Description:
In contrast with many other countries, Chinese listed firms must obtain approval to make private-equity placements (PEPs) from the Chinese Security Regulatory Commission (CSRC), a state bureau that regulates capital market financing. We analyse the role of political connection (PC) and ownership structures when accessing private equity (PE) market, while investigating the mechanisms through which political ties operate within the regulatory process of PEPs. The findings suggest that PCs do not contribute to the firm's decision to apply for PEPs, but firms with state-ownership demonstrate a higher propensity to apply for PEPs. PC and state-ownership appear to help firms to obtain approval from the CSRC, and these firms are treated more favourably than their rivals without such connections. Politically connected firms spend less time in managing bureaucracy, but PC and state-ownership negatively affect proceeds from the PE market in China. Firms with politically connected directors with professional business backgrounds tend to spend less time managing the CSRC, and these professionals positively affect proceeds from the PE market in China. This study provides important insights for policy-makers, investors, PE issuing firms and security market regulators.
Description:
Public space is being increasingly managed by defensive architecture, surveillance and other subtle filtering mechanisms to make it more palatable and attendant to the needs of capital. This reinforces social boundaries, making space inhospitable to those people whose presence is not welcome, and serves to ‘discipline’ city inhabitants into primarily consumption based modes of interacting with and in the city. However, disenfranchised urban populations still find ways to exist in and navigate these spaces. The purpose of this article is to highlight these ways by introducing the concept of ‘desire lines’ as a means of overcoming or re-imagining defensive space. We use Deleuze and Guattari’s theory of desire as productive force, combined with De Certeau’s notion of ‘walking the city’, to explore how individuals and social movements might practically, and in a metaphorical sense, create new collective paths, creating ‘desire lines’ of resistance and change within what is often an increasingly unforgiving and dominated urban environment, created by and for capital at the expense of a vibrant public realm.
Description:
Focus is on agricultural production of a river basin economy and ecosystem processes relating to climate change and water supply. A generic regulated river basin model of agricultural production is integrated with an existing demand-based macroeconomic model in discrete time which has been developed previously over a series of computer simulation experiments. This is the forerunner to a fully-specified Murray-Darling Basin model. Two crops are in the model - rainfed wheat and irrigated rice - with River Basin Commission revenue and expenditure, as well as exports and imports outside the river basin economy. The model simulates 100 years of production.
Description:
The effect of the aging baby-boom-cohort on asset values is extensively studied. While that effect varies by country, there are likely to be commonalities. Thus, research on a relatively small advanced open economy like New Zealand can provide insight into the general effect. In this study monthly data from 1991 to 2017 is used to examine how aging population in New Zealand affects its stock market considering key demographic and non-demographic macroeconomic variables and a new focus on fast-and-slow-moving institutional change. The results suggest that the net effect of an aging population on stock markets is insignificant. However, real GDP and foreign portfolio investment (FPI) show a positive relationship with the stock market. The findings reveal that FPI can mitigate possible negative effects from aging in an open economy. Moreover, the policy implications of the study suggest that international-factor mobility, skilled-migration policies, and technology-based productivity growth can boost stock markets.
Description:
The effect of the aging baby-boom-cohort on asset values is extensively studied. While that effect varies by country, there are likely to be commonalities. Thus, research on a relatively small advanced open economy like New Zealand can provide insight into the general effect. In this study monthly data from 1991 to 2017 is used to examine how aging population in New Zealand affects its stock market considering key demographic and non-demographic macroeconomic variables and a new focus on fast-and-slow-moving institutional change. The results suggest that the net effect of an aging population on stock markets is insignificant. However, real GDP and foreign portfolio investment (FPI) show a positive relationship with the stock market. The findings reveal that FPI can mitigate possible negative effects from aging in an open economy. Moreover, the policy implications of the study suggest that international-factor mobility, skilled-migration policies, and technology-based productivity growth can boost stock markets.
Description:
Innovation has become a widely used, but ill-defined, everyday term in the 21st century. Firms are urged to be innovative to gain or sustain a ‘competitive edge’; consultants advertise their strategic advice as the essence of innovation; the survival of local organisations depends on the capacity building that comes from innovation; schools are exalted to have innovation in their curriculum; and universities promote themselves as leaders in innovation. Likewise, the term entrepreneur, used to describe the human agency behind innovation, is equally ill-defined in everyday use. Entrepreneurs’ value to society varies widely from positive to negative depending on the emphasis of journalists, academics, businesspersons, unionists, right-wing think tanks and left-wing activists. Such imprecise definition is, however, undesirable in academic discourse and the focus of this paper is the shifting role of the innovative entrepreneur in economic theory and some of the reasons for this dynamic. In this paper, innovation economics is defined as a body of economic theory that contends a priori that economic development is the result of appropriated knowledge, innovation and entrepreneurship operating within an institutional environment of systems of innovation. This distinguishes innovation economics from other branches of economics, including mainstream neoclassical theory, which views capital accumulation as the primary driver of economic development, chiefly in the form of economic growth. In the innovation economics paradigm, the socio-economic world functions as an open and complex system, exhibiting tendencies to adaptation. This isin contrast to neoclassical economics that regards the economy as a closed system exhibiting tendencies to mechanical equilibrium. A history of economic thought perspective is adopted in this paper to first trace out the rise of the innovative entrepreneur in early theories of political economy, to in effect create a nascent innovation economics. Then, the disappearance of innovation economics is facilitated by the infanticide of the innovative entrepreneur at the hands of neoclassical theory. In the first half of the 20th century, the history of economic thought marked the resurrection of the entrepreneur as an innovating agent by Joseph Schumpeter and then the nurturing of this agent in economic theory by Micha
Description:
This study seeks, through the perspective of Professional Business Advisors (PBAs), to understand how government business programs help and/or hinder the provision of small business advisory services in a regional (non-metropolitan) Australian setting. An emergent theme identifies such programs as significant conduits for regional business knowledge transmission. However, those programs are also perceived by PBAs, who deliver such programs, as imposing substantial constraints for provision of such services. The identified constraining factors include issues of PBAs’ financial viability, ineligibility of businesses to access such programs, capriciousness of programs, and clash between technology utilisation and infrastructure reliability in some non-metropolitan regional areas. Regional Australian PBAs service a heterogeneous collection of businesses across large geographic areas. Yet, the potential for PBAs to support the process of knowledge transmission is severely constrained by current government programs aimed at start-up businesses, but ignoring organisational growth. Such constraints raise concerns that have regional policy implications
Description:
This study seeks, through the perspective of Professional Business Advisors (PBAs), to understand how government business programs help and/or hinder the provision of small business advisory services in a regional (non-metropolitan) Australian setting. An emergent theme identifies such programs as significant conduits for regional business knowledge transmission. However, those programs are also perceived by PBAs, who deliver such programs, as imposing substantial constraints for provision of such services. The identified constraining factors include issues of PBAs’ financial viability, ineligibility of businesses to access such programs, capriciousness of programs, and clash between technology utilisation and infrastructure reliability in some non-metropolitan regional areas. Regional Australian PBAs service a heterogeneous collection of businesses across large geographic areas. Yet, the potential for PBAs to support the process of knowledge transmission is severely constrained by current government programs aimed at start-up businesses, but ignoring organisational growth. Such constraints raise concerns that have regional policy implications
Description:
A political economy approach to the transition process required the incorporation not only of the economic structure but also of the political and ideological structures. Consequently, an application of a political economy methodology to the transition process gives rise to alternative models of transition. Each model confronts the elements of the transition process - economic analysis; what is a good society? speed; political structure; ideological structure and whether the initial conditions were a concern - with different solutions, making it meaningful to distinguish between alternative models.