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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]

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]

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.

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]

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

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.

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 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 phenomenon of corruption in the Latin American context has been expanding. One of the origins of the problem is the eagerness of private companies to expand the market and increase financial returns. Based on the search for information consulted in scientific databases, the objectives of this article were: a) analyze the modalities of corruption in the private sector, b) establish quantitative and qualitative comparisons between corruption in the public and private sectors, and c) identify the typologies of crimes and investigate the characterization of the profile of white-collar criminals who commit illicit acts in this sector. To mitigate the phenomenon of private corruption, an analysis of the multidisciplinary causes that induce corrupt individuals to divert their behavior to produce goods and services without social responsibility, putting private interests first, is required. [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]

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.

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.)

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]

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]

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]

• 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]

• 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]

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]

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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]

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.

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.)

El presente artículo constituye una aproximación sociológica a un fenómeno de creciente importancia para la sociedad cubana: las prácticas transnacionales de emigrados cubanos en el sector privado, los que cada día tienen mayor presencia en la realidad social y económica de la sociedad cubana. El artículo resume los resultados de un estudio de casos, el cual constituye un intento por explicar cómo las prácticas transnacionales de emigrados cubanos, a partir del envío de remesas, en dinero, bienes materiales y culturales, tienen un impacto fundamental en la concepción, creación y desarrollo de emprendimientos privados, específicamente en ocho de estos pertenecientes a las modalidades bar-restaurante, casa de renta en CUC y cafetería, ubicadas en el Centro Histórico de La Habana. A partir de los resultados obtenidos se pudo constatar la presencia de disímiles prácticas transnacionales en estos, tanto en los casos en que el dueño es el emigrado –porque presenta estatus migratorio en otras naciones y es este el principal emisor de remesas–, como en los casos en que el dueño recibió remesas a partir de redes de familiares y amigos. The current article constitutes a sociological approach to a topic of increasing importance for Cuban society: the transnational practices of Cuban emigrants in the private sector, that every day has a greater presence in social and economic reality of the society. This article resumes the results of a case study that attempt to explain how the transnational practices of Cuban emigrants, from the remittance,in money, material and cultural goods have a fundamental impact on the conception, creation and development of micro enterprises, specifically in the bar-restaurant modalities, rent house in CUC and coffee shops in the Historic Center of Havana. From the results obtained it was possible to confirm the presence of transnational practices of these, either in cases in which the owner is the emigrant ––because it presents migratory status in other nations and this is the main issuer of remittances– or in cases where the owner received remittances from networks of family and friends.

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]

• Political conformity boosts entrepreneurship. • Political conformity enhances entrepreneurship due to reduced resource constraints and improved interest alignment. • Political conformity serves as a substitute for the weak external monitoring. This paper investigates the effects of political conformity on entrepreneurship using a sample of Chinese privately-owned enterprises between 2010 and 2020. We find that political conformity positively affects entrepreneurship. Mechanism tests indicate that political conformity enhances entrepreneurship due to reduced resource constraints and improved interest alignment. Further, our additional analyses suggest that political conformity serves as a substitute for the weak external monitoring functions in the market, fostering the growth of entrepreneurship. This study highlights the influence of political ideology alignment on entrepreneurship, an aspect that has yet to be studied. [ABSTRACT FROM AUTHOR]

• First, it enriches research on the economic consequences of competition in the banking market. This study clarifies and thoroughly explains the logic of macro-financial influence on micro-enterprises from both, positive and negative perspectives. • Second, based on the reality of China's financial regulation, and combined with empirical tests, it fully explains why banking competition does not "connive" private enterprise violations. The conclusions of this study confirm the positive effects of banking competition and enrich research on the dividend effect of banking competition. • Third, it further deepens the research on the "rationalization" element of the fraud triangle theory. Studies have found significant differences in individual rationalization tendencies, so that control strategies for "rationalization" can be developed to discourage enterprise violations. This study examines the impact of banking competition on private enterprise violations, using a sample of A-share listed private enterprises in China from 2011 to 2021. The study found that the increased level of banking competition is conducive to the realization of the capital and the supervisory effects that banks are supposed to have, which, in turn, have a "controlling" effect on private enterprise violations. Banking competition has yet to fulfil its potential "conniving" effects, which is closely related to China's high level of financial regulation. In addition, based on the Fraud Triangle Theory, the study found that the financial accounting background of managers is an important factor influencing the tendency for "rationalization". In other words, the disincentive effect of banking competition on violations is stronger when a relatively lower proportion of management has a financial accounting background. [ABSTRACT FROM AUTHOR]

• We explore the effect of the Communist Party of China's involvement in corporate governance. • The establishment of party organisations within private firms notably enhances their productivity. • Our finding enrich our understanding on corporate governance in China. This research offers a comprehensive exploration into the influence of the Communist Party of China's involvement in corporate governance and its subsequent effect on the total factor productivity of firms. Drawing data from publicly listed firms spanning from 2008 to 2021, we employ a multi-period difference-in-differences analytical approach. Our investigations reveal that the establishment of party organisations within private firms notably enhances their productivity. Empirical evidence consistently underscores the positive role of the Communist Party of China in elevating productivity standards. This outcome is further corroborated through rigorous validation tests. [ABSTRACT FROM AUTHOR]

This study investigates the effects of CEO hometown ties on corporate tax avoidance. The results show that CEO hometown ties to local government officials have a significantly positive impact on tax avoidance for private firms in China. We also find that the hometown ties effect is more pronounced in cities with weak public governance and in cities whose municipal Party committee secretaries are promoted from the same city, whereas the effect is weak in cities whose municipal Party committee secretaries are transferred from other places. In summary, our results suggest that hometown ties as an important political resource can facilitate connected private firms to obtain more economic resources from government. [ABSTRACT FROM AUTHOR]

• We examine the impact of political connections (PC) on stock price synchronicity (Syn). • We find that PC significantly increase Syn. • Different political connections exhibit different effects of PC on Syn. • Our findings present policy implications for emerging markets. This study empirically investigates how political connections affect the information content of stock prices. We find that political connections increase stock price synchronicity; political connections in the category of government officials significantly increase stock price synchronicity; political connections in the category of industrial and commercial associations significantly decrease stock price synchronicity; the relationship between political connections in the category of NPC deputies and CPPCC members and stock price synchronicity is not significant; political connections in the category of NPC deputies and CPPCC members significantly increase stock price synchronicity in the case of direct listing. [ABSTRACT FROM AUTHOR]

• The Communist Party organizations can promote corporate green innovation. • Financing constraints and green awareness are two potential mechanisms. • This study adds new insights into the relationship between political parties and corporate green innovation. The economic consequences of political parties embedded in corporate governance have become a recent emergent agenda. This paper use private listed companies in A-shares from 2009 to 2020 as the sample and investigate the impact of private enterprises (PEs) establishing CPC party organizations on corporate green innovation(CGI) through multi-period DID model and mediating effect model. The results show that the establishment of CPC party organizations by PEs can effectively improve CGI. The transmission mechanism is that CPC party organisations can help companies alleviate their financing constraints and push them to improve their environmental, social and governance performance. [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., Competing Interests: All the authors declare that there exists no potential conflict of interest in this study., (© 2023 Published by Elsevier Ltd.)

This paper analyses the location decision of Chinese manufacturing firms for their greenfield investments in Europe. The analysis draws on neo-institutional theory to formulate hypotheses on the importance of mimicry in Chinese firms’ location decisions and how this differs between private and state-owned enterprises. The analysis is conducted at the subnational (regional) level while taking into account economic integration across regions. The results confirm the importance of mimicry and show that Chinese firms not only follow previous Chinese investors in the same sector but also in unrelated sectors. Furthermore, Chinese investors only follow previous investments by Chinese private-owned companies while the results also show that Chinese private-owned companies generally have a higher tendency than state-owned companies do to follow prior investment decisions by compatriot firms. As the empirical evidence demonstrates the importance of bandwagon effects, the implication is that investment decisions can have a lasting influence on the geographical pattern of Chinese investments across regions. [ABSTRACT FROM AUTHOR]