In this paper, we investigate the innovative efficiency of SOEs in China. Innovative efficiency refers to output of patents per dollar spending of R&D expenditure. The data indicate that minority SOEs are substantially more innovatively efficient than nonSOEs and majority SOEs. The relative...

The conventional wisdom is that state ownership may hinder patenting through reduced incentives and pronounced agency problems associated with state-owned enterprises (SOEs). Empirical evidence from a variety of contexts, including the U.S., Europe, and China, is consistent with this view, that...

We examine whether political connections influence the public procurement award decisions made by government bodies of countries across the globe. We find that politically connected firms are more likely to receive government contracts and receive larger value contracts. Financial market and...

Following the financial crisis and recent recession, the center of gravity of global economic growth and competitiveness is shifting toward emerging economies. As a leading and increasingly influential emerging economy, China is currently attracting the attention of academics, practitioners, and...

This study examines the impact of information environment in capital markets on a firm’s stakeholder paradigm. We integrate research on time horizons with stakeholder theory to unravel both the choice between shareholder diagram and stakeholder diagram, and the choice between generic and...

This paper reviews the literature on corporate governance in extreme institutional environments, including both formal and informal institutions. We focus on three main areas of research: corporate governance in an international context, banking and corporate governance, and governance in...

We introduce the topic of this special issue on the “Role of Financial and Legal Institutions in International Governance”, with a particular emphasis on a notion of “international mobility of corporate governance”. Our discussion places the special issue at the intersection of law,...

This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers: advisors, custodians, administrators, and transfer agents. The data indicate outsourcing is less common among bank-managed funds, funds of leading groups, but more common among...

This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers: advisors, custodians, administrators, and transfer agents. The data indicates outsourcing is less common among bank-managed funds, funds of leading groups, but more common among...