State-owned Enterprises Research Articles

The Impact of Environmental Regulation on Enterprise Green Innovation

This paper evaluates the real effects of the environmental regulation at the firm level. Using the implementation of Chinese Air Pollution Prevention and Control in 2013 as a quasi-natural experiment,difference-in-differences estimation shows that: (1) environmental regulation significantly improve the application of green innovation by firms, and this relationship is robust to different specifications and alternative measures; (2) three possible channels are the improved levels of the environmental protection subsidy, total factor productivity (TFP) and environmental protection investment of enterprises; (3) our findings are particularly pronounced in subsamples with the application of utility green innovation and state-owned enterprises (SOEs). Overall, this paper reveals the micro-mechanisms behind the real effects of environmental regulation on firm green innovation, thus providing timely implications for regulators concerned with environmental protection.

Management myopia and corporate innovation in China: Focus on the moderating role of equity incentives

This study selected a sample of A-listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022 to examine the relationship between management myopia and corporate innovation. The findings are as follows. First, management myopia has an inhibiting effect on corporate innovation, whereas market competition significantly enhances such innovation. Second, equity incentives can alleviate the inhibiting effect of management myopia on corporate innovation by motivating managers to focus more on long-term development and innovation investments. Third, market competition has different impacts on innovation of companies with different levels of ownership. In this regard, its impact on companies with high equity concentration is more significant. Finally, market competition has different impacts on the innovation of state-owned and private enterprises, with a more significant impact on the latter.

Does enterprise digital transformation contribute to green innovation? Micro-level evidence from China

The synergy of digitalization and greening has emerged as a prominent means to achieve the goal of “carbon peaking and carbon neutrality”. Given its significant contribution to carbon emissions, the impact of digital transformation on green innovation in manufacturing enterprises remains a longstanding research hotspot. Therefore, based on the data from China A-share listed manufacturing companies spanning from 2007 to 2022, this paper empirically analyzes the influence and mechanism of digital transformation on green innovation. Our findings reveal that digital transformation can significantly promote green innovation in manufacturing enterprises, with a particularly pronounced effect on substantive green innovation. These conclusions withstand rigorous robustness tests. Mechanism analysis shows that digital transformation can facilitate green innovation by improving internal control quality and fostering industry-university-research cooperation. Moreover, our moderation analysis reveals that both equity incentives and compensation incentives strengthen the positive relationship between digital transformation and green innovation in manufacturing enterprises. Heterogeneity analysis proves that digital transformation exerts a more pronounced impact on green innovation of state-owned manufacturing enterprises, non-heavily polluted manufacturing enterprises, and enterprises located in regions with strong intellectual property protection. Furthermore, the transformation of digital underlying technologies is more conducive to fostering green innovation compared to practical application transformation. Subsequent investigation into the economic and social effects of green innovation indicates that it effectively reduces pollution emissions from manufacturing enterprises without compromising their development. Additionally, the emission reduction and income-generating effect resulting from digital transformation primarily manifest through substantive green innovation. This research expands upon the theory regarding the impact of digital transformation on green innovation in micro-manufacturing enterprises, providing empirical support for facilitating low-carbon transformations among manufacturing enterprises under the goal of “carbon peaking and carbon neutrality”.

Republic Of Tajikistan: Fiscal Risk Management and Transparency of State-Owned Enterprises

Republic Of Tajikistan: Fiscal Risk Management and Transparency of State-Owned Enterprises

Functional preference and spatial response of urban renewal entities in Beijing

In the process of rapid urban renewal, quantitative research on functional preferences and spatial layout norms of multi-type urban renewal entities is crucial for optimizing spatial governance and promoting orderly control of urban renewal. We investigate urban renewal in Beijing from 2006 to 2021 using directional distribution, spatial autocorrelation, and hotspot analysis. The findings are as follows: (1) The functional preference of each type of entity differs. While most private companies and other profit-oriented entities concentrate on producer services and residential functions, policy-oriented entities dominate the urban regeneration of public service activities. (2) Every entity shows a significant agglomeration characteristic, yet exhibits a differentiated spatial response pattern. Those entities with stronger leasing ability prefer the central zone while others are the opposite. (3) Diverse types of entities have differentiated spatiotemporal evolutions. The spatial directional divergence of state-owned enterprises and scientific research institutes has increased between 2006 and 2021. This is mainly influenced by the policy of relieving Beijing of nonessential functions. However, the rest entities show a balanced spatial development trend with the difference in each direction becoming smaller. Furthermore, the center of gravity of profit-oriented entities has shifted from the suburbs to the central zone due to a combination of administrative and market forces, whereas the center of gravity of policy-oriented entities tends to move outward from the central zone.

Digital Finance, Financing Constraints and Supply Chain Resilience

This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as samples, explores the relationship between digital finance, financing constraints, and supply chain toughness, and finds that digital finance strengthens the supply chain toughness of enterprises; financing constraints will weaken the supply chain toughness of enterprises; enterprise technological innovation plays an intermediary role in the relationship between digital finance and supply chain toughness of enterprises; there is a significant difference in the impact of digital finance on supply chain toughness of state-owned and non-state-owned enterprises; and there is a significant difference in the impact of financing constraints on supply chain toughness of state-owned enterprises and non-state-owned enterprises.

Performance reporting practices in state-owned enterprises: A systematic literature review

Background: Performance reporting and measurement in state-owned enterprises (SOEs) have been ambiguous for years subject to the nature of the sector. State-owned enterprises are third sector public entities characterised by hybridity of rationales, heterogeneity of goals and multiple stakeholders’ interest. Besides, the diverse institutional frameworks and ownership structure in SOEs make performance reporting and measurements in the sector more complex than in private profit enterprises.Aim: The systematic review of the literature focusses on performance reporting practices in SOEs. It examines SOE performance report users, performance measurement metrics, and the alignment of objectives and performance information.Method: Critical searches of literature in databases such as Scopus or Science Direct, Emerald Insight and JSTOR were made using ’performance reporting’ and/or ’State-owned Enterprises’ as main keywords. More literature was explored in Google Scholar.Results: The concept of performance reporting in SOEs is embedded in broader subjects such as ‘governance in public sectors’, ‘corporate governance in SOEs’ and ‘accountability in public sector’. Performance reports of SOEs in practice focus on the traditional financial performance measurement.Conclusion: There is no straightforward approach in performance reporting of SOEs in the literature. This shows that performance reporting in SOEs is highly slanted, making it difficult to assess efficiency of SOEs.Contribution: The article contributes in unlocking knowledge in highly blurred practices of performance reporting in SOEs.

Effectiveness Of Article 42 Sentence (1) Uu No. 6 Of 2023 On The Creation Of Work Regarding The Implementation Of The Basis Of Legal Certainty In The Mortgage Agreement By The Banks With The Act Of Binding Agreement Of Sale And Purchase

PT Bank Tabungan Negara (Persero) Tbk (Bank BTN) is a State-Owned Enterprise (BUMN) which operates in the banking sector, committed to being a bank that serves and supports housing sector financing. The mission carried out by Bank BTN is to actively support the government in advancing the welfare of the Indonesian people through home ownership and realizing the life that millions of Indonesians dream of through providing decent homes. One type of credit that is still in demand and needed by the public is KPR (Home Ownership Credit). Bank BTN as a bank that focuses on housing financing certainly fully supports the One Million Houses Program launched by the government. It is proven that currently Bank BTN is a bank with market share The largest Home Ownership Credit (KPR) in Indonesia. In order to improve and optimize services to the community with the development of the KPR business and support Bank operations both in terms of business processes and maintaining document quality, there are conditions where it is not possible to make a Sale and Purchase Deed (AJB) so that a temporary binding agreement is needed, namely a Sale and Purchase Agreement ( PPJB). This research aims to determine the implementation of KPR agreements by Bank BTN with sale and purchase binding deeds (PPJB) according to Article 42 paragraph (1) of Law no. 6 of 2023 concerning Job Creation at Bank BTN Kediri. This type of research is empirical juridical legal research and the specifications in this research are descriptive. The source and type of data in this research is primary data obtained from field studies in the form of interviews with Bank BTN Kediri employees. And secondary data was obtained from literature studies related to the theory of legal certainty. The results of this research are that the implementation of the KPR agreement by Bank BTN with the PPJB deed based on Article 42 paragraph (1) of the Job Creation Law does not fully meet the requirements stipulated in Article 42 paragraph (2) of the Job Creation Law.

ASSESSING THE IMPACT OF MACROECONOMIC VARIABLES ON MANUFACTURING SECTOR IN WEST AFRICA REGION

The West African manufacturing grew immediately after post-independence period, which was largely shaped by state-led and protectionist policies. The structural adjustment reforms of the state-owned enterprises and trade liberalization, along with foreign aid, restarted West African manufacturing in the 1990s. However, the increased competition from foreign products and pressures on its currencies, such as devaluations, made these gains to be short-lived. The study examined the macroeconomic variables and industrial output in West African region using cross session approach between 2008 and 2020. Contribution of industrial output to Gross Domestic Product (GDP), External Debt, Lending Rate and Inflationary Rate were used as variables. It was found that industrial output contribution to GDP estimate shows that there exist an inverse relationship between Industrial output and Lending Rate, Inflationary rate, while Industrial output and External Debt are positively related. It is recommended that a conducive macroeconomic policy should be operated to curb inflationary rate within the country so that raw materials for production would be cheap which will result to a continuous generation of output.

Effects of intelligent manufacturing on the high-quality development of manufacturing industry: The mediating role of green technology innovation

Based on the perspective of green technology innovation, this paper takes listed companies in China’s manufacturing industry from 2012 to 2022 as the research sample, and adopts the Driscoll-Kraay standard error method to explore the relationship between intelligent manufacturing and the high-quality development of the manufacturing industry. The results show that intelligent manufacturing can promote high-quality development of manufacturing industry Green technology innovation plays an mediating role in the above relationship. The above findings still hold after considering robustness tests and endogeneity treatments. Heterogeneity analysis indicates the application of intelligent manufacturing in state-owned enterprises, CEO separately enterprises and heavily polluting industries has a stronger role in promoting the development of manufacturing industry. This paper complements the existing research results on intelligent manufacturing and also establishes a realistic path for the high-quality development of China’s manufacturing industry.

Big data development and enterprise green innovation: Text analysis of listed companies’ annual reports

This study used a sample of data from 3314 firms listed in the manufacturing industry from 2011 to 2022. We analyzed these companies’ annual reports using panel regression analysis to explore the relationship between big data utilization and corporate green innovation. Findings reveal that green innovation is driven by big data development. Research and development (R&D) investment has emerged as a key mediator in the relationship between big data and green innovation among firms. Furthermore, this study identifies disparities in the effect of big data development on green innovation between profit-making and loss-making entities. Moreover, it emphasizes the differences in the effects of environmental innovation between state owned and non–state-owned enterprises. This study offers tangible evidence that companies should use big data to promote environmental innovation, which is a crucial strategy for achieving sustainable growth.

The impact of the carbon reduction policy effectiveness on energy companies' ESG performance

As one of the largest sources of carbon emissions, energy companies are motivated to improve their environmental, social, and governance (ESG) performance to attract investment and meet sustainability goals under the constraints of carbon reduction policies. However, it is currently unclear whether and how carbon reduction policies can help energy companies improve their ESG performance. Therefore, this paper comprehensively examines the impact of carbon reduction policies on the ESG performance of energy companies. First, we use the content analysis method to construct a novel index as a proxy of policy influence based on policy text, i.e., the carbon reduction policy effectiveness (CRPE) index. Then, we empirically examine the impact of CRPE on the ESG performance of energy companies using the panel data of Chinese A-share listed energy companies from 2010 to 2022. The empirical study shows that the CRPE can significantly improve the ESG performance of energy companies and remains robust to robustness tests. Mechanism tests show that it is due to the increase in executives with environmental backgrounds and executive compensation. For the three indicators (E, S, and G) of ESG performance, CRPE promotes environmental and social performance but reduces governance performance. Notably, the effect of CRPE on the ESG performance of clean energy companies and state-owned enterprises (SOEs) is more significant. These findings enrich environmental economic theories and provide a reference for energy companies to promote ESG practices and the low-carbon transition, helping to accelerate the process of carbon neutrality.

Determinants of Integrity of Financial Statements in Indonesia

The importance of integrity of financial statements is to assist the stakeholders and investors make improved assessments and decisions. Financial statements are presented according to the standards of accounting. Therefore, this research aims to investigate the influence of corporate governance, internal control system and company size on integrity of financial statements, as well as to prove the inconsistently findings from the prior studies. In this research, the corporate governance is proxied by independent commissioners and audit quality. The population used in this research is all state-owned enterprises listed on Indonesia Stock Exchange period 2019-2021. Purposive sampling technique was used, resulting a grand total of 108 observations. Using the multiple linear regression by SPSS 25 version, the results of this research reveal that internal control system and firm size have positive and significant influences on the integrity of financial statements while independent commissioners and audit quality do not have any significant influences on the integrity of financial statements.

Green finance and ESG performance: A quasi-natural experiment on the influence of green financing pilot zones

Environmental, Social, and Governance (ESG) performance are major elements of green finance policies. It effectively aligns the financial incentives with the sustainable development goals. This study focuses on how green financing policies affect green innovation and business environmental performance. This study uses the difference-in-differences model to examine how green finance policy affects the ESG performance of enterprises. The results show that companies in economically better-developed pilot zones, state-owned enterprises (SOEs), and those with fewer financial limitations drive more robust ESG performance based on the triple differences technique. The pilot program improves ESG performance despite tightening budgetary restrictions based on mechanism analysis. Thus, green finance policy positively impacts ESG performance, having better performance in state-owned enterprises (SOEs) in China. Policymakers should prioritize targeted green finance policies to boost ESG performance and support maximum environmental impacts.

The Impact of Investor Sentiment on Corporate Financial Decision-making: Taking New Media Platforms as an Example

In accordance with the theory of asymmetry, this article studies the impact of investor sentiment on the proportion of corporate accounts receivable. During the research process, 2617 listed companies in the Shanghai and Shenzhen A-share markets from 2011 to 2022 were selected as samples. The article constructs a multiple regression model, selects investor sentiment as the core explanatory variable, accounts receivable ratio as the dependent variable, and adds revenue growth rate, largest shareholder shareholding ratio, price to book ratio, and cash flow ratio as control variables. Descriptive statistics, analysis of Correlation, test of collinearity, analysis of regression, test of heterogeneity, and analysis of robustness are used to explore the financial indicators and financial decisions of enterprises; Research has indicated that a negative correlation exists between investor sentiment and the proportion of corporate accounts receivable. Meanwhile, there are also certain differences between state-owned enterprises and non-state-owned enterprises. Based on this, this article proposes relevant improvement suggestions for enterprises, investors, and regulatory authorities, which will help facilitate the healthy and stable development of the capital market.

Digital Transformation and Enterprise Financialization: The Role of Operating Capacity

Digital Transformation (DT) is a new business model developed by adopting digital technologies. DT creates opportunities for enterprises to gain and collect information on operations for visible analysis. Due to the benefits of DT as well as the harms of Enterprise Financialization (EF), the impact of DT on EF and its mechanism are worthy of further investigation. In this paper, Chinese public enterprise observations of the panel data from 2011 to 2020 are adopted to investigate the impact and the mechanism of DT on EF. The results show that DT can restrain EF through enhancing Operating Capacity (OC). More specifically, this effect is much more pronounced in state-owned enterprises (SOEs), start-up enterprises, and board minor-size enterprises. The findings provide contributions for digital transformation policy enactment as well as suggestions for enterprises to improve OC and reduce EF tendencies.

Transforming Workforce Dynamics: The Role of Remote Work Flexibility, Technological Adoption, and Employee Wellbeing on Productivity of State Owned Enterprise Employee

This study examines the impact of remote work flexibility, technological adoption, and employee wellbeing on the productivity of employees in state-owned enterprises (SOEs). In response to shifting workplace dynamics, SOEs have increasingly implemented flexible work arrangements and digital tools, prompting the need to evaluate how these factors influence employee performance. Using a quantitative research approach, data were collected from 400 employees across various SOEs in Indonesia. The analysis, conducted using multiple linear regression, revealed that technological adoption significantly enhances employee productivity, followed by remote work flexibility and employee wellbeing. Findings also highlight challenges such as digital infrastructure limitations and the need for more comprehensive wellbeing programs. The study contributes to existing literature by providing insights into how SOEs can optimize workforce productivity through flexible work policies, digital transformation, and employee wellbeing initiatives. Practical recommendations for overcoming identified barriers are discussed, offering a roadmap for SOEs to enhance employee performance in a rapidly evolving work environment.

Economic Program Policy BUMNIn Increasing Economic Growth In Indonesia

Economic program policies towards state-owned enterprises (BUMN) in economic growth in Indonesia have become commonplace in various countries. The main reason for implementing economic program policies is to improve and streamline the performance of BUMN so that it can achieve its founding targets, namely the provision of public services for the community and profits for the state. However, this policy is often rejected due to concerns that the role of the state is minimal and the role of the private sector is too dominant, which refers to a free market system so that the interests of society are not guaranteed. The method used in this research is qualitative research with a descriptive-analysis method using relevant secondary data and normative/literature assessment using a statutory approach and a conceptual approach. The aim of this research is to provide a comprehensive understanding of economic program policies by BUMN in Indonesia, both from a historical perspective and applicable positive law. The research object is BUMN (State-Owned Enterprises). This research concludes that the majority of listed BUMNs are able to improve business performance and profit generation. Economic programs are not the only solution for state company management, but they must always be able to reform and innovate in terms of future BUMN business strategies.

Does government transparency promote firm innovation? Evidence from China

ABSTRACT This study investigates the relationship between government transparency and firm innovation, exploring the mechanisms through which government transparency influences firm innovation using Chinese provincial-level and firm-level data from 2013 to 2020. The findings reveal a significant positive association between government transparency and both firm innovation input and output. Mechanism analysis suggests that government transparency enhances firm innovation by fostering improvements in the regional institutional environment. Furthermore, the study identifies heterogeneity in the effects, indicating that state-owned enterprises (SOEs) and high-tech firms derive greater benefits from government transparency. This research contributes to the existing literature by addressing the role of government transparency in promoting firm innovation and offers valuable insights for practical applications.

The relationship between ESG ratings and digital technological innovation in manufacturing: Insights via dual machine learning models

In the era of the current scientific and technological revolution and industrial transformation, digital technology innovation serves as a critical driver for the high-quality development of manufacturing enterprises. The dual attributes of ESG (Environmental, Social, and Governance) ratings, encompassing "internal governance" and "external support," play a pivotal role in propelling digital technology innovation within these enterprises. This study utilizes a dual machine learning approach to empirically investigate the influence of ESG ratings on the digital technology innovation of manufacturing enterprises and explores the underlying mechanisms. Findings indicate that ESG ratings significantly boost digital technology innovation by alleviating financial market constraints, enhancing customer stability in the product market, elevating human resource levels, and increasing innovation awareness and efficiency. These improvements occur through the mechanisms of "external support" and "internal governance." Moreover, the study reveals that ESG ratings substantially enhance digital technology innovation in state-owned and high-tech manufacturing enterprises, in contrast to their limited impact on non-state-owned and non-high-tech counterparts. Conclusively, the paper proposes policy recommendations focused on heightening enterprise and societal awareness of ESG importance, intensifying supervision and enforcement, and refining the ESG rating system.