The Policy Effects of the Environmental Governance of Chinese Local Governments: A Study Based on the Progress of the River Chief System
In: Social sciences in China, Band 41, Heft 3, S. 87-105
ISSN: 1940-5952
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In: Social sciences in China, Band 41, Heft 3, S. 87-105
ISSN: 1940-5952
In: China political economy, Band 1, Heft 2, S. 219-240
ISSN: 2516-1652
Purpose
The purpose of this paper is to comprehensively examine the influence of formal and informal institutional differences on enterprise investment margin, mode and result.
Design/methodology/approach
This paper is based on 2,440 micro samples of large-scale outbound investment from 609 Chinese enterprises from the years 2005 to 2016.
Findings
The study has found that formal institutional differences have little impact on investment scale, but significantly affect investment diversification. In order to avoid the management risks brought by formal institutional differences, enterprises tend to a full ownership structure. However, the choice between greenfield investment and cross-border mergers and acquisitions is not affected by formal institutional differences. In contrast, the impact of informal institutional differences is more extensive. Both formal and informal institutional differences significantly increase the probability of investment failure. Further research found that the Belt and Road Initiative (BRI) bridges the formal institutional differences.
Originality/value
The study concludes that developing the BRI, especially cultural exchanges with countries alongside the Belt and Road, will help enterprises to "go global" faster and better.
In: Journal of international trade & economic development: an international and comparative review, Band 25, Heft 3, S. 426-451
ISSN: 1469-9559
In: ASIECO-D-22-00106
SSRN
In: China economic review, Band 61, S. 101224
ISSN: 1043-951X
SSRN
Working paper