This paper documents the significant role of ECNs in forming the inside market in NASDAQ securities. We argue that the ECNs need to be exposed to market orders through the SOES system.

The Chinese economy has undergone three major phases: the 1978-97 period marked as the SOE-led economy, the 1998-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government financial policies, defined as a set of...

This paper's aim is to provide a different standpoint in the development debate, by focusing on the short-sightedness of the international institutions when they propose a development agenda. Focusing on macroeconomic performance and on privatisation, they have found a solution in PPPs, which...

State-owned enterprises (SOEs) play a key role in the economy of many countries. They are usually thought to be in charge of increasing social welfare. At the same time, their relatively low performance poses several problems, including slowing down economic growth. This effect is especially...

Based on the need for balance between autonomy and accountability in the management model of public institutions, an active discussion is needed for improvement of the evaluation system. A comprehensive control structure for better performance needs a smart evaluation system. However, from the...

This paper focuses on the relationship between corporate governance and corporate performance by initial public offerings (IPOs) of Kazakhstan state-owned enterprises (SOEs) in the transition economies of Central Asia. It argues that privatization (i.e., IPO) has different effects depending on...

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises (SOEs), this paper systematically reviews the literature on the independence and governance effect of SOE boards. We find that the governance effect of SOE boards is...

Agencies can reduce problems by adopting a governance structure of multiple large shareholders. However, multiple large shareholders may collude, thereby reducing the behavior that can create long-term value for the company. This paper uses a sample of companies listed on the Shenzhen and...