Exploring the Relationship Among Financial Marketization, Firm Ownership, and Corporate Venturing in China: the Moderating Effect of Firm Ownership

DOI

10.2991/aebmr.k.201111.036How to use a DOI?

Keywords

institution-based view, financial marketization, firm ownership, corporate venturing, state-owned enterprises (SOEs), privately-owned enterprises (POEs)

Abstract

Drawing upon the institution-based view, this study examines how the level of regional financial marketization and firm ownership affects corporate venturing activities. Employing a panel dataset from China’s pharmaceutical industry, we find that firms in regions with a higher level of financial marketization are more likely to engage in corporate venturing activities than firms operating in less marketized settings. Due to China’s socialist legacy, state-owned enterprises are more likely to respond to and benefit from institutional transitions than privately-owned enterprises. Among all the state-owned enterprises, those affiliated to local governments are more likely to respond to and benefit from institutional transitions than those affiliated to higher government level or those that are marketized. Implications of these findings are discussed.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Weiqi Dai
AU  - Haoran Jiang
AU  - Jun Yang
AU  - Yi Wang
PY  - 2020
DA  - 2020/11/13
TI  - Exploring the Relationship Among Financial Marketization, Firm Ownership, and Corporate Venturing in China: the Moderating Effect of Firm Ownership
BT  - Proceedings of the 2020 International Conference on Management, Economy and Law (ICMEL 2020)
PB  - Atlantis Press
SP  - 205
EP  - 215
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201111.036
DO  - 10.2991/aebmr.k.201111.036
ID  - Dai2020
ER  -