Ownership Structure Of Industry Research Articles

Spatial Evolutionary Characteristics and Influencing Factors of Urban Industrial Carbon Emission in China.

Climate warming caused by carbon emissions is a hot topic in the international community. Research on urban industrial carbon emissions in China is of great significance for promoting the low-carbon transformation and spatial layout optimization of Chinese industry. Based on ArcGIS spatial analysis, Markov matrix and other methods, this paper calculates and analyzes the temporal and spatial evolution characteristics of industrial carbon emissions in 282 cities in China from 2003 to 2016. Based on the spatial Dubin model, the influencing factors of urban industrial carbon emissions in China and different regions are systematically analyzed. The study shows that (1) China’s urban industrial carbon emissions generally show a trend of first growth and then slow decline. The trend of urban industrial carbon emissions in the western, central, northeastern and eastern regions of China is basically consistent with the overall national trend; (2) In 2003, China’s urban industrial carbon emissions were dominated by low carbon emissions. In 2016, China’s urban industrial carbon emissions were dominated by high carbon emissions, and the spatial trend is gradually decreasing from the eastern region to the central region to the northeast region to the western region; (3) In 2003, the evolution pattern of China’s urban industrial carbon emissions was “low carbon-horizontal expansion” dominated by positive growth, and in 2016, it was “low carbon-vertical expansion” dominated by scale growth; (4) China’s urban industrial carbon emissions have spatial viscosity, and the spatial viscosity decreases with the increase of industrial carbon emissions. (5) In 2004, the relationship between urban industrial carbon emissions and gross industrial output value in China is mainly weak decoupling. In 2016, various types of decoupling regions are more diversified and dispersed, and strong decoupling cities are mainly formed from weak decoupling cities in southwest China and eastern coastal areas; (6) From a national perspective, indicators that are significantly positively correlated with industrial carbon emissions are urban industrial structure, industrial agglomeration level, industrial enterprise scale and urban economic development level, in descending order. Indicators that are significantly negatively correlated with urban industrial carbon emissions are industrial structure and industrial ownership structure, in descending order. Due to the different stages of industrial development and industrial structure in different regions, the influencing factors are also different.

Spatial econometric analysis of China’s province-level industrial carbon productivity and its influencing factors

This study measured the industrial carbon productivity of 30 provinces in China from 2005 to 2012 and examined the space–time characteristics and the main factors of China’s industrial carbon productivity using Moran’s I index and spatial panel data models. The empirical results indicate that there is significant positive spatial dependence and clustering characteristics in China’s province-level industrial carbon productivity. The spatial dependence may create biased estimated parameters in an ordinary least squares framework; according to the analysis of our spatial panel models, industrial energy efficiency, the opening degree, technological progress, and the industrial scale structure have significantly positive effects on industrial carbon productivity whereas per-capita GDP, the industrial energy consumption structure, and the industrial ownership structure exert a negative effect on industrial carbon productivity.

Strategic FDI and industrial ownership structure

We argue that different industrial ownership structures generate different incentives for firms to engage in FDI. A comparison is made between (partially) cooperative structures such as the Japanese kieretsu and Korean chaebol systems and competitive structures such as U.S. firms. It is found that ownership structure has significant implications for the probability of initial FDI. Whether or not a cooperative structure is also coordinated turns out to be crucial in predicting FDI behaviour. This has further implications for the optimal FDI incentives of potential host countries and for how empirical studies might be designed. JEL classification: F10, F21, F23 Stratégie d’investissements directs à l’étranger et structure de propriété de l’industrie. Les auteurs suggèrent que des structures différentes de propriété dans l’industrie engendrent des incitations diverses pour les entreprises à investir directement à l’étranger. On fait des comparaisons entre des structures partiellement coopératives comme celles des kieretsus au Japon et des chaebol en Corée, et des structures concurrentielles comme celles qui existent aux Etats–Unis. Il appert que la structure de propriété a un impact significatif sur la probabilité de faire initialement un investissement direct à l’étranger. Le fait que la structure de coopération engendre aussi une coordination s’avère d’une importance centrale pour prédire le comportement d’investissement direct à l’étranger. Voilà qui a des implications pour le design des incitations à investir par les pays hôtes potentiels, et pour le design des études empiriques de ces phénomènes.

Changes in Industrial Ownership Structure in China

China during the refonn period has experienced dramatic changes in industrial ownership structure. The proportion of industrial output produced by state-owned enterprises (SOEs) has declined, while that of non-state sectors has increased rapidly. China’s provinces differ considerably in their patients of ownership structure. The coastal region in general has experienced rapid ownership transformation and is better positioned in terms of economic development than westen provinces, which lag behind. Non-state sectors have recorded dramatic growth in several coastal provinces, including Guangdong,Zhejiang, Jiangsu, Shandong, and Fujian, wbile SOEs still dominate traditional industrial bases and many interior provinces. Regional disparity in ownership structure has significantly contributed to the rise of the coastinterior divide and helps to explain the changing status of provinces in China.

Venture capital and management-led, leveraged buy-outs: A European perspective

Management and leveraged buy-outs became phenomena of the 1980s. From beginnings in the U.S., they quickly traversed the Atlantic, spreading first to the U.K. and then throughout Europe. The venture capital industry has played a crucial role in the development of buy-outs in Europe, particularly in smaller deals in the U.K., the Netherlands, and France. This paper examines three aspects of the market for venture and development capital funded management led buy-outs in Europe. It provides a framework for analysis of the different levels of development of each country's market, it examines performance of U.K. buy-outs and addresses the extent and nature of exits. Throughout the paper use is made of the extensive database of European buy-outs developed by the authors. The main conclusions to emerge are as follows. European experience can not be compared to that in the U.S. as a single economy. There are important differences between European countries in respect of the level of buy-out activity and the extent to which conditions are or will be favourable for the development of such transactions. Conceptually, a buy-out market may be considered as requiring three main factors to be present if it is to develop: the generation of buy-out opportunities; the infrastructure to complete a transaction; and opportunities for the investors in a buy-out to realise their gains. These broad groups may be further sub-divided. The generation of opportunities will be heavily influenced by attitudes to entrepreneurial risk and hence willingness of managers to buy, the ownership structure of industry and hence the generation of entities which are for sale and the state of development of mergers and acquisition markets. The infrastructure to complete transactions includes sources of funding both in respect of venture capital availability and the ability of banks to fund transactions, the nature of legal and taxation regimes and the existence of intermediaries and advisors who can both identify and negotiate buy-outs. The existence of suitable exit routes comprises stock market flotation, sale to another group and recapitalisation possibly through a secondary buy-out. Many of these factors are similar to the conditions necessary for venture capital deals to develop. The generation of entities for sale may take various forms with succession issues in family firms, divestment of unwanted divisions, privatization of public sector activities and going privates of companies quoted on a stock market being the most important. This framework was used to analyze European buy-out markets through a combination of interview and desk research. The evidence shows that the most highly developed buy-out markets and those with the greatest short-term potential are not necessarily to be found in the largest economies. U.S. investors, who turn towards Europe to develop their markets at a time when the U.S. buy-out market is experiencing a downturn, and European investors, seeking to broaden their activities, need to be aware of these differences. As in comparable studies in the U.S., U.K. LBOs on the evidence from our survey of 182 buyouts on average produce-performance improvements. U.K. LBOs appear to undertake a greater level of new product development and asset purchase after buy-out than do their counterparts in the U.S. and have placed less emphasis on asset disposals than U.S. LBOs. Managers buying-out frequently tightened up their control of working capital. The results of our survey indicate support for both the entrepreneurial and agency cost-reduction perspectives about buy-outs, with the former perhaps being somewhat more in evidence. Exit routes are an important aspect of the buy-out market, but evidence presented here indicates that buy-outs are unlikely to exit in the way in which they originally envisaged. In particular, buy-outs that initially were aiming for flotation on a secondary tier stock market have almost invariably been sold to third parties.

The Role of Ownership Characteristics in the Industrial Development of Israel's Peripheral Towns

A framework for studying the ownership structure of industry in Israel's development towns is outlined, putting special emphasis on defining factors influencing entrepreneurship among residents of these towns, and relating these factors to theories of entrepreneurship in space, and to those of entrepreneurship among immigrant groups. Factors affecting external ownership of single-plant firms and location decisions of multiplant firms are considered in light of theories of industrial organization. Firms of different types are shown to react differently to the incentives of the Israeli spatial economic policy. Thus, whereas residents of the development towns benefit little from these capital incentives, nonlocally owned single-plant firms are most attracted by them. However, externally owned small single-plant firms have been shown to suffer from the greatest instability and to form very few local linkages. Another policy failure was the inability to attract government-owned military industries to the development towns.

Ownership of Industry and Plant Stability in Israel's Development Towns

The ownership structure of industry in Israel's development towns during the period 1966-83 is examined, as well as its effects on the stability of the plants. Multi-variate logit models, used to identify the factors affecting closure propensity, show that the most stable plants are owned by the rural-cooperative sector. Due mostly to their large size, the plants of non-local multi-plant firms are relatively stable, as are also those of local entrepreneurs in their first years of existence, but the latter show no tendency to survive for long. The plants, particularly young ones, owned by external single-plant firms, exhibit the highest closure propensity. Closure rates of plants of the diverse ownership types are good indicators of their stability but not of structural changes in the economy as depicted in the relative share of the various ownership types. While external ownership appears to have a negative impact on stability, the size of a firm influences positively its plants' stability. These contradictory effects result in the high closure propensity of plants owned by external single-plant firms.