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This paper looks at the relationship between enterprise size and pollution abatement costs using firm-level datasets in China, where size-dependent distortions may exist in the distribution of enterprises of different sizes. We find that the pollution abatement costs decrease with enterprise size. Compared to the smallest size, the magnitudes of marginal decreases in pollution abatement costs per 1000 CNY of industrial output in the largest size are 3.29 CNY, 0.54 CNY and 2.60 CNY for gas, SO2 and dust, respectively. Moreover, we further explore the potential mechanisms for the decrease of pollution abatement costs from three perspectives: environmental protection-related investment, regulation intensity, and technological capability. Our findings suggest that the decrease in the intensity of environmental protection-related investment for large enterprises may be directly reduce the intensity of pollution abatement costs. Although large enterprises have low intensity of pollution abatement costs, this does not mean that they are subject to weaker environmental regulation. More importantly, we find that large enterprises may have more adoption of abatement technologies. For SO2 and dust, the pollutant removal efficiency of the largest enterprises is 4.92% and 1.82% higher than that of the smallest enterprises, respectively. Our results are robust to different specifications. These findings help us enact appropriate policies for enterprises based on their size, thereby improving the efficacy of pollution abatement and achieving the optimal level of pollution abatement for the entire society. [ABSTRACT FROM AUTHOR]

This study distinguishes between two dimensions of firm process innovation, namely, quantity and quality, and uses data from the World Bank's China Manufacturing Firm Survey to analyse the differential impact of Internet applications on the quantity and quality of process innovation and their mechanisms of action. Internet applications have a significant facilitating effect on the quantity and quality of process innovation. However, from the perspective of the average marginal effect, the facilitating effect of Internet applications on the quantity of process innovation is greater than that on the quality of process innovation. Further analysing firm size, industry, ownership, and regional heterogeneity shows that in terms of the quantity of process innovation, Internet applications have a greater impact on small- and medium-sized firms, labour-intensive firms, non-state-owned firms, and eastern firms. As for the quality of process innovation, Internet applications have a stronger promoting effect on large firms, technology-intensive firms, and state-owned firms. The mechanism test reveals that open innovation and informatisation capability play a mediating role in the influence of a firm's Internet applications on process innovation. This study provides micro-empirical evidence for firms' Internet applications to promote process innovation and policy insights into China's manufacturing transformation and upgrading. [ABSTRACT FROM AUTHOR]

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China. [ABSTRACT FROM AUTHOR]

This study tests the impact of carbon neutrality initiatives on shareholder value and explores how equity returns achieved as a result of carbon neutrality vary across operating environments. Based on 226 carbon neutrality announcements made between 2017 and 2021, we conducted an event study to estimate the impact of carbon neutrality initiatives on Chinese firms' shareholder value. Under the opportunity-motivation-ability (OMA) framework, we further analyzed the heterogeneous effects of distinctive firm characteristics (social rating and firm size), in which carbon neutrality announcements represented opportunity, social rating represented motivation, and firm size represented ability. We further demonstrated how the announcement characteristics and industry differences affected stock market responses. The results indicate that carbon neutrality initiatives have a significant average abnormal return of 0.99% on the announcement date and a positive long-term impact on shareholder value. This equity return is more pronounced for smaller firms with higher social ratings, and the stock market reacts less positively to firms that announce carbon neutrality initiatives in social responsibility reports. The stock market does not react strongly to manufacturing firms' carbon neutrality initiatives. The study provides some important insights toward the CSR-firm performance debate by providing a new measurement of CSR (i.e. carbon neutrality initiative) and examining the relation from an OMA perspective and looking into some contingency factors. [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]

Corporate Social Responsibility ("CSR"), the responsibility of a corporation for the impacts of its decisions on society and the environment, originated as a term in the 1950's (Carroll 1999). However, ISO 26000 "Guidance on Social Responsibility" published in November 2010, redefines "Social Responsibility" ("SR") broadly, by reference to SR principles, core subjects and issues. The Hong Kong Construction Industry ("HKCI") sector is critical to Hong Kong's economy, accounting for 5.6% of the GDP and 9.2% of employment in 1999 (Tang 2001). In 2011, the gross value of construction work amounted to HK$215.0 billion and contributed HK$65.4 billion (HKSARCSD 2013a) to the total GDP of HK$1,823.2 billion (HKTDC 2013; HKGov 2013). Provisional quarterly data for 2012 indicates an increase in the gross value of construction works for 2012 of 25% to be now in excess of HK$250 billion (HKSARCSD 2013b). The aim of this research is to investigate which ISO 26000 SR principles, core subjects and issues are relevant to HKCI firms. The principle findings are that: the reported level of HKCI CSR activity relative to the seven core subject of ISO 26000 is a function of company size; many SME's consider that many of the ISO 26000 SR issues are irrelevant to them; but for the large construction contractors, with employee numbers greater than 200, the SR issues in ISO 26000, particularly those relating to the health and safety in the workplace and to the environment, are not only relevant but in many cases the corporate SR activities exceed legislated requirements. [ABSTRACT FROM AUTHOR]

Using a new dataset of 1539 Chinese small and medium-sized enterprises this article investigates the firm-level determinants of capital structure and tests them against the predictions of financial theory. Firm size and profitability are both found to be related to leverage as posited by pecking-order theory. In contrast little support is found for the predicted relationship between asset structure and leverage. These findings are discussed in relationship to their Chinese cultural context. The managerial and policy implications of the research are then explored. [ABSTRACT FROM PUBLISHER]

Allinson and Hayes (1996) in the reporting of a new measure, the Cognitive Style Index, made a plea for replication and extension of their work. Using a sample of over one thousand subjects the present study investigated the CSI's construct and concurrent validity. A maximum likelihood factor analysis obtained broadly similar results to those of Allinson and Hayes. No relationship was observed between the CSI and an alternative measure of style (the Cognitive Styles Analysis). It is argued that cognitive style is independent of gender but that style is related to job level (lower scores were associated with increased seniority). Some evidence was presented which suggests there may be differences in cognitive style between Hong Kong and UK small business owner managers. [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 scientific journals published all over the world, the economic performance of firms with ISO 14001 certification is a highly controversial topic. This controversy is particularly evident in developing countries. With regard to this topic, we maintain a neutral position in this paper. Using the data of 63 firms from the Shenzhen and Shanghai Stock Exchanges in China during the period of 2003–2018, and employing the difference-in-difference method, we analyze the influence of ISO 14001 certification on firms' financial performance. We also examine the moderating effect of firm size and age, considering the time factor. In addition, we test the influence of ISO 14001 certification on exports, using China's provincial data from 2008 to 2018. The results indicate that ISO 14001 certification negatively affects the financial performance of firms; also, the negative effects decrease in line with the increase of certification time. Firm size and age are positively related to the relationship between ISO 14001 certification and a firm's financial performance. At the same time, ISO 14001 certification can effectively improve a firm's competitiveness in the international market. The study combines two opposing positions found in existing literature regarding the effectiveness of ISO 14001 certification. The results show that ISO 14001 certification will ultimately have a positive impact on China's economy, but that influence should be correctly evaluated in terms of the effect on small and medium-sized enterprises. Some suggestions for firm managers and the government are then discussed. [ABSTRACT FROM AUTHOR]