IMPACT OF INSTITUTIONAL ENVIRONMENT AND PYRAMIDAL LAYER ON COMPLETION OF CHINESE SOES’ MIXED-OWNERSHIP TRANSACTIONS
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.
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International College Suan Sunandha
Rajabhat University, Bangkok, Thailand