CE-NPD process and performance. Our study provides insights on the way in which companies should plan to apply Chinese philosophies during the CE-NPD process to maximise the benefits. [ABSTRACT FROM AUTHOR]

In the context of China's increasing openness to the global market, outward foreign direct investment (OFDI) has become an effective strategy for expanding overseas markets, and private enterprises have played a crucial role in driving China's economic development. This study utilizes data from the NK-GERC database of Nankai University to conduct a spatio-temporal analysis of the dynamic changes in OFDI by Chinese private enterprises from 2005 to 2020. The findings indicate that Chinese domestic private enterprises' OFDI exhibits a strong spatial pattern in the eastern regions and a weak one in the western regions. The main active investment regions include the Bohai Rim, Yangtze River Delta, and Pearl River Delta. Regarding destination countries for OFDI, traditional developed European economies such as Germany and the USA remain popular choices, but countries along the "Belt and Road" have become hotspots for investment. Non-manufacturing industries account for a higher proportion of investments, with private enterprises showing a preference for investing in foreign enterprises in the service sector. From a sustainable development perspective, the study finds that environmental factors play a significant role in the development of Chinese private enterprises. Moreover, the negative impact mechanism of environmental pollution on private enterprises' OFDI varies according to the enterprises' geographical location and time period. The negative effect is more significant in coastal areas and eastern regions compared to central and western regions, with the most significant impact observed from 2011 to 2015, followed by 2005 to 2010, and the weakest impact seen from 2016 to 2019. As China's ecological environment continues to improve, the negative impact of environmental pollution on enterprises gradually decreases, contributing to the improvement of the sustainability of private enterprises. [ABSTRACT FROM AUTHOR]

This study investigates the homophily effect in corporate information disclosure, specifically focusing on executive social networks. We analyze data from 385 privately listed companies in China's Growth Enterprise Market between 2018 and 2021. An OLS regression model is employed to examine the presence of a homophily effect in ESG information disclosure by private enterprises, along with regional and industry variations. Additionally, we utilize a moderation effect model to assess the influence of executive social networks on the homophily effect of ESG information disclosure. We conduct robustness tests based on our findings. The results indicate a significant homophily effect in ESG information disclosure by private enterprises, with varying magnitudes across regions and industries. Furthermore, executive social networks positively moderate the homophily effect, suggesting that a more diverse social network among the executive team enhances the homophily effect of ESG information disclosure for private enterprises. These findings offer valuable insights for corporate low-carbon sustainable development. [ABSTRACT FROM AUTHOR]

As the market subject of China's economic development, private enterprises play an important role in fighting against pollution and solving ecological and environmental problems. It is especially important to evaluate the green development progress of Chinese private enterprises in the epidemic era. This paper conducts a questionnaire survey on 10,623 private enterprises in 31 provinces of China, and based on 6223 industrial survey results, it focuses on the production and operation status of private enterprises in terms of pollution reduction performance, energy saving, and carbon reduction intensity in order to construct a green development progress index. The spatial Moran index test and the spatial Durbin model are used to analyze the regional correlations and influencing factors of green development progress in China. The results show that the green development of enterprises with a main business income of more than 100 million CNY and key areas such as Fenwei Plain have improved significantly in 2021, especially with the increase in a private enterprise scale, the carbon reduction regime, the pollution abatement regime, and the pollution control manner, and because the investment, profitability, and pollution discharge of private enterprises is more significant. The indexes of the provinces in the southeast coastal area and the northeastern region of China are the highest and lowest, respectively, in terms of pollution, which is demonstrated by the spatial aggregation effect on the surrounding areas by Moran local index analysis. The urbanization level and government financial support for environmental protection are just two of the negative factors regarding this issue, while the economic development level and industrial structure are positive factors that have a spatial spillover effect. [ABSTRACT FROM AUTHOR]

China is currently in a period of economic transformation and the reform of the factor market still lags behind that of the product market. This study explores the reasons causing China's private enterprise to expand abroad from the perspective of domestic factor market imperfection. Using data for Chinese listed firms between 2002 and 2020, it examines whether outward foreign direct investment (OFDI) has been undertaken by private enterprises as a response to domestic factor market imperfection. It finds that private enterprises located in regions with greater factor market imperfection have had a greater tendency to engage in OFDI. This effect has been more pronounced among firms with high productivity or high innovation capability, and among medium and small private enterprises. [ABSTRACT FROM AUTHOR]

Introduction: Party branches embedded in private enterprises are a unique phenomenon in the Chinese economy, but few studies have focused on the economic consequences. We hope to explore the impact of party branches on small and medium-sized private enterprises' corporate social responsibility (CSR) in China in order to fill the gaps in current research. Methods: Data were used from the 11th Chinese Private Enterprise Survey (CPES) in 2014. The study uses the methodology of fixed effect model, mediation analysis and moderation analysis. Moreover, propensity score matching and Heckman two-step method deal with the endogeneity problem and check the robustness of the results. Results: We find that, first, the embedding of party branches will improve the CSR performance of private enterprises in various dimensions by enhancing the perception of private enterprises in policy; second, in various influence pathways, the party branches will enhance the perceptions of policy related to economic interests, which has a more significant impact on enhancing the performance of philanthropic CSR. Further research reveals that business owners' first-given and later-generated political connections support the party branches' perception of policies related to economic and social interests, respectively. Discussion: The findings suggest that political intervention by China's ruling party in private firms promotes CSR performance, but this is influenced by the political connections of the firm owners. In addition to providing empirical support for the study of corporate behavior in the Chinese context, this paper identifies the impact and development trajectory of the party branches of China's ruling party on CSR. However, this paper does not discuss the implicit costs required for party branches to promote CSR, and we hope that future research will make further explorations. [ABSTRACT FROM AUTHOR]

Private enterprise governance is influenced by how status is perceived by business owners. In this essay, the role of business owners' subjective statuses on their decisions on pollution control is discussed, along with social-psychology-based justifications. This study distinguishes front-end pollution treatment from back-end pollution treatment and finds the following: (1) A higher subjective status increases the front-end pollution control input but has no discernible impact on the back-end pollution control input. (2) Both the front-end and back-end control inputs are significantly influenced positively by a subjective economic status (ability motive). (3) A subjective social status only increases the front-end pollution control input (altruistic motive). (4) A subjective political standing (prestige motivation) significantly lowers environmental violations of businesses more than it does front-end or back-end inputs. (5) A subjective status can also boost owner expectations and business confidence, as well as help businesses to make the best pollution control measures. The optimum of private firms' pollution control strategies depends heavily on their subjective status when the government's pollution regulations are lax. The importance of subjective status is also influenced by how well capitalized private businesses are. This paper offers a novel perspective on the value of social governance from the viewpoint of maximizing the pollution management of private firms. It argues that raising the subjective status of private entrepreneurs has value. [ABSTRACT FROM AUTHOR]

The main difference between China and other major economies is the presence of a large number of state-owned enterprises. Focusing on the Chinese context, we divide firms into state-owned and private enterprises, and households into working and capitalist class; thereafter, we simulate the effects of government investment expansion on income distribution under different financing instruments. We found that when financed by corporate income tax or value-added tax, government investment expansion makes the working class in both types of enterprises better off, but the capitalist class worse off; however, when financed by labour income tax, government investment expansion yields the opposite result. When the expansion is financed by government debt, the real wealth of the working class in state-owned enterprises and the capitalist class increases, but that of the working class in private enterprises decreases. The difference in income distribution outcomes between the working class and capitalist class is due to the differing composition of their wealth, and the difference in income distribution outcomes among working class is because the enterprises for which they work perform differently in undertaking government investment projects and obtaining loans from the financial market. [ABSTRACT FROM AUTHOR]

In the context of the "peak carbon dioxide emissions" and "carbon neutrality" strategic goals, how green finance can prompt private enterprises to achieve green upgrading has become an important issue to be solved. This paper empirically examines the effect mechanism of green credit policy on private enterprises' green innovation by using the difference-in-differences model based on the manually collected green patent data and matching financial data of Chinese listed private enterprises from 2009 to 2019. It is found that the implementation of green credit policy has a significant negative impact on the quality of green innovation of heavy-polluting private firms relative to non-heavy-polluting private firms, and this conclusion is still valid after replacing the explanatory variables, expanding the sample range, changing the model setting, and excluding the interference of other policies during the sample period. The results of the mechanism suggest that green credit policy negatively affects the quality of green innovation of heavy-polluting private firms by limiting their access to financing for loans and the capital market. Further study finds that commercial banks can reduce their non-performing loan ratio and increase their revenue growth rate by extending green credit funds to improve their business performance. It provides insights for better implementation of green credit policy and promotion of green economy development. [ABSTRACT FROM AUTHOR]

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.

We contribute to the existing literature by demonstrating how the default risk of enterprises is driven by the nationalization of private enterprises (NPE). Overall, we find that the implementation of NPE promotes default risk, and the effect follows an inverted U-shape over time. Mechanism tests show that the effect of NPE on default risk works mainly through three channels: weakening corporate governance, exacerbating debt expansion, and reducing investment efficiency. Further distinguishing the characteristics of NPE, we find that the effect of NPE on default risk is more pronounced for private enterprises transformed into local state-owned enterprises (SOEs), private enterprises acquired across regions, private enterprises with a higher external guarantee rate, and equity pledge rate. [ABSTRACT FROM AUTHOR]

Previous research regarding the role of state-owned shares in fostering private enterprises' green innovation has yielded ambiguous findings, sparking intense debate. This study examines this impact and considers the 2013 reform of local officials' promotion assessment mechanism to explore how officials' promotion pressure affects green innovation in private enterprises with expanding administrative boundaries. Examining a research sample of Chinese A-share listed private enterprises covering 2009–2022, the findings uncover an inverted U-shaped relationship between state-owned shares and private enterprises' green innovation. Officials' economic pressure weakens this relationship, while environmental pressure significantly enhances it. Further analyses reveal that the influence of state-owned shares is notably stronger for private enterprises with an entrepreneurial orientation and high level of environmental awareness. Our study makes valuable theoretical and practical contributions in understanding the relationship between officials' dual pressures and private enterprises' green innovation by assessing the influences of the mixed economy on private sector behavior and offering insights for advancing global private enterprises' sustainability. • Nonlinear relationship exists between state-owned shares and green innovation in private enterprises. • The transformation of officials' promotion assessment mechanism moderates state-private green innovation ties. • State-owned share's role varies with private enterprises' origin and environmental awareness. [ABSTRACT FROM AUTHOR]

• Identity issues increase the degree of short-term debt for long-term investments among private enterprises. • Identify issues exacerbating information asymmetry, increasing operational risk and financing costs, thereby compelling private enterprises to resort to short-term financing. • Analysts' attention and board independence can influence the effect of identity issues on short-term debt for long-term investments. Using a sample of private enterprises listed on China's A-shares from 2003 to 2021, we find that, identity issues increase the degree of short-term debt for long-term investments. Furthermore, mechanism tests indicate that identity issues aggravate the short-term debt for long-term investment by exacerbating information asymmetry, increasing operational risk and financing cost. We also reveal that the influence of identity issues weakens with high corporate analyst attention and strong board of directors' independence. The study contributes to the literature by examining the impacts of private enterprises' identity issues on financial decision-making from the evidence from China. [ABSTRACT FROM AUTHOR]

The innovation of private enterprises plays a crucial role. This study focuses on the impacts of market information asymmetry, the technology spillover effect, and the order of innovation research and development (R&D) decisions on the evolution of private enterprises’ innovation. This study constructs a dynamic model to analyze how the innovation decision-making order of private enterprises influences their profits and intertemporal innovation decision making. First, we derive the equilibrium point under sequential decisions and the stability of the system at the equilibrium point. Second, we investigate the impact of sequential and simultaneous innovation decisions on the evolution of the dynamic system and its economic implications. Finally, we study the evolutionary dynamics of the attractor with the rate of innovation adjustment and point to the existence of multiple equilibria. The results suggest that the speed of the innovation R&D cost change should be moderate, and the asynchronous updating of the innovation R&D strategy can prevent the system evolution from turning into chaos. These conclusions guide innovation policies.

In recent years, whether the mixed-ownership reform system of introducing state-owned participation shareholders into private enterprises helps to improve the environmental governance of private enterprises has been a matter of much attention and discussion. Based on data from 2007 to 2019 for Chinese A-share privately listed companies, this paper examines how the state-owned participation shareholders affect the environmental governance level of private enterprises. The results show that state-owned participating shareholder participation can improve the environmental governance level of private enterprises, and this phenomenon is more significant among industrial enterprises and enterprises in regions with a higher degree of marketization. Furthermore, there is a substitution effect between the state-owned participation shareholders, the executive team’s participation in politics, and the Party organization establishment in improving the environmental governance level of private enterprises, and the state-owned participation shareholders play a relatively larger role. In addition, the supervision effect is better when state-owned participation shareholders are from the local area and have a higher level of participation.

The purpose of the paper is to understand the role of strategic flexibility in mediating between leadership and strategy execution among private enterprises in Bangladesh which have a great deal to do with economic development in Bangladesh. To ensure the rigor of this research, this research adopts a multi-case research method. The research investigated 15 cases, including 10 industries. The research cases involve basic materials (iron & steel), consumer goods (food, recreational), education (school, college, university), energy (LPG), health (hospital), industrials (business support, electronics), technology (equipment, software), textile (garments), tourism (hotel) and transport (roads & highways). The content of the interview was coded and scored on a 7-point Likert scale based on theoretical concepts extracted from the literature review. According to the first stages of interviews with top management of seven private enterprises, all interviewed respondents believe that their leadership styles are not homogeneous and exert a certain influence on both strategic flexibility and strategy execution. The interviewees, however, hold a variety of viewpoints with strategic flexibility throughout the process. [ABSTRACT FROM AUTHOR]

Abstract Although corporate social responsibility (CSR) has attracted increasing attention in recent years, systematic studies on the CSR of Chinese enterprises are absent from academic publications. This study examines the effects of family involvement in the CSR of private enterprises. Using private enterprise data in China, the article reveals that, on the one hand, family involvement will improve CSR investment toward community stakeholders; on the other hand, family involvement has a negative effect on the CSR of contractual stakeholders. With the influence of “chaxu geju,” the author argues that Chinese families tend to shift between different logics of behavior when faced with people with whom they have different types of relationships and incorporate this behavioral mode into company practices when they engage themselves in management and business affairs.

The high risk of financing, building, and operating Public–private partnerships (PPPs) often results from the event that participants can barely obtain expected economic returns, thus inhibiting private enterprises' willingness to participate in PPPs. To increase private enterprises' desire to participate, this study constructed an evolutionary game model of private enterprises' participation in PPPs, focusing on the perspective of the mode of incentive. This model revealed the evolutionary law of private enterprises' participation behavior under different modes of incentive. The results indicate that: First, there is a positive correlation between the intensity of government incentive, the investment return rate, and the probability of private enterprises choosing to participate in PPPs. Specifically, the impact of the investment return rate is more sensitive than the other factors. Second, the cost rate of financing and the risk cost of project uncertainty are negatively correlated with the probability of private enterprises choosing to participate in PPPs, and the impact of the project risk cost is more sensitive than the other factors in this case. [ABSTRACT FROM AUTHOR]

• Party organizations reduce stock crash risk in private enterprises. • Impact pronounced in younger firms, weaker governance contexts. • The effectiveness of governance is moderated by agency costs and the quality of information disclosure. This article delves into the data of A-share listed private companies from 2010 to 2022, utilizing a DID model to conduct a comprehensive study on how the establishment of party organizations affects the risk of stock price crashes. The research reveals that party organizations significantly mitigate the risk of stock price crashes in private enterprises, particularly in areas with higher marketization levels, among younger companies, and in companies with weaker internal governance. The introduction of party organizations bolsters internal oversight mechanisms, enhancing corporate governance quality and encouraging companies to embrace social responsibilities and ethical standards, thereby minimizing risk accumulation. [ABSTRACT FROM AUTHOR]

Using the theoretical perspective of market stakeholders, we analyze the impact of external innovations from upstream enterprises, downstream enterprises, and competitors on the exports of private enterprises. By using data from the China Industrial Enterprises Database, we find that external innovations from upstream suppliers, downstream customers and horizontal competitors show positive impacts on the export propensity, intensity and scale for private enterprises. The results of a heterogeneity analysis indicate that the positive relationships between the external innovations of stakeholders and the exports of private enterprises are stable in different factor-intensive industries. In addition, while the exports of private enterprises are positively correlated with their external innovations in the eastern and central regions, this relationship is not significant in the western region. Further, the mechanism analysis confirms that enterprise innovation played an important mediating role for the external innovations of stakeholders to promote the exports of private enterprises. This study provides useful policy implications for enhancing the export competitiveness of private enterprises. [ABSTRACT FROM AUTHOR]

The objective of this study is to measure the effects of state aid distributed to private enterprises in North Macedonia on the enterprises' efficiency. We examine the governmental Plan for Economic Growth (PEG) pursued through the Financial Support of Investment Law (FSIL) and the Fund for Innovation and Technological Development (FITD). We rely on a rigorous impact evaluation method, whereby comparison groups are sourced from the pool of rejected applicants for the two programs. We pursue conditional matching on firms' observables and then apply the difference-in-differences method to isolate the effect of the subsidy. FSIL State Aid showed largely ineffective, with producing hardly any difference in sales, investment, wages, or profits among recipients, except employment. These results demonstrate the absence of the incentive effect as it relates to FSIL state aid. On the other hand, the FITD State Aid showed to be considerably effective, as the recipients were found to have increased their sales revenue and their investment in technology and profits, corroborating the presence of the incentive effect as it relates to FITD state aid. Notwithstanding the legitimacy of the policy objective to equalize domestic and foreign firms in terms of their access to state aid, these findings document partial failure of the PEG to do so due to its structural problems. JEL classification : H25, C90 [ABSTRACT FROM AUTHOR]

Public–private partnership (PPP) projects have been widely applied in infrastructure construction. Leveraging private capital is the key to promoting the high-quality development of PPP projects. This study examines the combined effect of seven factors determining private enterprises that participate in PPP and collects materials from 102 PPP sewage treatment projects to examine the causal configuration path of private enterprises participating in PPP (PEP3P) from an overall perspective by using necessary condition analysis (NCA) and fuzzy-set qualitative comparative analysis (fsQCA). The findings support the fact that any single antecedent condition is not a necessary condition for PEP3P and is instead the combined effect of different factors that commonly form the diversified causal configuration paths of PEP3P. There is an obvious asymmetry between the configuration paths of the high participation and low participation of private enterprises. The enterprise technology level (ETL) and doing business (DB) are important internal driving forces and give external traction for PEP3P, while the enterprise credit level (ECL) and project investment scale (PIS) are important factors that restrict private enterprises from participating in PPP. This research fills a theoretical gap for PEP3P and can be applied to developing strategies for attracting private enterprises to participate in PPP. [ABSTRACT FROM AUTHOR]

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Private enterprise development encounters numerous challenges. China encourages state-owned enterprises to acquire equity stakes in private enterprises, thereby facilitating development of private enterprises through reverse mixed-ownership reform. To test the effectiveness of this approach, we focus on the impact of state-owned equity on the organizational resilience of private enterprises. Using empirical research methods and data from A-share listed Chinese companies from 2009 to 2022, we find that reverse mixed-ownership reform is significantly and positively correlated with the organizational resilience of private enterprises. Further analysis reveals that involvement of shareholders from state-owned enterprises can bolster the organizational resilience of private enterprises by mitigating their financing constraints. This paper extends the research on the mechanism by which a heterogeneous ownership structure can impact the organizational resilience of private enterprises and offers insights for private enterprises on how to bolster their organizational resilience through mixed-ownership reform., Competing Interests: The authors declare the following financial interests/personal relationships which may be considered as potential competing interests: Jiruo Zhang reports financial support was provided by 10.13039/501100020487Nature Science Foundation of Shandong Province. If there are other authors, they declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors.)

Although corporate social responsibility (CSR) has attracted increasing attention in recent years, systematic studies on the CSR of Chinese enterprises are absent from academic publications. This study examines the effects of family involvement in the CSR of private enterprises. Using private enterprise data in China, the article reveals that, on the one hand, family involvement will improve CSR investment toward community stakeholders; on the other hand, family involvement has a negative effect on the CSR of contractual stakeholders. With the influence of "chaxu geju," the author argues that Chinese families tend to shift between different logics of behavior when faced with people with whom they have different types of relationships and incorporate this behavioral mode into company practices when they engage themselves in management and business affairs. [ABSTRACT FROM AUTHOR]

• We investigate whether ESG performance is a criterion for state-owned enterprises (SOEs) to introduce capital from private enterprises in mixed ownership reforms. • Using a sample of A-share private listed companies in china during 2010–2020, we find that private enterprises' ESG performance is positively associated with the possibility and number of their ownership participation in SOEs. • The relationship between private enterprises' ESG performance and their ownership participation in SOEs is more pronounced for firms with high media coverage and firms without political connections. This study investigates whether ESG performance is a criterion for state-owned enterprises (SOEs) to introduce capital from private enterprises in mixed ownership reforms. Using a sample of A-share private listed companies in China and manually collecting the data of the Chinese private listed companies with ownership participation in SOEs during 2010–2020, we find that private enterprises' ESG performance is positively associated with the possibility and number of their ownership participation in SOEs, which remains consistent after conducting several robustness tests. Moreover, the relationship between private enterprises' ESG performance and their ownership participation in SOEs is more pronounced for firms with high media coverage and firms without political connections. [ABSTRACT FROM AUTHOR]

Public-Private Partnership (PPP) model is an important measure for transferring government functions and promoting socialist market economy in China. After four years of high-speed development and standardized development in recent years, PPP model has achieved good effect in our country. However, multiple problems emerged. In China, the "public" party of the model has always been dominated by state-owned enterprises. Although private enterprises have the willingness to participate, the actual participation degree and volume are not high which is not good for the sustainable development of the PPP model. This paper applied grounded theory to carry out in-depth interviews with the representatives from government, private enterprise, and SPV company in some key PPP projects with private participation, propose four coral categories to construct the whole process of private enterprises' participation and summarize the behavioral features, and explore private enterprises' realization of their participation willingness into actual participation behavior and the generation of their continuous participation willingness so as to clear the private enterprises' participation path in PPP projects. [ABSTRACT FROM AUTHOR]

The high risk of financing, building, and operating Public–private partnerships (PPPs) often results from the event that participants can barely obtain expected economic returns, thus inhibiting private enterprises’ willingness to participate in PPPs. To increase private enterprises’ desire to participate, this study constructed an evolutionary game model of private enterprises’ participation in PPPs, focusing on the perspective of the mode of incentive. This model revealed the evolutionary law of private enterprises’ participation behavior under different modes of incentive. The results indicate that: First, there is a positive correlation between the intensity of government incentive, the investment return rate, and the probability of private enterprises choosing to participate in PPPs. Specifically, the impact of the investment return rate is more sensitive than the other factors. Second, the cost rate of financing and the risk cost of project uncertainty are negatively correlated with the probability of private enterprises choosing to participate in PPPs, and the impact of the project risk cost is more sensitive than the other factors in this case.

Public–private partnership (PPP) projects have been widely applied in infrastructure construction. Leveraging private capital is the key to promoting the high-quality development of PPP projects. This study examines the combined effect of seven factors determining private enterprises that participate in PPP and collects materials from 102 PPP sewage treatment projects to examine the causal configuration path of private enterprises participating in PPP (PEP3P) from an overall perspective by using necessary condition analysis (NCA) and fuzzy-set qualitative comparative analysis (fsQCA). The findings support the fact that any single antecedent condition is not a necessary condition for PEP3P and is instead the combined effect of different factors that commonly form the diversified causal configuration paths of PEP3P. There is an obvious asymmetry between the configuration paths of the high participation and low participation of private enterprises. The enterprise technology level (ETL) and doing business (DB) are important internal driving forces and give external traction for PEP3P, while the enterprise credit level (ECL) and project investment scale (PIS) are important factors that restrict private enterprises from participating in PPP. This research fills a theoretical gap for PEP3P and can be applied to developing strategies for attracting private enterprises to participate in PPP.

Drawing from Positive Organisational Behaviour theory, this research studies the interrelationships of psychological capital, burnout, and quality of work-life with the highlighted moderation of organisational and personal characteristics. The proposed research model on these interrelationships is verified with a sample of 302 employees in both Vietnamese public and private enterprises and the structural equation modeling (SEM) techniques. The results suggest that psychological capital is positively related to the quality of work-life and is negatively related to employees' burnout. In contrast, burnout is negatively related to the quality of work-life. These results suggest the mediating effects of burnout in the relationship between psychological capital and quality of work-life. Additionally, findings show that organisational ownership characteristics moderate the impacts of psychological capital on burnout and those of burnout on employees' quality of work-life as well. However, the moderating effects of demographic characteristics (age and gender) are insignificant. These findings provide several implications for managers to take the advantages of psychological capital in their recruiting, training, and career development programs for employees. [ABSTRACT FROM AUTHOR]

Green innovation is pivotal for global sustainability, with state-owned capital playing a significant role, especially in the Chinese corporate landscape. This study, spanning 2008 to 2020 and leveraging a comprehensive dataset of listed companies, explores the intricate relationship between state-owned capital and the quality of green innovation in Chinese private enterprises. Motivated by the imperative to address crucial issues in green innovation quality in China, this research utilizes empirical data to uncover the mechanisms through which state-owned capital fosters green innovation. The study reveals how state-owned capital optimizes internal governance structures and reinforces environmental consciousness within private firms. Findings underscore the crucial role of state-owned capital in enhancing the quality of green innovation in private enterprises, operating through two primary mechanisms. Firstly, state-owned capital cultivates a heightened inclination towards green innovation within these firms. Secondly, it facilitates the adoption of enhanced internal governance practices, catalyzing the development of high-quality green innovation projects. A battery of mechanism tests provides robust evidence that state-owned capital enhances environmental awareness, restrains self-serving behaviors among major shareholders, mitigates financing constraints, and amplifies the motivation and capability of private enterprises for green innovation. This multifaceted approach ultimately fosters high-quality green innovation within companies. The study reveals the subtle interplay between state capital and private sector green innovation, highlighting its relevance to policymaking and practical considerations. It provides valuable insights into the ongoing pursuit of sustainability and the integration of green practices into the corporate world., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors.)

Introduction: Private enterprises are playing an increasingly important role in production and employment in China. However, due to less regulation and a stronger profit motivation than state-owned enterprises with more standardized management, a considerable portion of these private enterprises fall short of fulfilling their basic responsibilities for government-mandated old-age insurance., Methods: This study establishes a comprehensive research framework aimed at delving into the precise factors contributing to the lax adherence of private enterprises to their basic old-age insurance obligations. This framework takes into account a range of factors, including enterprise profitability, the external environmental context (specifically the level of regional development), and internal organizational dynamics (such as the presence of labor unions and workers' congresses). To validate this framework, empirical data from a substantial sample of 3,123 private enterprises, which were part of the 10th Chinese Private Enterprise Survey (CPES), were utilized. This study employs the stepwise multiple regression analysis and conducts robustness tests to ensure the model's effectiveness., Results: Enterprise profitability, regional development levels, and the existence of labor unions all wield a positive influence on basic old-age insurance coverage that private enterprises extend to their workforce. Moreover, an intriguing aspect emerges: the developmental stage of the region, as well as the presence of labor unions exercise a negative moderating effect on the relationship between enterprise profitability and the coverage rate of basic old-age insurance. In essence, this implies that the basic old-age insurance coverage rate for private enterprises operating in well-developed regions and those with established labor unions is relatively insulated from fluctuations in profitability., Discussion: To increase the participation rate of private enterprises' basic old-age insurance, it is important to improve the overall development environment for private enterprises, enhance internal organizational mechanisms, and strengthen regulatory oversight of enterprises in various regions., Competing Interests: The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest., (Copyright © 2024 Xu, Ma, Peng, Peng and Qian.)

The introduction of state-owned capital into private enterprises is an important form of mixed-ownership reform, but it is often labeled as ‘state advancement and private retreat’ or ‘retrogression in reform’ in China. Based on the sample of listed private manufacturers, we find the introduction of state-owned capital can significantly improve trade credit of private enterprises. Due to the complementary advantages, private enterprises benefit from state-owned capital by getting more trade credit. Moreover, we find there will be a profound impact only in the regions with high degrees of marketization. An important policy implication is that we should continue to promote market-oriented reforms and focus on encouraging state-owned capital to enter private enterprises in high marketization regions.

This study examines state-private firm coordination in China's corporate globalization with a focus on cross-border mergers and acquisitions in Southeast Asia. The profile of China's private firms in the country's overseas economic expansion has risen dramatically over the past few years, but the controversy continues as to what extent they coordinate their overseas activities with the state. This is because Chinese private firms, not unlike state-owned enterprises, have political economy reasons to subject their corporate decision-making to state preferences. Still, the outcomes of state-firm coordination in private sector internationalization vary. In some transactions, the state and private firms form a strong partnership through elaborate policies and financing; others see some alignment that is not decisive for transaction outcomes; and still others see minimal, almost rhetorical engagement. The varied outcomes can be explained by the combination of foreign direct investment (FDI) motives and the technology intensity of the target industry. We propose a framework drawn from the international business theory of FDI motives and the literature on China's techno-industrial policy to classify different types of state-private sector coordination. We survey recent developments in China's cross-border acquisitions in Southeast Asia and provide illustrative case studies to support our argument. [ABSTRACT FROM AUTHOR]

Based on firm level data for the period of 1998-2007, this paper attempts to explain the growth differences between private enterprises and state-owned enterprises (SOEs) in China, in the context of liquidity shocks, and institutional and financial environments. It is found that (1) when liquidity tightens, the private enterprises face stricter credit constraints than SOEs, which restricts the development of private enterprise; (2) when liquidity becomes abundant, private enterprises face fewer financial limitations and grow much faster than SOEs; (3) the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007. These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments, which weaken the effects of liquidity shocks on firm growth. [ABSTRACT FROM AUTHOR]