We primarily review the historical development of corporate governance in China after country opened up to outside world early 1980s. Besides introduction major progresses practice, we illustrate several key policies with distinct Chinese characteristics that have been implemented more recent years, along their practical consequences. It is also outlined improvement and capital market reforms supplement each other rapid economic growth China. By analyzing relevant statistical data...

Abstract We provide a new reason for Bertrand‐Cournot profit reversal. In symmetric oligopoly, we show that firms get higher profits under Bertrand competition compared to Cournot non‐commitment process innovation if the products are sufficiently differentiated and there is positive knowledge spillover. As number of increases, degree product differentiation over which can increase. Higher outputs generate R&D investments former than latter, responsible our result.

ABSTRACTThis paper explores the impacts of an upstream monopoly's social concerns in vertically related markets. Our study shows that CSR leads to improvement welfare, regardless downstream market competition mode. However, are more significant under Cournot than Bertrand competition. Moreover, monopoly with has a stronger incentive pass on cost savings downwards benefit consumers. Despite these advantages, being socially responsible does not pay off for monopolies. Therefore, economic...

Abstract This paper analyzes the impacts of downstream CSR on upstream tacit collusion. Considering an infinitely repeated game with trigger strategy punishment, we find that how consumer‐oriented affects stability collusion basically hinges competition modes. Specifically, behavior facilitates (hinders) under quantity (price) competition. For given degree and product substitutability, is always less stable price In addition, higher substitutability obstructs collusion, regardless mode.

Abstract We adopt a mixed oligopoly model, where state‐owned welfare‐maximizing public firm competes with profit‐maximizing private firm, to compare the welfare effects of specific and ad valorem tax in presence shadow cost funds. Following assumption most previous literature that total output is constant under taxation, we find that, when funds exists, policy must be adjusted according privatization level firm; if low (medium, high), government needs (specific, valorem) tax. Moreover, will...

We delve into whether the equalization of basic public services can mitigate regional disparities in China’s economic resilience. Our analysis reveals that COVID-19 has diminished resilience and exacerbated differences. Notably, these constitute primary cause spatial variations Despite initially low level Chinese cities, there is a discernible upward trend, indicating gradual narrowing disparities. Furthermore, we uncover substantial positive correlation between resilience, thereby offering...

In this study, we explored the repercussions of contemporary health pandemics on dividend policies. We examined 115,393 firm-year observations spanning 39 countries and 6 notable pandemics: SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), Zika (2016), COVID-19 (2020–2021). Our analysis revealed a significant positive impact The robustness results was verified using analytical methods. conclusions remained stable even after accounting for endogeneity concerns by employing two-stage least...

Abstract In importing trade model, Cournot competition occurs between domestic semi‐public and foreign firms in market; the government implements specific/ad valorem tariff. We examine welfare effect of tariff simplification. Under general demand function, when are more efficient than with low/high privatization, simplification hurts/benefits country. When less medium hurts country; else, it benefits adopts optimal rate firms, privatization increases after

In this paper, we set up a mixed duopoly competition model between state-owned and private firms in order to compare specific ad valorem taxes. Assuming that the total output under taxation remains unchanged, find if public firm is completely privatised, of two tax schemes will be same. If not greater than taxation. pure local one, social benefits same schemes. However, joint venture involves domestic foreign entities, welfare

Although common belief is that welfare higher under Bertrand competition compared to Cournot competition, we show this may not be the case in presence of passive cross-ownership, which widely observed real world. In a symmetric duopoly, while profits are consumer surplus and if manager firm gives more weights rival firm’s operating profit than its own profit.

Reasonable assessments of the impact information infrastructure construction on entrepreneurship will support development digital economy in China. Using nationwide data from 2005 to 2017, this paper analyzes causal effect “Broadband China” pilot policy based a difference-in-differences approach. We find that significantly enhances entrepreneurship, which is robust under different settings. A mechanism exploration suggests constructing benefits acquisition, knowledge spillovers, and...