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The development of green finance and the promotion of green transformation and upgrading of high energy-consuming enterprises are of great significance for China to achieve the "double carbon" goal. This paper employs a dual fixed-effects model to examine the profound ramifications and intrinsic mechanisms of green finance development on the transformative innovation of high-energy-consumption enterprises, using a sample of 462 publicly traded high-energy-consuming corporations from the period spanning 2016 to 2020. The results show that the development of green finance promotes the transformation and innovation of energy-intensive enterprises and that market-incentivized environmental regulation plays a partially mediating role; the results of heterogeneity analysis show that green finance promotes the transformation and innovation of high energy-consuming enterprises with significant differences in different low-carbon pilot regions, company ownership, and enterprise size; the mechanism analysis shows that the development of green finance can increase government subsidies and alleviate financing constraints to promote the transformation and innovation of high energy-consuming enterprises; it is also found that the development of green finance can significantly improve the financial performance of enterprises. The research findings of this paper hold significant implications for promoting the sustainable development of green finance and high-energy consumption enterprises in China. They provide valuable insights and references for facilitating the green transformation and innovation of high-energy-consuming enterprises in China as well as other developing countries. [ABSTRACT FROM AUTHOR]

Purpose: Servitization has been used widely by manufacturing firms to secure strategic positions in industrial transformation. However, its impact on firms' market power remains to be investigated, especially in developing countries. This study aims to investigate servitization's impact on firms' market power, along with the moderating roles of research and development (R&D) intensity and firm size. Design/methodology/approach: Using the two-stage least squares with instrumental variables (2SLS-IV) method, the authors conduct an empirical analysis of servitization in China based on panel data for 1,797 publicly traded manufacturing firms during the period 2012–2018. Findings: The findings show that servitization helps increase a firm's market power. Furthermore, heterogeneity analysis suggests that embedded servitization increases a firm's market power, whereas hybrid servitization reduces it. The findings also indicate that this effect varies depending on critical firm conditions. Servitization's effect on firms' market power increases with R&D intensity but decreases with manufacturer expansion. Research limitations/implications: This study describes the positive effects of servitization on firms' market power in response to calls for research that will adopt a comprehensive business performance perspective on the servitization field. Practical implications: The findings provide guidance for what type of servitization manufacturing firms should choose and how it fits with their size and R&D capabilities. Originality/value: This pioneering empirical study uses a large longitudinal data set and the 2SLS-IV method to examine the effects of embedded servitization and hybrid servitization on firms' market power. The findings provide a new perspective on ongoing discussions of "desertification" and the "service paradox." [ABSTRACT FROM AUTHOR]

The effects of government bailouts have been extensively examined in the literature. This paper is one of the first to empirically examine the bailout funds established in China in 2018, which aimed to mitigate firms' liquidity squeeze risk caused by share pledges. Utilising a hand‐collected dataset of government bailout funds, this paper finds that stock prices increased when government introduced the bailout fund plan, especially for non‐state‐owned enterprises (SOEs) and firms with small size and share pledges. Long‐term performance of bailed out firms increased as well. Overall, our results provide new evidence that government bailouts have positive effects on financial markets. [ABSTRACT FROM AUTHOR]

This study focuses on exploring the relationship between chief executive officer (CEO) duality and firm performance. We focus on how the size and corporate social responsibility (CSR) of firms moderate this relationship. In terms of size, business organizations are of two types: small and large firms. This study uses datasets of listed Chinese business firms included in the China Stock Market and Accounting Research database. It employs a generalized method of moment's technique to explore the connection between CEO duality and the performance of Chinese business firms through double mediation effects. Our empirical analysis showed that CEO duality has a significant negative relationship with firm performance. We also explored the moderating effects of firm size (small and large) and CSR practices on the relationship between CEO duality and improved performance of Chinese firms. Large firms and CSR practices showed significant and positive moderating effects on the relationship between CEO duality and firm performance. Conversely, with CEO duality, small firms showed a negative moderating influence on firm performance. This inclusive model provides valuable insights into how the dual role of the CEO of a firm affected the performance of Chinese firms through the moderating role of CSR practices and firm size for better business performance. The study offers empirical and theoretical contributions to the corporate governance literature. This research framework might help researchers in designing robust strategies to evaluate the effects on firm performance. Researchers may gain helpful insights using this methodology. [ABSTRACT FROM AUTHOR]

This paper studies the size distribution of exporting and non-exporting firms in a panel of Chinese provinces. The power law exponents of exporting firms are significantly less than those of non-exporting firms. The average power law exponents fell from 0.74 in 1998 to 0.64 in 2007 for exporting firms, and from 1.03 in 1998 to 0.83 in 2007 for non-exporting firms. Further analysis showed that credit constraints have a significant negative effect on the exponents of the size distribution of exporting firms, suggesting that smaller firms are more credit-constrained than larger firms. [ABSTRACT FROM AUTHOR]

This paper investigates the roles and significance of firms of various sizes in economic growth in China. This paper finds that the small firms have been the engine of growth in China, as increasing their share has been positively associated with economic growth. In contrast, we find that increasing the share as well as the number of big businesses have a significant and negative effect on economic growth, and that increasing the share of the medium-sized firms have negative or insignificant effect on economic growth in China. Most interestingly we find that the positive contribution of small firms and their increasing shares are largely owing to the expansion of the average size of them, rather than the increase in their absolute numbers of which the impact on growth is insignificant. [ABSTRACT FROM AUTHOR]

Most examinations of business in China have focused on large state firms or international joint ventures. However, the most successful group of businesses in China are the township and village enterprises. Success in the China market requires that a business have a full understanding of the marketplace. This article helps both practitioners and academics by examining how township and village enterprises differ from other classes of businesses. We then examine the case of Kelon, one of the most successful of the township businesses in China. As the nation's largest refrigerator manufacturer, Kelon has developed resources that have shaped its success. By examining these resources, both domestic Chinese firms and international firms can learn to better compete in the Chinese marketplace. [ABSTRACT FROM AUTHOR]

In the context of the popular development of the low-carbon economy, the "high energy consumption, high pollution, and high emissions" of the manufacturing industry have resulted in unprecedented difficulties in the development of this industry. To achieve nationally determined contribution targets, China has formulated a series of low carbon development plans for heavy industry to reduce carbon emissions. Among these, low-carbon technological innovation has been used a new means for manufacturing enterprises to achieve sustainable development, which is highly valued by management practice. Taking Chinese manufacturing companies as an example, the present study investigates the mediating effect of green core competence on the relationship between low-carbon technological innovation and enterprise performance and evaluates the moderating impact of firm size on this relationship. In this study, 438 valid data points were empirically analyzed, and the results indicate that low-carbon technological innovation significantly and positively affects enterprise performance of manufacturing. Green core competence plays a mediating role in the positive effect of low-carbon technological innovation on enterprise performance. Firm size has a positive moderating effect on the relationship between low-carbon technological innovation and enterprise performance. Meanwhile, firm size also moderates the relationship between low-carbon technological innovation and green core competence. Namely, a larger firm size correlates with a more positive effect on the cultivation of green core capabilities from the low-carbon technological innovation of manufacturing companies and in stronger enterprise performance. Finally, this work provides constructive guidance for Chinese manufacturing companies on how to practice low-carbon production and achieve sustainable development. [Display omitted] • Low-carbon technological innovation promotes enterprise performance of Chinese manufacturing. • We examined the model using a large sample of Chinese manufacturers. • This relationship is partially mediated by green core competence, and moderated by firm size. • Firm size exerts a positive moderating effect on low-carbon technological innovation and green core competence. [ABSTRACT FROM AUTHOR]

This paper aims to extend the extant (primarily Western) organizational culture literature to emerging economies by explicitly incorporating two key contextual variables-ownership type and firm size into organizational culture model. Based on the theoretical model developed by Denison and his colleagues, we examined the impact of ownership type and firm size on organizational culture, as well as the moderating effect of the two contextual variables on the linkage between organizational culture and firm effectiveness. Using survey data from foreign-invested and state-owned firms in China, we find that ownership type and firm size have significant influence on organizational culture. We also find that different ownership type and firm size result in different organizational cultural effect on performance. [ABSTRACT FROM PUBLISHER]