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6. Circular economy practices and corporate social responsibility performance: the role of sense-giving.

Author

Hong, Tao, Ou, Jinghua, Jia, Fu, Chen, Lujie, and Yang, Ying

Subjects
CIRCULAR economy, SOCIAL responsibility of business, SECONDARY analysis, BUSINESS models, ORGANIZATIONAL performance
Abstract

The circular economy (CE) has recently emerged as an innovative business model for firms to transform corporate social responsibility (CSR) into actions. Existing research tends to examine the CSR advantages of short-term CE practice adoptions, remaining silent on the benefits and drivers of their long-term implementation. This study fills the gaps by investigating the impact of the long-term adoption of eco-design (ECO) and reverse logistic (RL) practices on firm CSR performance and exploring the moderating roles of four sense-giving activities. Using a balanced panel dataset of 132 manufacturing public firms in China and a fixed-effects model, we find that: 1) the frequency of ECO and RL practice adoptions significantly improves firm CSR performance; 2) goal setting for CE performance, CE education and training, and employee feedback on CE practices positively moderate the RL-CSR relationship, while employee feedback on CE practices positively moderates the ECO-CSR relationship. This study has significant implications for both research and practice in the increasingly important domains of CE and CSR management. [ABSTRACT FROM AUTHOR]

Published
2024
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7. Language Training Leads to Global Cognitive Improvement in Older Adults: A Preliminary Study

Author

Wong, Patrick C. M., Ou, Jinghua, Pang, Celestina W. Y., Zhang, Ling, Tse, Chi Shing, Lam, Linda C. W., and Antoniou, Mark

Abstract

Purpose: We report a preliminary study that prospectively tests the potential cognitive enhancing effect of foreign language (FL) learning in older adults with no clear signs of cognitive decline beyond what is age typical. Because language learning engages a large brain network that overlaps with the network of cognitive aging, we hypothesized that learning a new language later in life would be beneficial. Method: Older adults were randomly assigned to 3 training groups--FL, games, and music appreciation. All were trained predominately by a computer-based program for 6 months, and their cognitive abilities were tested before, immediately after, and 3 months after training. Results: FL and games, but not music appreciation, improved overall cognitive abilities that were maintained at 3 months after training. Conclusion: This is the 1st randomized control study providing preliminary support for the cognitive benefits of FL learning.

Published
2019
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10. Digitalization and outward foreign direct investment of Chinese listed firms.

Author

Fan, Linlin, Ou, Jinghua, Yang, Gongyan, and Yao, Shujie

Subjects
FOREIGN investments, DIGITAL transformation, DIGITAL technology, TRANSACTION costs, ELECTRONIC publications
Abstract

Digital transformation has given firms new development capability. This paper portrays the overall digital transformation intensity of China's listed firms in 2007–20, and empirically examines the impact of digital transformation on outward foreign direct investment (OFDI) and its transmission mechanisms for the first time. It is found that digital transformation significantly enhances OFDI with two transmission mechanisms: (1) reduced transaction costs and (2) improved production and operation efficiency [Correction added on 25 Aug 2023, after first online publication: The number of transmission mechanisms have been corrected from 'three' to 'two' in this version.] The impact is more pronounced in the host countries whose economies are more digitalized, in private enterprises, and in the service industries than in their respective counterparts. [ABSTRACT FROM AUTHOR]

Published
2024
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11. Urbanisation and rural-urban migration : evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua

Subjects
307.760951, HT Communities. Classes. Races
Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient economic basis. The third empirical chapter (Chapter 6) is based on an in-person survey of 102 households and l38 respondents carried out by the author in 2009. The chapter assesses the determinants of transferring behaviour of the rural-urban migrant workers by using Probit and OLS estimations. A number of conclusions can be drawn from the results. For instance, income in rural areas is crucial to migrant decision-making as to whether to accept urban hukou, and manufacturing and construction workers do not receive more wages than others. The survey results suggest that the quality of Chongqing's large urban population accumulation is still at a low level.

Published
2013

28. Neural correlates of individual differences in speech categorisation: evidence from subcortical, cortical, and behavioural measures.

Author

Ou, Jinghua and Yu, Alan C. L.

Subjects
*BRAIN physiology, *SPEECH perception, *NEUROPHYSIOLOGY, *AUDITORY perception, *COGNITION, *PSYCHOMETRICS, *PHONETICS, *SOUND, PHYSIOLOGICAL aspects of speech
Abstract

Categorisation is a fundamental cognitive ability to group different objects as the same. This ability is particularly indispensable for human speech perception, yet individual differences in speech categorisation are nonetheless ubiquitous. The present study investigates the neurophysiological mechanisms underlying the variability in categorisation of voice-onset time (VOT). Subcortical and cortical speech-evoked responses are recorded to investigate speech representations at two functional levels of auditory processing. Individual differences in psychometric functions correlate positively with how faithfully subcortical responses encode VOT differences. Moreover, individuals also differ in how strongly the subcortical and cortical representations correlate with each other. Listeners with gradient categorisation show higher correspondences between the two representations, indicating that acoustic information is relayed faithfully from the subcortical to the cortical level; listeners with discrete categorisation exhibit decreased similarity between the two representations, suggesting that the subcortical acoustic encoding is transformed at the cortical level to reflect phonetic category information. [ABSTRACT FROM AUTHOR]

Published
2022
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35. Neural correlates of individual differences in processing of rising tones in Cantonese: Implications for speech perception and production

Author

Law Sampo and Ou Jinghua

Subjects
Neural correlates of consciousness, Speech perception, lexical tone, Speech recognition, lcsh:BF1-990, speech perception and production, mismatch negativity (MMN), lcsh:Psychology, amplitude rise time, Production (economics), ERPs (Event-Related Potentials), Psychology, individual differences, General Psychology
Abstract

Introduction Two aspects of the F0 - the F0 level (high, middle, low) and the F0 contour (static, rising, falling) – are generally considered the perceptual correlates of lexical tones in tone languages, including Mandarin Chinese (Gandour, 1983), Cantonese (Khouw & Ciocca, 2007), and Thai (Gandour, Potisuk, & Dechongkit, 1994). Besides the dominant role of spectral information, much attention has recently been paid to the importance of temporal information in parsing the acoustic signal into relevant segments for decoding during auditory/speech processing (Luo & Poeppel, 2012). Acoustic cues from the temporal waveform envelope have also been shown to successfully cue tone perception in Mandarin Chinese (Whalen & Xu, 1992) as well as Cantonese (Zhou, 2012). Of the various cues to amplitude envelope, rise time, defined as the time taken for a sound to reach its maximum amplitude (Rosen, 1992), is proposed to be an important perceptual cue for the representation of amplitude envelope. The amplitude rise time has been found to be important in facilitating prosodic and syllable segmentation processes in children (Carpenter & Shahi, 2013; Leong, Hämäläinen, Soltesz, & Goswami, 2011), which are arguably critical for the formation of well-specified phonological representations (Goswami, 2011). Hence, one may question whether the rise time of sound amplitude envelope may likewise play a role in processing lexical tones. In other words, to process tones efficiently may entail the encoding of both spectral and temporal cues present in the speech signal to derive tone representations. The present study is the first examination of neural processes underlying the discrimination of the high rising and low rising tones T2/T5 in Hong Kong Cantonese (HKC) from two groups of typically-developed native speakers of HKC with comparable language and musical backgrounds. The participant groups represented, respectively, the pattern of good perception and good production of all Cantonese tones [+Per+Pro], and that of good perception of all tones but poor production of specifically the T2/T5 distinction [+Per-Pro]. Electrophysiological responses to the contrasts of pitch and amplitude envelope between T2 and T5 were measured to allow us to assess the timing and strength of neural activities associated with the auditory stimuli unfolding over time. Any difference in neural response between the two groups would shed light on how the acoustic cues of pitch and amplitude envelope are differentially represented in their auditory memory, and enable us to consider the relationship between perception and production. Method A total of 138 native speakers of Cantonese, all born and raised in Hong Kong, were recruited. No speaker reported a history of hearing abnormalities. According to the Edinburgh Handedness Inventory (Oldfield, 1971), they were all right-handers. They first participated in a tone perception and a tone production task. On the basis of their performance on these tasks, 41 participants were invited back to carry out a passive oddball task. The participants were classified into two groups, i.e. [+Per+Pro] (N = 20, female = 8) and [+Per-Pro] (N = 21, female = 13). The EEG experiment employed the passive oddball paradigm and was conducted in a sound-attenuated electrically shielded booth. Three syllables /fu1/, /fu2/ and /fu5/ were used. The experiment consisted of four oddball conditions of different Standard/Deviant pairs, including T2/T5 and T5/T2 as two experimental conditions, and two control conditions by pairing T2 and T5 with T1 as the common standard, i.e. T1/T2 and T1/T5. For the control conditions, the divergence point was at the vowel onset, where pitch height of the two stimuli begin to deviate. For the experimental conditions, as T2 resembled T5 in the early part of the pitch contour, the two began to diverge at 250 post stimulus onset. Additionally, in the period of 100 to 250 ms where the pitch contours of T2 and T5 fully overlapped, the amplitude rise time, computed as the duration between the vowel onset and amplitude peak during the overlapping pitch period (Tarr, 2013), differed between them. The rise time was 120 ms for T2 and 70 ms for T5. In each condition, the standard stimuli were presented in 85% of the trials, and the deviant occurred on 15% (or 80) of the trials in a quasi-random sequence. The sequence of blocks was rotated across participants. The pre-processed EEG data were analyzed in two ways. Statistical differences between the true and dummy waves were evaluated by a non-parametric cluster-based random permutation approach implemented in Fieldtrip (see Maris & Oostenveld, 2007). The conventional analysis was also performed to examine whether the two groups differed in the ERPs to rise time, the magnitude and latency of the MMN and P3a to pitch level/contour. To explore the relationship between perception and production, correlations between the T2-T5 production accuracy and the perceptual responses were computed, including the behavioral response latency to trials involving T2 and T5 in the tone discrimination task, as well as the neural correlates to rise time and pitch height/contour between T2 and T5. Results and Discussion Behavioral results Results of the tone discrimination task showed that the [+Per-Pro] group had significantly longer response time (RT) of trials involving T2 and T5 than the [+Per+Pro] group, [M[+Per+Pro] = 1046.18 ms, SD = 80.19; M[+Per-Pro] = 1204.54 ms, SD = 177.51; t(39)= -3.57, p = .001, Cohen's d = 1.14], although both groups achieved high accuracies (above 98%). ERP results The results of the cluster-level permutation test revealed several significant clusters in different conditions in the two participant groups (see Figure 1). For clusters that were considered MMNs, the [+Per+Pro] group exhibited the component in the conditions of T1/T5, T1/T2, and T2/T5 -- between 100 and 166 ms (post-divergence point unless specified otherwise) for T1/T2 (p < .001), between 100 and 166 ms for T1/T5 (p = .006), and between 150 and 200 ms for T2/T5 (p = .015). The [+Per-Pro] group showed MMNs in the T1/T2 (110 – 166 ms, p = .005), T1/T5 (104 – 154 ms, p = .024) and T2/T5 (150 – 200 ms, p = .015) conditions. No significant negative cluster was observed in the T5/T2 condition for either group. For P3a, only the T1/T2 condition elicited a significant positive cluster immediately following the MMN for both groups, in the time window of 300 to 400 ms for [+Per+Pro] (p = .025) and 342 to 404 ms for [+Per-Pro] (p = .039). For brain responses to rise time, both participant groups exhibited an early positive-going cluster in the T2/T5 condition in the time window between 62 and 154 ms for [+Per+Pro] (p = .015) and between 64 and 144 ms for [+Per-Pro] (p = .022). For the T5/T2 condition, an early negative-going component was observed only in the [+Per+Pro] group in the time window of 36 to 176 ms (p = .039). T-tests and mixed model ANOVAs of neural responses at Fz revealed that the [+Per+Pro] group showed a shorter MMN latency than the [+Per-Pro] group [t(39) = -2.305, p < .027, Cohen's d = - .74] in the T1/T2 condition. For the MMNs and P3a in the experimental conditions of T2/T5 and T5/T2, significant main effects of condition were found for the MMN mean amplitude [F(2, 39) = 5.85, p = .020, η2 = .13] and the MMN peak latency [F(2, 39) = 10.83, p = .002, η2 = .22], with stronger MMN responses to T2/T5 than to T5/T2 but longer latency to T2/T5 relatively to T5/T2. For rise time, results of a mixed ANOVA of the average amplitudes showed main effects of tone condition [F = (2, 39) = 47.18, p < .001, η2 = .55] and group [F = (2, 39) = 75.89, p = .017, η2 = .14], with T5 eliciting more positive responses than T2, and stronger responses from the [+Per+Pro] than [+Per-Pro] group. Correlations between production accuracy of the two rising tones and perceptual measures found that the averaged production accuracy was negatively correlated with the discrimination RT (r = -.502, p = .001), with shorter discrimination RTs associated with higher production accuracy. In addition, the production accuracy was positively correlated with the mean amplitude of brain responses to rise time of T5 (r = .421, p = .006), the larger the response, the higher the production accuracy. In summary, the present study demonstrated that tone perception is highly dynamic and exploits different acoustic cues at different stages of processing – rise time at the sensory/perceptual level and pitch feature at the cognitive level, as the auditory signal unfolds over time. Moreover, our findings revealed differential sensitivities between individuals with and without distinctive production of the two rising tones as evidenced by the differences in discrimination latency of the two tones and magnitude of brain response to short rise time. The individual differences found in production are proposed to have a perceptual origin, in that less defined phonological representations lead to less distinctive production.

Published
2015
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39. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient economic basis. The third empirical chapter (Chapter 6) is based on an in-person survey of 102 households and l38 respondents carried out by the author in 2009. The chapter assesses the determinants of transferring behaviour of the rural-urban migrant workers by using Probit and OLS estimations. A number of conclusions can be drawn from the results. For instance, income in rural areas is crucial to migrant decision-making as to whether to accept urban hukou, and manufacturing and construction workers do not receive more wages than others. The survey results suggest that the quality of Chongqing's large urban population accumulation is still at a low level.

40. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua and Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient

41. Dynamic relationship between China’s inward and outward foreign direct investments

Author

Yao, Shujie, Wang, Pan, Zhang, Jing, Ou, Jinghua, Yao, Shujie, Wang, Pan, Zhang, Jing, and Ou, Jinghua

Abstract

This paper studies the dynamic relationship of China’s inward and outward foreign direct investments (FDI). It first identifies the key determinants of China’s outward FDI (OFDI) in 172 host countries during 2003-09 using a partial stock adjustment model. It finds strong evidence of dynamic adjustment in China’s OFDI stock with an agglomeration effect. The dynamic adjustment and agglomeration effects are stronger in “high-tech” countries than in “low-tech” ones but indifferent in host country’s resource endowments and income levels. The empirical results suggest that there exists a substantial adjustment cost in China’s OFDI and that China’s existing OFDI stock can gradually adjust towards its long term equilibrium level, which is not only greater but also more volatile than the actual stock. Of particular interest is that we find a strong and positive relationship between lagged inward FDI (IFDI) and contemporaneous OFDI, implying that capital outflow from China has been partially induced by the countries which have invested in China.

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42. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua and Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient

43. Financial liberalisation and international market interdependence: evidence from China’s stock market in the post-WTO accession period

Author

He, Hongbo, Chen, Shou, Yao, Shujie, Ou, Jinghua, He, Hongbo, Chen, Shou, Yao, Shujie, and Ou, Jinghua

Abstract

This paper studies China’s stock market with respect to financial liberalization and international market interdependence after its accession to the WTO in 2001. Using the multi-factor R-squared measure, we derive a normalized index to measure the impact of financial liberalization policies on stock market interdependence between China and the world. Some of China’s financial liberalization measures, such as QFII and exchange rate reform, are found to have played an important role in increasing market interdependence. After the US credit crunch in 2007 and the world financial crisis in the following years, some anomalies were observed as China’s stock market was more interdependent of the global market than the US stock market in some specific periods. These anomalies may have been related to the former’s overreaction and economic overheating.

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44. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua and Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient

45. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua and Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient

46. Dynamic relationship between China’s inward and outward foreign direct investments

Author

Yao, Shujie, Wang, Pan, Zhang, Jing, Ou, Jinghua, Yao, Shujie, Wang, Pan, Zhang, Jing, and Ou, Jinghua

Abstract

This paper studies the dynamic relationship of China’s inward and outward foreign direct investments (FDI). It first identifies the key determinants of China’s outward FDI (OFDI) in 172 host countries during 2003-09 using a partial stock adjustment model. It finds strong evidence of dynamic adjustment in China’s OFDI stock with an agglomeration effect. The dynamic adjustment and agglomeration effects are stronger in “high-tech” countries than in “low-tech” ones but indifferent in host country’s resource endowments and income levels. The empirical results suggest that there exists a substantial adjustment cost in China’s OFDI and that China’s existing OFDI stock can gradually adjust towards its long term equilibrium level, which is not only greater but also more volatile than the actual stock. Of particular interest is that we find a strong and positive relationship between lagged inward FDI (IFDI) and contemporaneous OFDI, implying that capital outflow from China has been partially induced by the countries which have invested in China.

Full Text
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47. Financial liberalisation and international market interdependence: evidence from China’s stock market in the post-WTO accession period

Author

He, Hongbo, Chen, Shou, Yao, Shujie, Ou, Jinghua, He, Hongbo, Chen, Shou, Yao, Shujie, and Ou, Jinghua

Abstract

This paper studies China’s stock market with respect to financial liberalization and international market interdependence after its accession to the WTO in 2001. Using the multi-factor R-squared measure, we derive a normalized index to measure the impact of financial liberalization policies on stock market interdependence between China and the world. Some of China’s financial liberalization measures, such as QFII and exchange rate reform, are found to have played an important role in increasing market interdependence. After the US credit crunch in 2007 and the world financial crisis in the following years, some anomalies were observed as China’s stock market was more interdependent of the global market than the US stock market in some specific periods. These anomalies may have been related to the former’s overreaction and economic overheating.

Full Text
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48. Urbanisation and rural-urban migration: evidence from Chongqing in the period 2001 to 2011

Author

Ou, Jinghua and Ou, Jinghua

Abstract

Following the launch of the 'Develop the West' strategy in 2000, western China has undergone huge changes. Chongqing has been at the leading edge of this wave of development and its model of economic reform is particularly interesting and has also attracted public attention. This study aims to answer a series of unexplored questions about Chongqing's urbanisation and rural-urban migration. The first empirical chapter (Chapter 4) derives a simultaneous equation model from the standard theoretical framework of wage growth to estimate the determinants of wage growth of urban workers of various industries and the effects of openness. Data for 38 industries in Chongqing over the past 11 years is grouped into four sets of panel data in terms of different magnitudes of openness. The data shows that the increase in the demand for labourers is positively related to the wage' growth of urban workers. Openness, captured by industry's utilisation or non-utilisation of FDI, impels industrial sectors to use automation techniques more efficiently. The effect of productivity on wages in the group of industries which do utilise FDI is more than twice that of those in the group of industries which do not. Moreover, this chapter has not found enough empirical evidence to support the theory that the building of new cities benefits urban wage growth. The second empirical chapter (Chapter 5) examines the impacts of dynamic localisation and urbanisation externalities on Total Factor Productivity (TFP) in three sectors at the county level between 2001 and 2008, by using panel model estimates based on a modified production function. The results show that the all-industry category localisation externalities' elasticity to productivity is significantly negative and that urbanisation externalities are insignificant. The implication is that the specialisation in Chongqing is no longer able to afford the high growth of economic development; thus, the so called 'Chongqing model' lacks sufficient

49. Dynamic relationship between China’s inward and outward foreign direct investments

Author

Yao, Shujie, Wang, Pan, Zhang, Jing, Ou, Jinghua, Yao, Shujie, Wang, Pan, Zhang, Jing, and Ou, Jinghua

Abstract

This paper studies the dynamic relationship of China’s inward and outward foreign direct investments (FDI). It first identifies the key determinants of China’s outward FDI (OFDI) in 172 host countries during 2003-09 using a partial stock adjustment model. It finds strong evidence of dynamic adjustment in China’s OFDI stock with an agglomeration effect. The dynamic adjustment and agglomeration effects are stronger in “high-tech” countries than in “low-tech” ones but indifferent in host country’s resource endowments and income levels. The empirical results suggest that there exists a substantial adjustment cost in China’s OFDI and that China’s existing OFDI stock can gradually adjust towards its long term equilibrium level, which is not only greater but also more volatile than the actual stock. Of particular interest is that we find a strong and positive relationship between lagged inward FDI (IFDI) and contemporaneous OFDI, implying that capital outflow from China has been partially induced by the countries which have invested in China.

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50. Global financial crisis and China’s pawnbroking industry

Author

Zhou, Liming, Yao, Shujie, Wang, Jinmin, Ou, Jinghua, Zhou, Liming, Yao, Shujie, Wang, Jinmin, and Ou, Jinghua

Abstract

In most countries, pawnbroking is an intermediate financial instrument to help private households or individuals meet their short-term and urgent consumption needs. In China, due to market imperfection and institutional discrimination against the small and medium-sized enterprises (SMEs) by commercial banks and other formal financial institutions, pawnbroking has been used as a supplementary financing source for SMEs and private entrepreneurs when they cannot get access to bank credits or other financial sources such as usury (underground money shops). This paper uses first-hand survey data in 2009 in Zhejiang Province, China’s pioneering region for pawn business, and secondary data for the whole country during 2004-12, to understand the special characteristics of the pawnbroking industry and explain why it has become a viable and useful financing instrument in China. It also explains the puzzle of a serious setback and widespread losses in the industry during the world financial crisis. A corporate financing model of SMEs is developed to explain the substitution relationship between formal bank credits and pawnbroking. It suggests that the stimulus plan implemented by the central government of China during the global financial crisis reduced the borrowing cost and lowered the access barrier of bank credits to SMEs, leading to a temporary setback of an otherwise rapidly growing pawnbroking business in 2008 and 2009. However, as quantitative easing is gradually phased out after the global financial crisis, pawnbroking activities recover rapidly, implying that the industry will continue to play an important role in China’s economic development given its current financial system which is still unfriendly to the SME sector.

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