IPO-Audit Expertise, Audit Quality, and Capital Allocation Efficiency: Evidence from China

2021 ◽  
Author(s):  
Donghui Wu ◽  
Zhifeng Yang ◽  
Feiteng Ye
Keyword(s):  
Audit Quality ◽  
Capital Allocation ◽  
Allocation Efficiency ◽  
Capital Allocation Efficiency

Impact of capital enrichment on resource allocation efficiency in China’s manufacturing industry

2021 ◽  
pp. 1-17
Author(s):  
Lina Ma ◽  
Fengju Xu ◽  
Lihua Wang ◽  
Akther Taslima
Keyword(s):  
Resource Allocation ◽  
Manufacturing Industry ◽  
Evaluation Model ◽  
Development Trend ◽  
Inhibitory Effect ◽  
Capital Allocation ◽  
Curvilinear Relationship ◽  
Allocation Efficiency ◽  
Capital Allocation Efficiency ◽  
Resource Allocation Efficiency

Capital enrichment (CE) results from capital flows, which reflect the capital distribution among different regions and industries. This paper constructs the evaluation model of resource allocation efficiency from the perspective of capital and innovation resources. It expounds on CE’s theoretical mechanism by using the panel data from 2011 to 2018 for system GMM estimation. It finds that the manufacturing capital allocation efficiency (CAE) and innovation resource allocation efficiency (IRAE) show a volatile development trend. Both static and dynamic panel models show that there is a significant U-shaped curvilinear relationship between CE and CAE, CE and IRAE. CE’s inhibitory effect on CAE and IRAE decreases with the improvement of CE until it exceeds the critical value of 8.27 and 8.93. After that, its impact on CAE and IRAE changes from negative to positive.

scholarly journals IMPACT OF CORPORATE SOCIAL RESPONSIBILITY AND CAPITAL ALLOCATION EFFICIENCY ON FAMILY AND NON -FAMILY FIRMS

2019 ◽  
Vol 7 (4) ◽  
pp. 617-633
Author(s):  
Astrid Rudyanto
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Family Firms ◽  
Stock Exchange ◽  
Capital Allocation ◽  
Slack Resources ◽  
Allocation Efficiency ◽  
Thomson Reuters ◽  
Capital Allocation Efficiency ◽  
Corporate Social

Purpose of the study: Purpose of this study was to examine how family firms differ from non-family firms in the relationship between corporate social responsibility (CSR) and capital allocation efficiency, including slack resources as moderating variables. Methodology: This study used moderated regression analysis and subgroup analysis of nonfinancial companies listed in Indonesia Stock Exchange from 2011-2016. The data were gathered from Thomson Reuters and analyzed using STATA 14 unbalanced panel fixed effect. Main Findings: The results show that family firms and non-family firms are different in relation to CSR performance and capital allocation efficiency. When family firms are efficient, there is no relationship between CSR, capital allocation efficiency, and slack resources. When family firms are inefficient, CSR performance negatively affects capital allocation efficiency and slack resources reduce this negative effect. Implications: It is implied that trade-off theory only applies to non-family firms and inefficient family firms. Family firms are more efficient in allocating resources for CSR. Therefore, shareholders shall not be afraid of investing in family firms.

scholarly journals Capital Allocation Efficiency, SOEs Reform and China’s Economic Growth

2019 ◽  
Author(s):  
Zhao LI
Keyword(s):  
Economic Growth ◽  
Private Sector ◽  
Capital Allocation ◽  
Private Enterprises ◽  
Dynamic Allocation ◽  
Allocation Efficiency ◽  
State Owned Enterprise ◽  
Capital Allocation Efficiency ◽  
Capital Efficiency ◽  
Enterprises Reform

This paper studies the mechanism of how China’s state-owned enterprise (SOEs) reform can influences economic growth, and distinguishes the capital efficiency between state-owned and private enterprises. The results show that: 1) the capital allocation efficiency among state-owned enterprises is lower than private enterprise due to an insufficiently released productivity of state-owned enterprises; 2) although with a higher capital allocation efficiency, the improvement of technology progress of private enterprises at a much slower pace compared to its rapidly increasing share in China’s economy. In case of poor allocation with private sector, blindly reforming ownership of state-owned enterprises cannot effectively alleviate the problem of efficiency losses. State-owned enterprise reform can boost economic growth by increasing capital marginal output, improving capital dynamic allocation efficiency, promoting TFP growth and exerting external spillovers on other firms. At present, China is exploring the endogenous power of economic growth, improving the market institutions and promoting the state-owned enterprises reform with positive and steady pace. By properly re-allocation SOEs into the private sector, which has significant influence on improving economic efficiency and promoting sustained economic growth.

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