Over the last three decades of the Chinese economic reform with a focus on the state-owned enterprises (SOEs) restructuring, one striking phenomenon is the rise of the mixed ownership enterprises (MOEs) in China. The objective of this thesis is to analyse the factors that can explain the emergence and the rise of the MOEs, to explore the corporate governance of the MOEs, and to assess the performance of the MOEs. The research finds that the unique experiments and practices of China’s SOEs reform in the past 30 years have formed the China Model of SOEs reform, China’s mixed ownership has its roots in the China Model. One major explanation to the rise of the MOEs is the synergy effect gained from the combination of the different advantages of both the private enterprises and the state enterprises. The private enterprises have better operational mechanisms and the state enterprises have better access to business resources and political support. The thesis has looked at 5 issues of the institutional arrangements of MOE’s corporate governance, named as the SCORE. It is found that the largest shareholder in most of the MOEs is still the state, but the control structure is not always corresponding to the shareholding structure, and the governmental intervention in the business of the MOEs has been reduced although the reduction is limited. The thesis shows that there is no noted relationship between corporate performance and mixed ownership, but the transfer of corporate controlling powers is very important for the ownership-transformed companies from whole ownership to mixed ownership to improve the performance. On this basis, the thesis argues that China needs to push forward the further commercialization of the corporate governance of the MOEs in the future

Using a unique dataset comprising information for (up to) 153 firms in the machine building sector in Belarus, we investigate the determinants of firm growth for an economy where state ownership of enterprises is widespread. We use panel data models based on generalizations of Gibrat's law, total factor productivity estimates and matching methods to assess the differences in firm growth between private and state-contolled firms. Our results indicate that labor hoarding and soft budget constraints play a particularly important role in explaining differences in performance between these two groups of firms.

This study examines how board diversity and characteristics of directors affect the financial and non-financial performance of Swedish state-owned enterprises (SOEs). SOEs are characterized by state ownership, goal complexity, governmental funding and control and are therefore typical examples of hybrid organizations that purse both commercial and political logics. The board of directors (BODs) of SOEs as representatives of the shareholder serve as corporate governance mechanism to control and monitor the organization to achieve financial and non-financial targets. Further, the boards should compose of directors with the appropriate competence and experience as well as integrity and ethical values to govern the challenges for hybrid organizations.Therefore, information of the BODs on Swedish SOEs are conducted regarding their educational background, professional experience, multiple appointments, tenure, gender diversity and age diversity, as well as the amount of state representatives. Financial performance was measured by using Return on Assets and Return on Equity, while non-financial performance was measured as the fulfillment of non-financial goals and the amount of reported and disclosed GRI standards. Our eight research hypothesizes are all based on prior research on corporate governance concerning board diversity and firm performance in both private as well as public organizations. Moreover, institutional logics and upper echelons theory are used to explain the effects of the diversity characteristics on corporate performance. All hypothesizes were rejected due to insignificant relationship. Even though a significant relationship was indicated between professional experience of the directors and financial performance, the hypothesis was rejected, since the relationship was the opposite of the expected.One of the reasons for these results can be that institutional logics and competing goals prevent the BODs from focus too strong on either financial or non-financial targets.

Black Economic Empowerment (BEE) has emerged as the premier policy instrument to redress the socio-economic inequalities created by the apartheid system in South Africa. BEE has evolved from a rudimentary concept that was casually coined outside government in the 1990s to being the policy instrument du jour of the post 1994 democratic dispensation. BEE has received critical attention culminating in its institutionalization through a BEE Council, an Act of Parliament, and a policy framework to facilitate its implementation. The institutionalization of this concept across government policy and practice settings, including, in particular, the government’s drive to restructure its enterprises, has accentuated BEE’s important role in the government’s reconstruction and development agenda. However, the evolution of BEE has not been a smooth journey. Its capacity and direction to respond to dire socio-economic demands has raised a deluge of questions and remarks, often negative, from many fronts. The purpose of this study is to critically examine the extent to which BEE produces the targeted results through its implementation via the restructuring of state owned enterprises (SOEs). What is also of significance is that the restructuring of SOEs and the implementation of BEE is occurring against a backdrop of a conspicuous neo-liberal drive. Whilst setting the scene with a theoretical background to the South African economy before and after 1994, the practical focus of this study is limited to the implementation of BEE using Eskom, an SOE, as a case study. Just as this study indicates a successful implementation of BEE through Eskom, questions remain as to how much widespread the benefits have been amongst the targeted previously marginalized black majority.

A governança corporativa é composta por diferentes mecanismos que visam minimizar os problemas advindos da relação de agência, estabelecida a partir da separação entre a propriedade e o controle das empresas. Nessa relação, os proprietários, ou principais, passaram a delegar a autoridade para a tomada de decisão aos gestores, ou agentes. No entanto, à medida que os interesses próprios dos gestores entram em conflito com os interesses dos proprietários das empresas, se faz necessária a implementação de mecanismos para monitorar tais agentes, a fim de garantir a tomada de decisão adequada para os negócios. No caso das empresas de controle estatal, além dos conflitos de agência, existem os problemas advindos da pressão política exercida sobre a administração, além dos conflitos no estabelecimento dos objetivos de tais empresas. Nesse sentido, as incertezas que cercam as estatais poderiam ser minimizadas através das boas práticas de governança corporativa, que promoveriam maior monitoramento e transparência. Portanto, a governança corporativa promove a tomada de melhores decisões, o uso de controles mais adequados, além da diminuição do custo de capital. Sendo assim, tais fatores poderiam impactar positivamente o desempenho das empresas que adotarem boas práticas de governança corporativa. Em face das especificidades das empresas estatais, o presente trabalho teve como objetivo verificar se existe relação significativa entre o nível de governança corporativa das sociedades de economia mista brasileiras e o desempenho e valor, durante o período de 2002 a 2017. Foi utilizado o índice de governança corporativa (IGOV) proposto por Silveira (2004) como base para mensurar o nível de governança corporativa das estatais. O desempenho foi mensurado pelos indicadores retorno sobre o patrimônio líquido (ROE) e retorno sobre o ativo (ROA), enquanto o valor foi aproximado pelo q de Tobin. Os dados foram analisados por meio de análise descritiva e análise de regressão múltipla pelo procedimento de Efeitos Fixos e Aleatórios, além de um método mais robusto - Método dos Momentos Generalizado (GMM) - para minimizar potenciais problemas de endogeneidade neste tipo de estudo. A estimação de um modelo mais robusto indica que há relação positiva, embora não significativa, entre o nível de governança corporativa e o valor das empresas; e relação negativa, porém não significativa, entre o nível de governança corporativa e o desempenho das sociedades de economia mista. / Corporate governance considers different mechanisms that aim to minimize the problems derived from the agency relationship. The separation between ownership and control has made the owners - or principal - delegate the authority for decision-making to managers - the agents - establishing an agency relationship. However, as managers\' own interests begin to conflict with the owner\'s interests, it is necessary to implement mechanisms to monitor these agents, in order to assure a proper decision-making system for the firm. For state-owned enterprises, in addition to agency conflicts, there are problems arising from both the political pressure over the management and the process of establishing the firm\'s objectives. In this sense, the uncertainties surrounding state-owned enterprises could be minimized with good corporate governance practices, which would promote greater monitoring and transparency. Therefore, corporate governance offers better decisions, more appropriate controls and a reduced cost of capital. Such factors could impact positively the performance of firms that adopt good corporate governance practices. Considering the specificities of state-owned enterprises, this study has investigated if there is a significant relationship between the level of corporate governance of listed Brazilian state-owned firms and its performance and firm value, from 2002 to 2017. The corporate governance index (IGOV) proposed by Silveira (2004) was be used as the basis for measuring the level of corporate governance. Performance was measured by Return on Equity (ROE) and Return on Assets (ROA) indicators while firm value was measured by Tobin\'s q. The data was analyzed through descriptive analysis and multiple regression analysis by the Fixed and Random Effects procedures. The Generalized Method of Moments was also considered in a dynamic model, since it provides a more robust estimation to minimize bias of endogeneity in this type of study. The results from the GMM estimator indicate a positive and not significant relation between the level of corporate governance and firm value, and a negative and not significant relation between the level of corporate governance and performance for Brazilian state-owned enterprises.

O Direito Internacional da Concorrência é o ramo do direito que protege o exercício da liberdade de concorrência. Liberdade esta que, com o desenvolvimento do mundo globalizado, vem sendo atacada pelas multinacionais, causando prejuízo às economias tanto locais quanto internacionais, assim como aos consumidores, se fazendo necessária a intervenção estatal para regulação desses conflitos. Entretanto, emerge um novo conflito quando o Estado detém o controle acionário de uma empresa, como é o caso das empresas estatais. Tal panorama vem se agravando e causando conflitos concorrenciais no cenário global. A China, país em que tradicionalmente o governo detinha controle de todas as empresas nele constituídas, após a abertura de mercado, vem adotando constantes reformas de políticas de mercado com o viés de introduzir a alta tecnologia e expandir as relações comerciais com os demais países do mundo. Hodiernamente, após as reformas comerciais e estruturais das empresas estatais, a China determinou que setores-chave considerados importantes para segurança econômica chinesa serão de controle estatal, isto é, com monopólio estatal. Isto posto, a presente investigação procurou verificar se as empresas estatais chinesas estariam abusando de sua posição dominante para além das fronteiras e infringindo, sobretudo, a própria legislação concorrencial da China, cuja promulgação fora exigida pelos demais membros da Organização Mundial do Comércio. A investigação se dividiu em três partes essenciais: primeiro sobre as transformações econômicas, mercantis, sociais e jurídicas chinesas, principalmente no período posterior ao século XX; na segunda parte, se tratou do direito concorrencial na China, confrontando-o com as empresas estatais; e no último capítulo, foram verificados casos administrativos e judiciais perante os órgãos de regulamentação concorrencial. Pretendeu-se, pelo método dedutivo de pesquisa, verificar se a dicotomia formada entre a proteção governamental às empresas estatais fere a liberdade de um mercado competitivo. Buscou-se, assim, verificar se a atividade das empresas estatais chinesas ocupou fatia relevante de mercado a ponto de abusar da sua posição dominante e se é a China um palco para a aplicação de penalidades, visando à ordem e à liberdade concorrencial. Conclui-se que ocorre tratamento desigual na imposição de penalidades por práticas de abuso de posição dominante quando se tratam de empresas estrangeiras e empresas estatais chinesas. Denotou-se por meio da análise casuística que os esforços dos órgãos de fiscalização concorrencial chineses no combate a práticas anticoncorrenciais são alcançados, até o presente momento, quando versam sobre empresas estrangeiras, enquanto que as empresas estatais recebem tratamento dessemelhante e permissivo às práticas monopolistas. / The International Competition Law is the law that protects the freedom of competition. Freedom of which, with the development of the globalized world, comes under attack by multinationals, causing damage to the economies both local and international, as well as consumers, making it necessary the state intervention to regulate these conflicts. However, emerges into a new conflict when the state holds a controlling stake of the company, such as state-owned enterprises. This scenario has been growing worse and causing conflicts competitive on the global stage. China, which traditionally held control of all companies set up in it, after the opening of the market, has been adopting constant market policy reforms with the bias to introduce high technology and expanding trade relations with other countries worldwide. In our times, after trade and structural reforms of state-owned enterprises, China has determined that key sectors of the economy considered important to China's economic security will be of state control. Accordingly, the present investigation sought to ascertain whether chinese state-owned enterprises were abusing their dominant position beyond the borders and in particular violating China's own competition law, which was demanded by the other members of the World Trade Organization The investigation was divided into three essential parts: first on the chinese economic, mercantile, social and legal transformations, mainly in the period after the twentieth century; on the second part, it dealt with competition law in China, confronting it with state enterprises; and in the last chapter, administrative and judicial cases were verified before the regulatory bodies of competition. It was intended, by the deductive method of research, to verify if the dichotomy formed between governmental protection of state-owned enterprises hurts the freedom of a competitive market. It was therefore sought to ascertain whether the activity of Chinese state-owned enterprises occupied a relevant market share to the extent of abusing its dominant position and whether China is a stage for the application of penalties for order and competitive freedom. It is concluded that there is unequal treatment in the imposition of consequences for abuse of dominant positions when dealing with foreign companies and chinese state-owned enterprises. The case-by-case analysis has shown that the efforts of Chinese competition authorities in the fight against anticompetitive practices have so far been reached when dealing with foreign companies, while state-owned enterprises are treated differently and permissively from monopoly practices.

The concept of strategic entrepreneurship has received increased attention over the past ten years. Viewed as the intersection of entrepreneurship and strategy, this field of research is populated by conceptual studies which focus mainly on the nature and perceived benefits of strategic entrepreneurship. Similarly, the study of entrepreneurship in a public sector context has gained increasing support in recent years, but also remains underexplored. To address these gaps, this thesis considers: What are the underlying elements and financial implications of strategic entrepreneurship in New Zealand’s state-owned enterprises [SOEs]? New Zealand’s SOE sector, comprising 17 government-owned, commercially focused organisations, is considered to be a prime subject for this research. Well known for their implementation of new public management [NPM], many New Zealand SOEs have also been publicly recognised as both innovative and entrepreneurial. The research question is addressed by first developing a preliminary framework of strategic entrepreneurship from literature on entrepreneurship and strategy. This framework is then examined in the context of case studies on activity which is entrepreneurial and/or strategic within 12 of the 17 SOEs operating in New Zealand as at 2006. Transcripts from a series of interviews, and publicly available documents are analysed thematically. SOEs’ financial statements over a five year period are also analysed. The thesis contributes in two broad areas. First, much-needed empirical support is lent to the concept of strategic entrepreneurship. Key elements of strategic entrepreneurship identified include opportunity identification, innovation, acceptance of risk, flexibility, vision, growth, and leveraging from core skills and resources such that existing knowledge and skills are transferred and applied to create new products, services, and markets. Important supporting elements identified include an open, flexible, and progressive culture, operational excellence, and cost minimisation. The nature of each of these elements is also investigated. A detailed understanding of the relationship between strategic entrepreneurship and wealth creation reveals various internal and external factors which may influence the nature and strength of the relationship. These factors include changes within the organisation, as well as changes in the economic and political environment, and are important influences on the resulting returns realised. Second, this thesis offers valuable evidence in support of emerging change in the public sector towards the adoption of strategic entrepreneurship. Support for the value of NPM is provided, with clear evidence of financial returns from New Zealand’s SOE sector. Further, a key finding is the structured and systematic approach to entrepreneurial activity within the context of NPM in several New Zealand SOEs. Such behaviour is referred to in this thesis as new public entrepreneurship. This form of activity offers the potential for competitive advantage and financial gain traditionally associated with entrepreneurial activity, but also limits the respective risks through its structured, systematic approach.

The thesis explores puzzling change in Chinese state sector over the past two decades. China’s debt-ridden state-owned enterprises (SOEs) were long seen as the most thorny reform dilemma; however, in the past decade, the surging profitability of large SOEs in the so-called “monopoly sectors” (longduan hangye 垄断行业) have made them lynchpins of an emerging state capitalist system. The main argument is that the state sector’s apparent reversal of fortunes is, in large measure, a legacy of the brief period of neoconservative rule (1989-1992) following the Tiananmen uprising in spring 1989. The fleeting ascendance of Chen Yun’s neoconservative faction provided them the opportunity to redirect the reform course set by Deng Xiaoping and embed a market vision which saw SOEs as pillars of the economy. The neoconservative leadership laid the normative and institutional foundations of a robust SOE-directed industrial policy regime which has gained momentum through the 1990s and into the last decade. The study also sheds lights on the political and economic drivers of China’s unfolding market order through analysis of the industry foundations of China’s emerging state capitalist system. In recent years, state ownership has concentrated in some industries and largely retreated from others. What is driving this process of what Pei (2006) terms the “selective withdrawal” of the state from the economy? To address this question, the nature of ownership change across Chinese industry in recent years is first analyzed. Focus then shifts to comparative analysis of the reform pathway of two industries in which state ownership remains dominant: telecommunications and airlines. Combining insights from the partial reform equilibrium model and historical institutionalism, the study argues that both the particularist interests of “short-term winners” in industry and the neoconservative policy legacy have left an imprint on the process of selective withdrawal.

In 1978, Deng Xiaoping proposed the "internal reform and opening up policy guidelines, the development strategy as a key turning point for social and economic development. Since then, by "bringing in" strategy, has successfully attracted a large number of foreign investment in China, the Chinese economy to maintain rapid growth of nearly 30 years. After the Chinese government in order to ensure that sufficient resources for economic development and accelerate the speed of industrial upgrading. In 2002, the "going global" strategy, through the assistance of the preferential policies to encourage Chinese enterprises to invest overseas, which large-scale state-owned enterprises is the main body of the Chinese enterprises to invest overseas. Select the large state-owned enterprises as the main body of the overseas investment, because the state-owned enterprises and the Chinese Government had had a close relationship between the overall planning of national development strategies, and able to cope with overseas investment. Therefore, we can find state-owned enterprises in China's overseas investment by the country's development strategy guide. The research based on national development strategies for the study means to illustrate the relationship between Chinese state-owned enterprises overseas investment and national development strategies. Through the analysis of the state-owned enterprises to invest overseas location, industry type and investment options, which implied the national strategic significance. In addition to the Chinese state-owned enterprises overseas investment cases to examine in detail the close relationship of the overseas investment activities with national development strategies of the state-owned enterprises. Through the perspective of national development strategies, analysis of the Chinese state-owned enterprises overseas investment behavior can be found in the state-owned enterprises overseas investment by the country's development strategy guide, behind an important national strategic significance, which includes improving foreign economic relations, the promotion of domestic industry upgrade and strengthen the multi-use of foreign exchange reserves, and promote the internationalization of the RMB, as well as ensuring energy security.

The concept of strategic entrepreneurship has received increased attention over the past ten years. Viewed as the intersection of entrepreneurship and strategy, this field of research is populated by conceptual studies which focus mainly on the nature and perceived benefits of strategic entrepreneurship. Similarly, the study of entrepreneurship in a public sector context has gained increasing support in recent years, but also remains underexplored. To address these gaps, this thesis considers: What are the underlying elements and financial implications of strategic entrepreneurship in New Zealand’s state-owned enterprises [SOEs]? New Zealand’s SOE sector, comprising 17 government-owned, commercially focused organisations, is considered to be a prime subject for this research. Well known for their implementation of new public management [NPM], many New Zealand SOEs have also been publicly recognised as both innovative and entrepreneurial. The research question is addressed by first developing a preliminary framework of strategic entrepreneurship from literature on entrepreneurship and strategy. This framework is then examined in the context of case studies on activity which is entrepreneurial and/or strategic within 12 of the 17 SOEs operating in New Zealand as at 2006. Transcripts from a series of interviews, and publicly available documents are analysed thematically. SOEs’ financial statements over a five year period are also analysed. The thesis contributes in two broad areas. First, much-needed empirical support is lent to the concept of strategic entrepreneurship. Key elements of strategic entrepreneurship identified include opportunity identification, innovation, acceptance of risk, flexibility, vision, growth, and leveraging from core skills and resources such that existing knowledge and skills are transferred and applied to create new products, services, and markets. Important supporting elements identified include an open, flexible, and progressive culture, operational excellence, and cost minimisation. The nature of each of these elements is also investigated. A detailed understanding of the relationship between strategic entrepreneurship and wealth creation reveals various internal and external factors which may influence the nature and strength of the relationship. These factors include changes within the organisation, as well as changes in the economic and political environment, and are important influences on the resulting returns realised. Second, this thesis offers valuable evidence in support of emerging change in the public sector towards the adoption of strategic entrepreneurship. Support for the value of NPM is provided, with clear evidence of financial returns from New Zealand’s SOE sector. Further, a key finding is the structured and systematic approach to entrepreneurial activity within the context of NPM in several New Zealand SOEs. Such behaviour is referred to in this thesis as new public entrepreneurship. This form of activity offers the potential for competitive advantage and financial gain traditionally associated with entrepreneurial activity, but also limits the respective risks through its structured, systematic approach.