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題名 國有企業與公司績效：發展中國家的觀察
State-owned enterprise and firm performance: evidence from developing countries
作者 陳政宜
Chen, Jheng-yi
貢獻者 蔡宗漢
Tsai, Tsung-han
陳政宜
Chen, Jheng-yi
關鍵詞 國有企業
公司績效
State-owned enterprise
Firm performance
日期 2017
上傳時間 11-Jul-2017 12:03:29 (UTC+8)
摘要 有些論點認為政府與企業是對立的兩個實體，但是國家資本主義與國有企業的學術討論挑戰這樣的觀點。因為2008年金融危機，以及中國大陸的崛起，使得國有企業重新成為一項重要的議題。多數學術文獻皆同意國家資本主義就是，政府為了其政治目的，而透過不同的管道介入市場運作。
     
     然而，多數研究將焦點放在中國大陸與巴西的發展，比較少有研究提及其他發展中國家。除此之外，我們對於國有企業績效的差異來源，仍然沒有共識。
     
     本文將討論發展中國家的國有企業與其績效成因之間的關係。透過國家層次與公司層次的資料，並藉由多層次模型，討論發展中國家的國有企業。
參考文獻 Acemoglu, Daron, James A Robinson and Dan Woren. 2012. Why Nations Fail: The Origins of Power, Prosperity and Poverty. Vol. 4 SciELO Chile.
     Agrawal, Anup and Gershon N Mandelker. 1990. “Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments.” Journal of Financial and Quantitative analysis 25(02): 143–161.
     Aguilera, Ruth V, Javier Capapé and Javier Santiso. 2016. “Sovereign Wealth Funds: A
     Strategic Governance View.” The Academy of Management Perspectives 30(1): 5–23.
     Aligica, Paul Dragos and Vlad Tarko. 2012. “State Capitalism and the Rent-Seeking Conjecture.” Constitutional Political Economy 23(4): 357–379.
     Arocena, Pablo and Diana Oliveros. 2012. “The Efficiency of State-Owned and Privatized Firms: Does Ownership Make a Difference?” International Journal of Production Economics 140(1): 457–465.
     Berg, Andrew, Jonathan D Ostry and Jeromin Zettelmeyer. 2012. “What Makes Growth Sustained?” Journal of Development Economics 98(2): 149–166.
     Bernard, Andrew B and J Bradford Jensen. 2004. “Why Some Firms Export.” Review of Economics and Statistics 86(2): 561–569.
     Bernard, Andrew B., J. Bradford Jensen, Stephen J. Redding and Peter K. Schott. 2007.
     “Firms in International Trade.” Journal of Economic Perspectives 21(3): 105–130.
     Bernard, Andrew B, Stephen J Redding and Peter K Schott. 2007. “Comparative Advantage and Heterogeneous Firms.” The Review of Economic Studies 74(1): 31–66.
     Boardman, Anthony E and Aidan R Vining. 1989. “Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises.” the Journal of Law and Economics 32(1): 1–33.
     Bremmer, Ian. 2008. “The Return of State Capitalism.” Survival 50(3): 55–64.
     Bremmer, Ian. 2009. “State Capitalism Comes of Age.” Foreign Affairs 88(3): 40–55.
     Bremmer, Ian. 2010. The End of the Free Market: Who Wins the War Between States and Corporations? Penguin.
     Bruton, Garry D, Mike W Peng, David Ahlstrom, Ciprian Stan and Kehan Xu. 2015. “State-Owned Enterprises around the World as Hybrid Organizations.” The Academy of Management Perspectives 29(1): 92–114.
     Carney, Michael, Eric Gedajlovic and Xiaohua Yang. 2009. “Varieties of Asian Capitalism: Toward an Institutional Theory of Asian Enterprise.” Asia Pacific Journal of Management 26(3): 361–380.
     Casanova, Lourdes and Julian Kassum. 2014. The Political Economy of an Emerging Global Power: In Search of the Brazil Dream. Springer.
     Caves, Richard E. 1996. Multinational Enterprise and Economic Analysis. Cambridge University Press.
     Chen, Donghua, Dequan Jiang, Alexander Ljungqvist, Haitian Lu and Mingming Zhou. 2015. “State Capitalism vs. Private Enterprise.” NBER Working Paper (w20930).
     Chen, Shimin, Zheng Sun, Song Tang and Donghui Wu. 2011. “Government Intervention and Investment Efficiency: Evidence from China.” Journal of Corporate Finance 17(2): 259–271.
     De Andres, Pablo, Valentin Azofra and Felix Lopez. 2005. “Corporate Boards in OECD
     Countries: Size, Composition, Functioning and Effectiveness.” Corporate Governance: An International Review 13(2): 197–210.
     Deaton, Angus. 2010. “Understanding the Mechanisms of Economic Development.” Journal of Economic Perspectives 24(3): 3–16.
     Doucouliagos, Hristos and Mehmet Ali Ulubasoglu. 2008. “Democracy and Economic Growth: A Meta-Analysis.” American Journal of Political Science 52(1): 61–83.
     Dunning, John H. 1998. “Location and the Multinational Enterprise: A Neglected Factor?” Journal of International Business Studies 29(1): 45–66.
     Dunning, John H and Sarianna M Lundan. 2008. Multinational Enterprises and the Global Economy. Edward Elgar Publishing.
     Engerman, Stanley L and Kenneth L Sokoloff. 2008. “Debating the Role of Institutions in Political and Economic Development: Theory, History, and Findings.” Annual Review of Political Science 11: 119–135.
     Erhardt, Niclas L, James D Werbel and Charles B Shrader. 2003. “Board of Director Diversity and Firm Financial Performance.” Corporate Governance: An International Review 11(2): 102–111.
     Faccio, Mara, Ronald W Masulis and John McConnell. 2006. “Political Connections and Corporate Bailouts.” The Journal of Finance 61(6): 2597–2635.
     Gelman, Andrew and Jennifer Hill. 2006. Data Analysis Using Regression and Multilevel/Hierarchical Models. Cambridge University Press.
     Goldeng, Eskil, Leo A Grünfeld and Gabriel RG Benito. 2008. “The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure.” Journal of Management Studies 45(7): 1244–1273.
     Goldstein, Andrea and Pavida Pananond. 2008. “Singapore Inc. Goes Shopping Abroad: Profits and Pitfalls.” Journal of Contemporary Asia 38(3): 417–438.
     Goodstein, Jerry, Kanak Gautam and Warren Boeker. 1994. “The Effects of Board Size and Diversity on Strategic Change.” Strategic Management Journal 15(3): 241–250.
     Gourevitch, Peter. 2008. “The Role of Politics in Economic Development.” Annual Review of Political Science 11: 137–159.
     Grosman, Anna, Ilya Okhmatovskiy and Mike Wright. 2016. “State Control and Corporate Governance in Transition Economies: 25 Years on from 1989.” Corporate Governance: An International Review 24(3): 200–221.
     Gu, Jing, Chuanhong Zhang, Alcides Vaz and Langton Mukwereza. 2016. “Chinese State Capitalism? Rethinking the Role of the State and Business in Chinese Development Cooperation in Africa.” World Development 81: 24–34.
     Haggard, Stephan, Andrew MacIntyre and Lydia Tiede. 2008. “The Rule of Law and Economic Development.” Annual Review of Political Science 11: 205–234.
     Haggard, Stephan and Lydia Tiede. 2011. “The Rule of Law and Economic Growth: Where are We?” World Development 39(5): 673–685.
     Haley, Usha CV and George T Haley. 2013. Subsidies to Chinese Industry: State Capitalism, Business Strategy, and Trade Policy. Oxford University Press.
     Huat, Chua Beng. 2015. “State-Owned Enterprises, State Capitalism and Social Distribution in Singapore.” The Pacific Review pp. 1–23.
     Huson, Mark R, Robert Parrino and Laura T Starks. 2001. “Internal Monitoring Mechanisms and CEO Turnover: A long-Term Perspective.” The Journal of Finance 56(6): 2265–2297.
     Inoue, Carlos FKV, Sergio G Lazzarini and Aldo Musacchio. 2013. “Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases.” Academy of Management Journal 56(6): 1775–1801.
     Jensen, Michael C. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems.” Journal of Finance 48(3): 831–880.
     Jensen, Michael C and William H Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3(4): 305–360.
     Kang, Young-Sam and Byung-Yeon Kim. 2012. “Ownership Structure and Firm Performance: Evidence from the Chinese Corporate Reform.” China Economic Review 23(2): 471–481.
     Krugman, Paul. 1995. “Increasing Returns, Imperfect Competition and the Positive Theory of International Trade.” Handbook of International Economics 3: 1243–1277.
     Krugman, Paul R., Maurice Obstfeld and Marc J. Melitz. 2014. International Economics: Theory and Policy. Pearson Education India.
     Lazzarini, Sergio Giovanetti and Aldo Musacchio. 2015. State Ownership and Firm-Level Performance. In Academy of Management Proceedings. Vol. 2015 Academy of Management p. 14457.
     Le, Trien and Amon Chizema. 2011. “State Ownership and Firm Performance: Evidence from Chinese Listed Firms.” Organizations & Markets in Emerging Economies 2(2).
     Li, Xi, Xuewen Liu and Yong Wang. 2015. “A Model of China’s State Capitalism.” Available at SSRN 2061521.
     Lin, Li-wen and Curtis J Milhaupt. 2013. “We Are the (National) Champions: Understanding the Mechanisms of State Capitalism in China.” Stanford Law Review 65(4): 697.
     Malesky, Edmund and Jonathan London. 2014. “The Political Economy of Development in China and Vietnam.” Annual Review of Political Science 17: 395–419.
     McConnell, John J and Henri Servaes. 1990. “Additional Evidence on Equity Ownership and Corporate Value.” Journal of Financial Economics 27(2): 595–612.
     Meckling, Jonas, Bo Kong and Tanvi Madan. 2015. “Oil and State Capitalism: Government-Firm Coopetition in China and India.” Review of International Political Economy 22(6): 1159–1187.
     Megginson, William L and Jeffry M Netter. 2001. “From State to Market: A survey of
     Empirical Studies on Privatization.” Journal of Economic Literature 39(2): 321–389.
     Melitz, Marc J. 2003. “The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity.” Econometrica 71(6): 1695–1725.
     Melitz, Marc J. and Stephen J Redding. 2014. Heterogeneous Firms and Trade. In Handbook of International Economics, 4th ed, ed. Gita Gopinath, Elhanan Helpman and Ken Rogoff. Vol. 4 Elsevier pp. 1–54.
     Miller, Gary J. 2005. “The Political Evolution of Principal-Agent Models.” Annual Review of Political Science 8: 203–225.
     Musacchio, Aldo and Sergio G Lazzarini. 2014. Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Harvard University Press.
     Musacchio, Aldo, Sergio G Lazzarini and Ruth V Aguilera. 2015. “New Varieties of State Capitalism: Strategic and Governance Implications.” The Academy of Management Perspectives 29(1): 115–131.
     Nölke, Andreas. 2014. Multinational Corporations from Emerging Markets: State Capitalism 3.0. Springer.
     Nunn, Nathan. 2009. “The Importance of History for Economic Development.” Annual Review of Economics 1(1): 65–92.
     Oatley, Thomas H and Pearson Education. 2012. International Political Economy. Longman Boston.
     Peng, Mike W, Garry D Bruton, Ciprian V Stan and Yuanyuan Huang. 2016. “Theories of the (State-Owned) Firm.” Asia Pacific Journal of Management 33(2): 293–317.
     Rosenzweig, Mark R. 2010. “Microeconomic Approaches to Development: Schooling, Learning, and Growth.” Journal of Economic Perspectives 24(3): 81–96.
     Singh, Manohar and Wallace N Davidson III. 2003. “Agency Costs, Ownership Structure and Corporate Governance Mechanisms.” Journal of Banking & Finance 27(5): 793–816.
     Song, Zheng, Kjetil Storesletten and Fabrizio Zilibotti. 2011. “Growing Like China.” American Economic Review 101(1): 196–233.
     Tsai, Chung-min. 2015. “The Historical Development and Theoretical Evolution of State Capitalism.” Taiwan Political Science Review 19(2): 7–39.
     Vernon, Raymond. 1979. “The Product Cycle Hypothesis in a New International Environment.” Oxford bulletin of Economics and Statistics 41(4): 255–267.
     Yeaple, Stephen Ross. 2013. “The Multinational Firm.” Annual Review of Economics 5(1): 193–217.
     Yermack, David. 1996. “Higher Market Valuation of Companies with A Small Board of
     Directors.” Journal of Financial Economics 40(2): 185–211.
     Yu, Mei. 2013. “State Ownership and Firm Performance: Empirical Evidence from Chinese Listed Companies.” China Journal of Accounting Research 6(2): 75–87.
描述 碩士
國立政治大學
政治學系
103252005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103252005
資料類型 thesis
dc.contributor.advisor 蔡宗漢zh_TW
dc.contributor.advisor Tsai, Tsung-hanen_US
dc.contributor.author (Authors) 陳政宜zh_TW
dc.contributor.author (Authors) Chen, Jheng-yien_US
dc.creator (作者) 陳政宜zh_TW
dc.creator (作者) Chen, Jheng-yien_US
dc.date (日期) 2017en_US
dc.date.accessioned 11-Jul-2017 12:03:29 (UTC+8)-
dc.date.available 11-Jul-2017 12:03:29 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2017 12:03:29 (UTC+8)-
dc.identifier (Other Identifiers) G0103252005en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/110848-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 政治學系zh_TW
dc.description (描述) 103252005zh_TW
dc.description.abstract (摘要) 有些論點認為政府與企業是對立的兩個實體，但是國家資本主義與國有企業的學術討論挑戰這樣的觀點。因為2008年金融危機，以及中國大陸的崛起，使得國有企業重新成為一項重要的議題。多數學術文獻皆同意國家資本主義就是，政府為了其政治目的，而透過不同的管道介入市場運作。
     
     然而，多數研究將焦點放在中國大陸與巴西的發展，比較少有研究提及其他發展中國家。除此之外，我們對於國有企業績效的差異來源，仍然沒有共識。
     
     本文將討論發展中國家的國有企業與其績效成因之間的關係。透過國家層次與公司層次的資料，並藉由多層次模型，討論發展中國家的國有企業。		zh_TW
dc.description.tableofcontents 1 Introduction 7
     2 Literature Review: Firm Performance 8
     3 Globalization of Enterprises 10
     3.1 From Domestic Operations to International Operations 10
     3.2 International Trade 10
     3.3 Foreign Direct Investment 11
     4 State-owned Enterprises 12
     4.1 Government Intervention 12
     4.2 When Governments as Owners: State Capitalism and State-owned Enterprises 12
     4.3 Varieties of State Capitalism 14
     4.4 State-owned Enterprises in Developing Countries 15
     5 Research Method and Data 18
     5.1 Dependent Variables 18
     5.2 Independent Variables 18
     5.3 Control Variables 19
     5.3.1 Firm-Level 19
     5.3.2 State-Level 20
     5.4 Research Method: Multilevel Modelling 21
     6 Results and Discussion 23
     7 Conclusion 35
     8 Appendix 43		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103252005en_US
dc.subject (關鍵詞) 國有企業zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) State-owned enterpriseen_US
dc.subject (關鍵詞) Firm performanceen_US
dc.title (題名) 國有企業與公司績效：發展中國家的觀察zh_TW
dc.title (題名) State-owned enterprise and firm performance: evidence from developing countriesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Acemoglu, Daron, James A Robinson and Dan Woren. 2012. Why Nations Fail: The Origins of Power, Prosperity and Poverty. Vol. 4 SciELO Chile.
     Agrawal, Anup and Gershon N Mandelker. 1990. “Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments.” Journal of Financial and Quantitative analysis 25(02): 143–161.
     Aguilera, Ruth V, Javier Capapé and Javier Santiso. 2016. “Sovereign Wealth Funds: A
     Strategic Governance View.” The Academy of Management Perspectives 30(1): 5–23.
     Aligica, Paul Dragos and Vlad Tarko. 2012. “State Capitalism and the Rent-Seeking Conjecture.” Constitutional Political Economy 23(4): 357–379.
     Arocena, Pablo and Diana Oliveros. 2012. “The Efficiency of State-Owned and Privatized Firms: Does Ownership Make a Difference?” International Journal of Production Economics 140(1): 457–465.
     Berg, Andrew, Jonathan D Ostry and Jeromin Zettelmeyer. 2012. “What Makes Growth Sustained?” Journal of Development Economics 98(2): 149–166.
     Bernard, Andrew B and J Bradford Jensen. 2004. “Why Some Firms Export.” Review of Economics and Statistics 86(2): 561–569.
     Bernard, Andrew B., J. Bradford Jensen, Stephen J. Redding and Peter K. Schott. 2007.
     “Firms in International Trade.” Journal of Economic Perspectives 21(3): 105–130.
     Bernard, Andrew B, Stephen J Redding and Peter K Schott. 2007. “Comparative Advantage and Heterogeneous Firms.” The Review of Economic Studies 74(1): 31–66.
     Boardman, Anthony E and Aidan R Vining. 1989. “Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises.” the Journal of Law and Economics 32(1): 1–33.
     Bremmer, Ian. 2008. “The Return of State Capitalism.” Survival 50(3): 55–64.
     Bremmer, Ian. 2009. “State Capitalism Comes of Age.” Foreign Affairs 88(3): 40–55.
     Bremmer, Ian. 2010. The End of the Free Market: Who Wins the War Between States and Corporations? Penguin.
     Bruton, Garry D, Mike W Peng, David Ahlstrom, Ciprian Stan and Kehan Xu. 2015. “State-Owned Enterprises around the World as Hybrid Organizations.” The Academy of Management Perspectives 29(1): 92–114.
     Carney, Michael, Eric Gedajlovic and Xiaohua Yang. 2009. “Varieties of Asian Capitalism: Toward an Institutional Theory of Asian Enterprise.” Asia Pacific Journal of Management 26(3): 361–380.
     Casanova, Lourdes and Julian Kassum. 2014. The Political Economy of an Emerging Global Power: In Search of the Brazil Dream. Springer.
     Caves, Richard E. 1996. Multinational Enterprise and Economic Analysis. Cambridge University Press.
     Chen, Donghua, Dequan Jiang, Alexander Ljungqvist, Haitian Lu and Mingming Zhou. 2015. “State Capitalism vs. Private Enterprise.” NBER Working Paper (w20930).
     Chen, Shimin, Zheng Sun, Song Tang and Donghui Wu. 2011. “Government Intervention and Investment Efficiency: Evidence from China.” Journal of Corporate Finance 17(2): 259–271.
     De Andres, Pablo, Valentin Azofra and Felix Lopez. 2005. “Corporate Boards in OECD
     Countries: Size, Composition, Functioning and Effectiveness.” Corporate Governance: An International Review 13(2): 197–210.
     Deaton, Angus. 2010. “Understanding the Mechanisms of Economic Development.” Journal of Economic Perspectives 24(3): 3–16.
     Doucouliagos, Hristos and Mehmet Ali Ulubasoglu. 2008. “Democracy and Economic Growth: A Meta-Analysis.” American Journal of Political Science 52(1): 61–83.
     Dunning, John H. 1998. “Location and the Multinational Enterprise: A Neglected Factor?” Journal of International Business Studies 29(1): 45–66.
     Dunning, John H and Sarianna M Lundan. 2008. Multinational Enterprises and the Global Economy. Edward Elgar Publishing.
     Engerman, Stanley L and Kenneth L Sokoloff. 2008. “Debating the Role of Institutions in Political and Economic Development: Theory, History, and Findings.” Annual Review of Political Science 11: 119–135.
     Erhardt, Niclas L, James D Werbel and Charles B Shrader. 2003. “Board of Director Diversity and Firm Financial Performance.” Corporate Governance: An International Review 11(2): 102–111.
     Faccio, Mara, Ronald W Masulis and John McConnell. 2006. “Political Connections and Corporate Bailouts.” The Journal of Finance 61(6): 2597–2635.
     Gelman, Andrew and Jennifer Hill. 2006. Data Analysis Using Regression and Multilevel/Hierarchical Models. Cambridge University Press.
     Goldeng, Eskil, Leo A Grünfeld and Gabriel RG Benito. 2008. “The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure.” Journal of Management Studies 45(7): 1244–1273.
     Goldstein, Andrea and Pavida Pananond. 2008. “Singapore Inc. Goes Shopping Abroad: Profits and Pitfalls.” Journal of Contemporary Asia 38(3): 417–438.
     Goodstein, Jerry, Kanak Gautam and Warren Boeker. 1994. “The Effects of Board Size and Diversity on Strategic Change.” Strategic Management Journal 15(3): 241–250.
     Gourevitch, Peter. 2008. “The Role of Politics in Economic Development.” Annual Review of Political Science 11: 137–159.
     Grosman, Anna, Ilya Okhmatovskiy and Mike Wright. 2016. “State Control and Corporate Governance in Transition Economies: 25 Years on from 1989.” Corporate Governance: An International Review 24(3): 200–221.
     Gu, Jing, Chuanhong Zhang, Alcides Vaz and Langton Mukwereza. 2016. “Chinese State Capitalism? Rethinking the Role of the State and Business in Chinese Development Cooperation in Africa.” World Development 81: 24–34.
     Haggard, Stephan, Andrew MacIntyre and Lydia Tiede. 2008. “The Rule of Law and Economic Development.” Annual Review of Political Science 11: 205–234.
     Haggard, Stephan and Lydia Tiede. 2011. “The Rule of Law and Economic Growth: Where are We?” World Development 39(5): 673–685.
     Haley, Usha CV and George T Haley. 2013. Subsidies to Chinese Industry: State Capitalism, Business Strategy, and Trade Policy. Oxford University Press.
     Huat, Chua Beng. 2015. “State-Owned Enterprises, State Capitalism and Social Distribution in Singapore.” The Pacific Review pp. 1–23.
     Huson, Mark R, Robert Parrino and Laura T Starks. 2001. “Internal Monitoring Mechanisms and CEO Turnover: A long-Term Perspective.” The Journal of Finance 56(6): 2265–2297.
     Inoue, Carlos FKV, Sergio G Lazzarini and Aldo Musacchio. 2013. “Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases.” Academy of Management Journal 56(6): 1775–1801.
     Jensen, Michael C. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems.” Journal of Finance 48(3): 831–880.
     Jensen, Michael C and William H Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3(4): 305–360.
     Kang, Young-Sam and Byung-Yeon Kim. 2012. “Ownership Structure and Firm Performance: Evidence from the Chinese Corporate Reform.” China Economic Review 23(2): 471–481.
     Krugman, Paul. 1995. “Increasing Returns, Imperfect Competition and the Positive Theory of International Trade.” Handbook of International Economics 3: 1243–1277.
     Krugman, Paul R., Maurice Obstfeld and Marc J. Melitz. 2014. International Economics: Theory and Policy. Pearson Education India.
     Lazzarini, Sergio Giovanetti and Aldo Musacchio. 2015. State Ownership and Firm-Level Performance. In Academy of Management Proceedings. Vol. 2015 Academy of Management p. 14457.
     Le, Trien and Amon Chizema. 2011. “State Ownership and Firm Performance: Evidence from Chinese Listed Firms.” Organizations & Markets in Emerging Economies 2(2).
     Li, Xi, Xuewen Liu and Yong Wang. 2015. “A Model of China’s State Capitalism.” Available at SSRN 2061521.
     Lin, Li-wen and Curtis J Milhaupt. 2013. “We Are the (National) Champions: Understanding the Mechanisms of State Capitalism in China.” Stanford Law Review 65(4): 697.
     Malesky, Edmund and Jonathan London. 2014. “The Political Economy of Development in China and Vietnam.” Annual Review of Political Science 17: 395–419.
     McConnell, John J and Henri Servaes. 1990. “Additional Evidence on Equity Ownership and Corporate Value.” Journal of Financial Economics 27(2): 595–612.
     Meckling, Jonas, Bo Kong and Tanvi Madan. 2015. “Oil and State Capitalism: Government-Firm Coopetition in China and India.” Review of International Political Economy 22(6): 1159–1187.
     Megginson, William L and Jeffry M Netter. 2001. “From State to Market: A survey of
     Empirical Studies on Privatization.” Journal of Economic Literature 39(2): 321–389.
     Melitz, Marc J. 2003. “The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity.” Econometrica 71(6): 1695–1725.
     Melitz, Marc J. and Stephen J Redding. 2014. Heterogeneous Firms and Trade. In Handbook of International Economics, 4th ed, ed. Gita Gopinath, Elhanan Helpman and Ken Rogoff. Vol. 4 Elsevier pp. 1–54.
     Miller, Gary J. 2005. “The Political Evolution of Principal-Agent Models.” Annual Review of Political Science 8: 203–225.
     Musacchio, Aldo and Sergio G Lazzarini. 2014. Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Harvard University Press.
     Musacchio, Aldo, Sergio G Lazzarini and Ruth V Aguilera. 2015. “New Varieties of State Capitalism: Strategic and Governance Implications.” The Academy of Management Perspectives 29(1): 115–131.
     Nölke, Andreas. 2014. Multinational Corporations from Emerging Markets: State Capitalism 3.0. Springer.
     Nunn, Nathan. 2009. “The Importance of History for Economic Development.” Annual Review of Economics 1(1): 65–92.
     Oatley, Thomas H and Pearson Education. 2012. International Political Economy. Longman Boston.
     Peng, Mike W, Garry D Bruton, Ciprian V Stan and Yuanyuan Huang. 2016. “Theories of the (State-Owned) Firm.” Asia Pacific Journal of Management 33(2): 293–317.
     Rosenzweig, Mark R. 2010. “Microeconomic Approaches to Development: Schooling, Learning, and Growth.” Journal of Economic Perspectives 24(3): 81–96.
     Singh, Manohar and Wallace N Davidson III. 2003. “Agency Costs, Ownership Structure and Corporate Governance Mechanisms.” Journal of Banking & Finance 27(5): 793–816.
     Song, Zheng, Kjetil Storesletten and Fabrizio Zilibotti. 2011. “Growing Like China.” American Economic Review 101(1): 196–233.
     Tsai, Chung-min. 2015. “The Historical Development and Theoretical Evolution of State Capitalism.” Taiwan Political Science Review 19(2): 7–39.
     Vernon, Raymond. 1979. “The Product Cycle Hypothesis in a New International Environment.” Oxford bulletin of Economics and Statistics 41(4): 255–267.
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