Structure Of Property Rights Research Articles

POLAND AND UKRAINE: PERSPECTIVE OF INSTITUTIONAL ECONOMICS

The residential real estate market is one of the most important elements of any economy, based on housing objects that can be owned by different households on certain rights. Identifying all forms and rights of ownership in the housing market of Poland and Ukraine in accordance with the theses of institutional economics and comparing them was the main goal of the study. In our analysis, we want to confirm the hypothesis that the structure of property rights that exists in the residential real estate market and is described in various literature provides only a general description of the real situation. Therefore, the result of our research was the determination that the property rights operating on the housing market in Poland and Ukraine are much more diverse and complex than the five main forms described in the Ostrom model, which is the main basis for defining property rights. This made it possible to identify the existing forms of property rights, in particular for apartments that exist in the analyzed markets, and to establish the distribution of these rights among possible co-owners of these objects.

The Influencing Factors of Carbon Emissions in the Industrial Sector: Empirical Analysis Based on a Spatial Econometric Model

To promote the low-carbon, high-quality development of China’s industrial sector and achieve the national carbon peak goal as soon as possible, this study explores the influencing factors of carbon emissions among industrial sectors. Based on the panel data of 36 industrial sectors in China from 2009 to 2021, the spatial effects and characteristics of industrial sectors are examined by the spatial Durbin model (SDM) based on analyzing the spatial correlation among industrial sectors. The results show the following: (1) Moran’s I statistical results show that China’s industrial carbon emissions have a strong positive spatial correlation, and with time, the spatial correlation between industrial sectors gradually increases. (2) The empirical results of the whole industrial sector show that the property rights structure, capital intensity, and energy structure are the main driving forces promoting carbon emission reduction; the grouping analysis results show that the impact of FDI and property rights structure on the carbon emissions of the industrial sector in different sample groups is different. Among them, the energy structure and research and development play a role in reducing carbon emissions in each sample group. (3) Therefore, in the future, to reduce carbon emissions in the industrial sector, it is necessary to inhibit growth factors and promote the role of reduction factors; optimizing the energy structure and improving the rationality of the property rights structure are effective ways to achieve energy conservation and emission reduction.

Fallow Lengths and the Structure of Property Rights

Fallow Lengths and the Structure of Property Rights

Corporate financialization, digitalization and green innovation: A panel investigation on Chinese listed firms

By employing a panel dataset of Chinese listed companies spanning from 2010 to 2021, our study empirically examines the correlation between corporate financialization and corporate green innovation, and explores its heterogeneities in terms of property rights structure and digitalization. Our findings suggest that corporate financialization has a negative impact on corporate green innovation. This negative influence is primarily attributed to the substitution of corporate financialization for research and development funds that are essential for corporate green innovation, while the “reservoir effect” of corporate financialization is not significant. In comparison to state-owned enterprises, which face weaker financing constraints, the impact of corporate financialization on green innovation is more significant in private enterprises. Moreover, we find that digitalization could alleviate the inhibition of corporate financialization on green innovation. Based on our findings, we offer several suggestions for developing strategies to promote green innovation in China.

Regional Differences and Convergence of Technical Efficiency in China’s Marine Economy under Carbon Emission Constraints

With the continuous development of China’s marine economy and the increasing pollution in marine-related industries, how to implement a sustainable development strategy in the marine economy has become an important issue. Under the stochastic frontier analysis framework, this paper measures the technical efficiency of the marine economy in 11 coastal provinces in China under carbon emission constraints from 2006 to 2016 and analyzes regional differences and the dynamic evolution of technical efficiency and its influencing factors. Panel unit root test is applied to analyze the stochastic convergence of technical efficiency of the inter-regional marine economy. The result shows that: in the reference period, the technical efficiency of the marine economy is on the rise. Guangdong and Shanghai are in the lead. Technical level and industrial structure have a positive impact on technical efficiency, while the structure of property rights, FDI, energy prices, and energy structure have a negative effect on it. On the whole, the changes in the technical efficiency of coastal provinces present a process from concentration to differentiation. There is a stochastic convergence between the Pan-Pearl River Delta and the Yangtze River Delta. Raising the technological level, promoting low-carbon production in the marine industry, and strengthening inter-regional cooperation have a certain effect on the improvement of the technical efficiency of the marine economy.

The Impact of Property Rights Structure on High-Quality Development of Enterprises Based on Integrated Machine Learning—A Case Study of State-Owned Enterprises in China

High-quality development of state-owned enterprises (SOEs) is of great significance to the transformation of the dynamic energy of the Chinese economy in the new development stage and the improvement of quality and efficiency. To this end, we selected 32 evaluation indicators based on three perspectives: social responsibility, effectiveness and efficiency, and independent innovation. Then, we applied the fixed-base efficacy coefficient method and the longitudinal and horizontal pull-out gearing method to obtain the indexes for measuring the level of high-quality development of SOEs by linear weighting. On this basis, a model constructed by an integrated machine learning algorithm was used to explore the impact of changes in the ownership structure of SOEs on the level of high-quality development of enterprises. The study shows that (1) the overall development quality of SOEs has been on an upward trend since 2008, among which the quality of competitive SOEs has been on an upward trend, while the performance of public welfare SOEs is slightly less; (2) the property rights reform of SOEs introduces the shareholding ratio of the largest non-state shareholder and the level of high-quality development as a sine function, keeping the nature of state property rights unchanged, while maintaining the ratio in the range of 25.2–50%; (3) the relationship between the ratio of the share capital of the employee stock ownership plan to the total share capital and the level of high-quality development of SOEs is increasing, then decreasing, and then stabilizing, the ratio is maintained at about 5%, and the marginal effect of the employees’ motivation on the improvement of the quality of enterprise development is stronger; (4) the implementation of an employee stock ownership plan by SOEs more than twice a year can play a positive role in improving the quality of enterprise development. This can provide theoretical guidance for measuring the level of high-quality development of SOEs, reforming the ownership structure of SOEs, and promoting the process of high-quality macroeconomic development.

법규정의 간극과 해석에 의한 보충

The Constitution stipulates “The property rights of all citizens are guaranteed. The content and limitations are determined by law.” in Article 23 Paragraph 1, and paragraph 2 stipulates the constitutional limitations of property rights by stipulating that “the exercise of property rights should be suitable for public welfare.” And paragraph 3 stipulates that “the expropriation, use, or restriction of property rights due to public necessity and compensation thereof shall be made by law, but legitimate compensation shall be paid.” The separation theory excludes unconstitutional infringement of property rights and guarantees the existence of specific property rights of the subject of fundamental rights. In the case of excessive restrictions beyond social restrictions, according to the separation theory, it is not understood as the expropriation of Article 23 (3) of the Constitution, and various measures (relaxation measures) to alleviate the excessive burden will be considered first. The basic structure of property rights can be divided into 'content regulations without compensation obligations', 'content regulations with (coordinated) compensation obligations', and 'expropriation regulations (with compensation obligations)'. The content regulation of property rights essentially means the protection of property rights in that it forms a property rights legal order, and the expropriation regulation means the restriction of property rights that make it impossible or remarkably difficult to act in the protected area. Therefore, both are independent legal systems.

Discretionary Effort on Green Technology Innovation: How Chinese Enterprises Act when Facing Financing Constraints.

Firm’s effort on Green technology innovation (hereafter, called G-innovation) is affected by financing constraints, and firm will make a discretionary choice according to its own situation, to achieve the maximization of self-interests. Based on the data of Chinese micro enterprises, firstly, we empirically analyze firms’ decision-making towards G-innovation when faced with financing constraints. It supports the view that financing constraints can hinder enterprise technological innovation. And we also make an explanation that the social benefits of green technology innovation are greater than personal benefits, which makes enterprises tend to reduce green technology innovation when facing financing constraints. Then we examine firms’ heterogonous behaviors under different internal attributes and external environments. The results reveal that: First, firms are reluctant to pay more efforts to G-innovation when faced with increased financing constraints. Second, firms with different attributes exhibit heterogeneous G-innovation. Political connections will change firms’ willingness to innovate, while the structure of property rights and the pollution degree will not. Third, firms under different external environment also exhibit heterogeneous G-innovation. When economic policy uncertainty increases, firms’ willingness to innovate weakens. The development of shadow banks fail to improve firm’s willingness to innovate.

Can Mandatory Disclosure Policies Promote Corporate Environmental Responsibility?-Quasi-Natural Experimental Research on China.

Corporate environmental responsibility (CER) is an important component of the corporate social responsibility (CSR) report, and an important carrier for enterprises to disclose environmental protection information. Based on the corporate micro data, this paper evaluates the effect of a mandatory CSR disclosure policy on the fulfillment of corporate environmental responsibility by adopting the difference-in-differences model (DID) with the release of a mandatory disclosure policy of China in 2008 as a quasi-natural experiment. The study draws the following conclusions: First, a mandatory CSR disclosure policy can promote the fulfillment of CER. Second, after the implementation of a mandatory CSR disclosure policy, enterprises can improve their CER level through two channels: improving the quality of environmental management disclosure and increasing the number of patents. Third, the heterogeneity of the impacts of mandatory CSR disclosure on CER is reflected in three aspects: different CER levels, different corporate scales and a different property rights structure. In terms of the CER level, there is an inverted U-shaped relationship between the CER level and mandatory CSR disclosure effect. In terms of the corporate scale, mandatory disclosure of CSR plays a greater role in large-scale enterprises. In terms of the structure of property rights, mandatory CSR disclosure has a greater effect on non-state-owned enterprises.

ОСОБЛИВОСТІ АНАЛІЗУ ФІРМИ В ТЕОРІЇ ТРАНСАКЦІЙНИХ ВИТРАТ

The company as a network of contracts is a manageable network of specific contracts based on limited rationality, opportunism and asset specificity. The main activity of the company is to monitor the implementation of contracts within the organization and outside it. The company as an organizational structure provides the achievement of new knowledge and new conditions, which are the result of the joint action of the members of the company's team and the trust between them. The company as a set of tangible assets represents a system of relations with suppliers in the process of vertical integration and inducement, implemented in the process of entering into incomplete contracts. Transactional costs and incomplete contracts imply that ownership of the tangible assets becomes crucial, and the structure of property rights encourages the development of integration processes and intercompany business. Contractual relationships, which constitute the economic basis of the company, develop under the influence of general trends in the economy and the internal processes of the company. At the same time, ways to reduce the transaction costs are of particular importance. Among them, organizational forms of economic activity play an important role, so the management structures should be more flexible and vary in accordance with changes in production processes and consumer preferences. The structure of the configuration of the property rights to assets regulates the company's relationships with suppliers and ensures a reduction in the level of transaction costs. The study of the company on the basis of theoretical and methodological approaches of the theory of transaction costs makes it possible to comprehensively analyze the preconditions, the economic nature, and the boundaries of the company. In today's environment, changes in the economy are causing dramatic shifts both within the company and between companies. The chain nature of modern economic activity contributes to the development of the theory of transaction costs, the deepening of such its directions as opportunism in the behavior of economic agents, suspicion and trust in the relations of counterparties.

Combining the biennial Malmquist–Luenberger index and panel quantile regression to analyze the green total factor productivity of the industrial sector in China

Improving the green total-factor productivity (GTFP) is a key measure to coordinate industrial development and environmental protection in China. This study adopts the biennial Malmquist–Luenberger (BML) productivity index to estimate the GTFP change of China's 34 industrial subsectors covering the period 2005–2015. Subsequently, fixed-effect panel quantile regression is applied to analyze the heterogeneous effects of eight selected influencing factors on China's industrial GTFP change. The results show that China's overall industrial GTFP exhibited an increasing trend during the study period and varied greatly in different sub-sectors. Moreover, technological innovation rather than efficiency promotion was the main contributor to the improvement of industrial GTFP in China. The impact of the scale structure (SS) was significantly positive across the quantiles and maintained a slightly downward trend. The impact of the property rights structure (PTS) was significantly negative and showed an increasing trend across the quantiles. The impact of the energy intensity (EI) slightly increased and was significantly negative at most quantiles. The energy consumption structure (ECS) exhibited an increasing trend and had a significantly negative effect at the middle quantiles. Technological innovation (TI) exerted a significantly positive effect and displayed a downward trend across the quantiles, and it was the most important factor to drive industrial GTFP growth. The “pollution halo” hypothesis and the Porter hypothesis were both verified with a certain range from the analysis of foreign direct investment (FDI) and environmental regulation (ER), as well as the interaction between ER and TI. Our results stress the importance of the heterogeneous effects of these influencing factors on different quantile subsectors when formulating the related measures and policies.

Culture and Native American Economic Development

This paper explores how culture affects economic development on Native American reservations by examining how culture directs the attention of entrepreneurs and interacts with formal governance institutions. This paper combines theoretical insights from economic sociology, market process economics, and institutional economics as a basis to evaluate entrepreneurship and economic development on Native American reservations. Culture, as a web of social meanings, shapes what opportunities entrepreneurs are alert to, influences how they perceive transaction costs, and determines whether institutions achieve their intended ends. Historical and contemporary case studies are used to build analytical narratives to corroborate the theoretical approach. The federal government has imposed many formal institutions on reservations, which have disrupted traditional governance and property rights structures. If formal institutions do not comport with the underlying culture, those institutions do not facilitate positive entrepreneurship and economic growth. Despite the barriers, entrepreneurs across several reservations have leveraged their cultural and social ties to create robust informal economies. In some cases, imposed institutions have fostered rent-seeking and have given rise to a culture of rent-seeking.

Culture and Native American economic development

PurposeThe purpose of this paper is to explore how culture affects economic development on Native American reservations by examining how culture directs the attention of entrepreneurs and interacts with formal governance institutions.Design/methodology/approachThis paper combines theoretical insights from economic sociology, market process economics and institutional economics as a basis to evaluate entrepreneurship and economic development on Native American reservations. Culture, as a web of social meanings, shapes what opportunities entrepreneurs are alert to, influences how they perceive transaction costs and determines whether institutions achieve their intended ends. Historical and contemporary case studies are used to build analytical narratives to corroborate the theoretical approach.FindingsThe federal government has imposed many formal institutions on reservations, which have disrupted traditional governance and property rights structures. If formal institutions do not comport with the underlying culture, those institutions do not facilitate positive entrepreneurship and economic growth. Despite the barriers, entrepreneurs across several reservations have leveraged their cultural and social ties to create robust informal economies. In some cases, imposed institutions have fostered rent-seeking and have given rise to a culture of rent-seeking.Research limitations/implicationsThis paper looks at Native American entrepreneurship and institutions in the broadest sense. However, there is a large amount of diversity within the cultural and governance structures of Native American communities. Future research could examine specific tribes or reservations in more detail.Practical implicationsThis paper elucidates cultural and institutional barriers to productive entrepreneurship on Native American lands. Policymakers must understand these root causes if they are to facilitate economic growth.Originality/valueThis paper’s combination of theoretical perspectives helps explain the widespread economic development issues on Native American lands.

A Perspective on Social-Ecological System Framework And New Institutional Economics Theories in Explaining Public Open Spaces (Pos) Governance And Quality Issues

There has been relatively little attention paid to the implications of property-rights structures on urban and neighbourhood commons, particularly in respect to government/state-owned public open space (POS) governance, its management and its quality. By establishing interconnections of the property-rights structure with POS governance and its quality externalities, the theory of new institutional economics, the social-ecological system framework, as well as the social dilemma theory and the commons and opportunism concepts were employed and reviewed, to synthesise a conceptual framework which can help illuminate and explain the complex nexus of an institutional-social-POS system. Findings suggested that adversarial institutional design and arrangement (e.g., maladaptive property regime, incomplete rights, and attenuated rights) and change of the property-rights system, coupled with highly positive transaction cost distributions, contribute to inefficient POS governance and management, which consequently results in a suboptimal quality and sustainability of POS. This synthesis provides policy and management insights by making public officials aware of the importance of the institutional-social-ecological system, and by making them consider a re-engineering of the POS ownership regime and its management rights via an adaptive property-rights structure assessment and re-allocation.

Infrastructure Operation Efficiency and Influential Factors in Developing Countries: Evidence from China

The development of sustainable infrastructure has been identified as one of the seventeen sustainable development goals by the United Nations. Keeping the operation of infrastructure sustainable in terms of economy becomes a major challenge in developing countries. The objective of this research is to evaluate the operation efficiency of the expressway and explore the key influential factors. This research took expressway mileage as the physical output and evaluated the operation efficiency of the expressway companies based on the super-efficiency Slacks-Based Measure (SBM) model; additionally, we analyzed the influential factors on the basis of the fixed-effects regression model. The results showed the following: (1) The average value of operation efficiency of China’s expressway companies from 2007 to 2017 was 0.904. In general, the operation of expressways was efficient. However, the differences in operation efficiency among the eleven expressway companies were significant, and some companies were seriously inefficient. (2) The asset–liability ratio, the scale, and the structure of property rights in the companies were shown to be the main factors affecting the operation efficiency. These results indicate that the development of innovative financing modes and optimization of the scale of each company are the key directions for infrastructure reform, which could eventually narrow the differences in operation efficiency and allow the development of sustainable infrastructure.

Spatial Renewable Resource Extraction under Possible Regime Shift

AbstractHow will countries harvesting mobile natural resources react to the possibility of regime shift? We address the non‐cooperative exploitation of a migratory renewable resource in the presence of possible regime shift that affects its movement. Motivated by the anticipated effects of climate change, we model a regime shift that will alter the spatial movement patterns of the resource at some point in the future. We develop a stochastic spatial bioeconomic model to address the effects of this class of regime shift on non‐cooperative harvest decisions made by decentralized owners such as countries exploiting a migratory fish or other natural resource stock. We find that the threat of a future shift modifies the standard “golden rule”, and may induce more aggressive harvest everywhere, irrespective of whether the owner will be advantaged or disadvantaged by the shift. We also identify conditions under which the threat of regime shift induces owners to reduce harvest rates in advance of the shift. Our analysis suggests that different property rights structures (single ownership vs common property) or heterogeneous growth can give rise to previously unexplored incentives and can even reverse conventional wisdom about how countries will react to the prospect of future environmental change.

Spatial renewable resource extraction under possible regime shift

How will countries harvesting mobile natural resources react to the threat of regime shift? We address the non-cooperative exploitation of a migratory renewable resource in the presence of possible regime shift that a_ects its movement. Motivated by the anticipated effects of climate change, we model a regime shift that will alter the spatial movement patterns of the resource at some point in the future. We develop a stochastic spatial bioeconomic model to address the effects of this class of regime shift on non-cooperative harvest decisions made by decentralized owners such as countries exploiting a migratory fish or other natural resource stock. We find that the threat of a future shift modifies the standard golden rule and may induce more aggressive harvest everywhere, irrespective of whether the owner will be advantaged or disadvantaged by the shift. We also identify conditions under which the threat of regime shift induces owners to reduce harvest rates in advance of the shift. Our analysis suggests that different property rights structures (single ownership vs common property) or heterogeneous growth can give rise to previously unexplored incentives and can even reverse conventional wisdom about how countries will react to the prospect of future environmental change

Patent Pool and Deprivatization of Patents

Abstract Most economic theories on patent pools focus exclusively on patent owners’ licensing practices in explaining why patent owners voluntarily form a patent pool. Such an approach ignores the “property” root of patents. Judge Posner emphasized the importance of using economic theories on physical properties to analyze intellectual properties. Led by this spirit, I applied the evolutionary theory of property rights, formulated by Chicago School economist Harold Demsetz, to analyze the formation of patent pools. Demsetz’s theory posits that a transition in property rights structures results from interacting parties’ efforts to maximize utilities in face of changes in external factors that bear on the parties’ benefit-cost calculation. Later studies by various property rights economists have found that the existence of externalities, the cost of enforcing the right to exclude, and the economy of scale can respectively change the benefit-cost calculation of property owners/users, and drive property rights structures towards either privatization or deprivatization. I argued that the formation of patent pools can be understood as deprivatization of patents – a transition from a private property system to a commons system – in response to three phenomena in the patent system: complementary patents, high costs of enforcing patent rights, and excessive patent fragmentation. When transaction costs of patent pooling are outweighed by its benefits, we can expect to see more patent pools being established.

Analysis and Research on the Equity Incentive of Listed Companies in China

Under the condition of modern property rights structure, the equity incentive is an effective way to improve the growth of company value. Nowadays more and more companies use equity incentive to promote its development, especially listed companies. The authors analyze the problems the listed companies confronted when they implement equity incentive plans. And put forward some policy suggestions.

Institutions on Public Open Space Governance

Meagre discussion on the institutional property-rights structure essence has rudimentarily determined the POS governance and its quality. Thus, two objectives are highlighted; (i) to examine Sabah's current practice (rights distribution) in urban-rural POS governance and (ii) to explore the POS social dilemmas that tied in with such institution. Reviews of interdisciplinary analytic perspectives, content analysis on documents and semi-structured interviews were performed. The practice with diverse property-rights structure is indicatively perceived as property-rights tragedies' which ensue in sub-optimal POS and quality of life issues. Therefore, re-engineering of POS market via dynamic property-rights re-assignment is postulated as the panacea for improved well-being.