IMPACT OF INSTITUTIONAL ENVIRONMENT AND PYRAMIDAL LAYER ON COMPLETION OF CHINESE SOES’ MIXED-OWNERSHIP TRANSACTIONS

  • Heng Yang Panyapiwat Institute of Management, Nonthaburi
  • Jianfeng Wu University of International Business and Economics, Beijing
  • Bin Liu University of International Relations, Beijing
Keywords: degree of marketization, governmental hierarchy, pyramidal layer, mixed-ownership transactions

Abstract

This paper utilizes Chinese SOEs that undertake mixed-ownership transactions in 2019 as its research objects and discusses the impact of institutional environment (including the degree of marketization and governmental hierarchy) on the completion of mixed-ownership transactions. In addition, this study explores the moderating effect of pyramidal layer and the munificence of payment on the above relationships. The empirical results show that the main effect hypothesis is supported. Furthermore, pyramidal layer weakens the positive correlation between the marketization and the completion of mixed-ownership transactions, and strengthens the negative correlation between governmental hierarchy and the completion of mixed-ownership transactions. The munificence of payment has no significant moderating effect on the relationship between marketization and completion of mixed-ownership transactions; however, it weakens the negative correlation between the governmental level and the completion of mixed-ownership transactions.

Author Biographies

Heng Yang, Panyapiwat Institute of Management, Nonthaburi

Ph.D. Candidate, Chinese Graduate School, Panyapiwat Institute of Management,

Nonthaburi, Thailand
Research interest: strategic management

Jianfeng Wu, University of International Business and Economics, Beijing

Lecturer, Business School, University of International Business and Economics, Beijing, China
Research interest: strategic management

Bin Liu, University of International Relations, Beijing

Lecturer, Department of International Economics, University of International Relations, Beijing, China
Research interest: strategic management

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Published
2021-09-30
How to Cite
Yang, H., Wu, J., & Liu, B. (2021). IMPACT OF INSTITUTIONAL ENVIRONMENT AND PYRAMIDAL LAYER ON COMPLETION OF CHINESE SOES’ MIXED-OWNERSHIP TRANSACTIONS. The EUrASEANs: Journal on Global Socio-Economic Dynamics, (5(30), 36-48. https://doi.org/10.35678/2539-5645.5(30).2021.36-48