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- Creators: Arizona State University
- Creators: Shen, Wei
Description
Under the new generation of technological and industrial revolutions, digital economy enterprises are increasingly becoming major contributors to socio-economic development. Their scale effect and marginal cost effect are different from traditional enterprises, which also raises concern and discussion on whether digital economy enterprises can promote more equitable and sustainable development of society. The participation of digital economy enterprises in the common wealth is an important source of legitimacy for their development. This thesis investigates the mechanism of the impact of their common wealth inputs on corporate financial performance by using a sample of digital economy firms among Chinese listed companies as a case study. It is found that, overall, the mechanism of the effect of firms' common affluence model on their financial performance has a positive effect. The main source of this positive effect is the secondary distribution of the firm, i.e., the legitimacy of tax contributions. Other legitimacy such as employee and shareholder legitimacy are not significantly associated with financial performance, while social philanthropic input from tertiary distribution participation has a significant negative effect. In the association of redistribution on firm performance, there is a positive facilitating effect on firms' R&D efficiency and a negative moderating effect of economic policy uncertainty. It suggests that there are differences in the impact of firms' legitimacy initiatives, such as tax contributions, on performance under different firm development expectations. Whereas in the third distribution, firms' R&D efficiency has a crowding-out effect on the economic gains from the legitimacy of common wealth participation, economic policy uncertainty has a reinforcing effect in the third distribution of firms. The above suggests that the development of digital economy firms is more positively facilitated by official legitimacy and currently lacks the constraints of industrial ecology from internal and public scrutiny.
ContributorsZhou, Guangyi (Author) / Wu, Shin-Yi (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
This dissertation consists of three essays on modern economic growth and structural transformation, in particular touching on the reallocation of labor across industries, occupations, and employment statuses.
The first chapter investigates the quantitative importance of non-employment in the labor market outcomes for the United States. During the last 50 years, production has shifted from goods to services. In terms of occupations, the routine employment share decreased, giving way to increases in manual and abstract ones. These two patterns are related, and lower non-employment had an important role. A labor allocation model where goods, market services, and home services use different tasks as inputs is used for quantitative exercises. These show that non-employment could significantly slow down polarization and structural transformation, and induce significant displacement within the labor force.
The second chapter, coauthored with Bart Hobijn and Todd Schoellman, looks at the demographic structure of structural transformation. More than half of labor reallocation during structural transformation is due to new cohorts disproportionately entering growing industries. This suggests substantial costs to labor reallocation. A model of overlapping generations with life-cycle career choice under switching costs and structural transformation is studied. Switching costs accelerate structural transformation, since forward-looking workers enter growing industries in anticipation of future wage growth. Most of the impact of switching costs shows on relative wages.
The third chapter establishes that job polarization is a global phenomenon. The analysis of polarization is extended from a group of developed countries to a sample of 119 economies. At all levels of development, employment shares in routine occupations have decreased since the 1980s. This suggests that routine occupations are becoming increasingly obsolete throughout the world, rather than being outsourced to developing countries. A development accounting framework with technical change at the \textit{task} level is proposed. This allows to quantify and extrapolate task-specific productivity levels. Recent technological change is biased against routine occupations and in favor of manual occupations. This implies that in the following decades, world polarization will continue: employment in routine occupations will decrease, and the reallocation will happen mostly from routine to manual occupations, rather than to abstract ones.
The first chapter investigates the quantitative importance of non-employment in the labor market outcomes for the United States. During the last 50 years, production has shifted from goods to services. In terms of occupations, the routine employment share decreased, giving way to increases in manual and abstract ones. These two patterns are related, and lower non-employment had an important role. A labor allocation model where goods, market services, and home services use different tasks as inputs is used for quantitative exercises. These show that non-employment could significantly slow down polarization and structural transformation, and induce significant displacement within the labor force.
The second chapter, coauthored with Bart Hobijn and Todd Schoellman, looks at the demographic structure of structural transformation. More than half of labor reallocation during structural transformation is due to new cohorts disproportionately entering growing industries. This suggests substantial costs to labor reallocation. A model of overlapping generations with life-cycle career choice under switching costs and structural transformation is studied. Switching costs accelerate structural transformation, since forward-looking workers enter growing industries in anticipation of future wage growth. Most of the impact of switching costs shows on relative wages.
The third chapter establishes that job polarization is a global phenomenon. The analysis of polarization is extended from a group of developed countries to a sample of 119 economies. At all levels of development, employment shares in routine occupations have decreased since the 1980s. This suggests that routine occupations are becoming increasingly obsolete throughout the world, rather than being outsourced to developing countries. A development accounting framework with technical change at the \textit{task} level is proposed. This allows to quantify and extrapolate task-specific productivity levels. Recent technological change is biased against routine occupations and in favor of manual occupations. This implies that in the following decades, world polarization will continue: employment in routine occupations will decrease, and the reallocation will happen mostly from routine to manual occupations, rather than to abstract ones.
ContributorsVindas Quesada, Alberto José (Author) / Hobijn, Bart (Thesis advisor) / Bick, Alexander (Committee member) / Ventura, Gustavo (Committee member) / Arizona State University (Publisher)
Created2019
Description
In this study I investigate the organizational mechanisms (pathways) through which strategic investors can help a firm improve performance. Many commercial banks in China have recently invited foreign banks as strategic investors since China’s entry into the World Trade Organization (WTO), hoping to gain managerial and technological knowhow from the foreign banks. Using Shanghai Pudong Development Bank as a representative example, I conduct an in-depth qualitative analysis about how the joining of Citi Bank as a strategic investor has helped the local Chinese bank improve its financial performance. On the basis of a comprehensive review of the relevant literature, I first develop a theoretical model that describes the organizational mechanisms (pathways) through which foreign strategic investors can influence the local bank’s performance. Specifically, by participation in corporate governance, the foreign strategic investor can have a positive influence over the local bank’s strategy development, operational targets, incentive systems, and organizational culture, which consequently lead to improvements in the local banks operations and financial performance. I then use a case study method to substantiate the logic and the pathways of the model with the detailed information collected from the Shanghai Pudong Development Bank and Citi Bank strategic alliance. The results are consistent with the model’s descriptive validity.
ContributorsLiu, Xinyi (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2015
Description
Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
ContributorsJia, Guoqing (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2018
Description
University graduates play a significant role in the labor market of China. Universities continuously supply senior talents and provide a strong guarantee to the country’s development. However, with the enlargement of the enrollment scale, more and more graduates become unemployed or forced to be employed. Most literatures mainly focus on the unemployed phenomenon or reasons, but had neglected the relationship among the employment, universities and the labor market. This assay is trying to using the supply and demand theory of classical economics to analyze the training direction and model of university from the perspective of the supply and demand of labor market. This assay proposes that universities have to integrate with the demand of the labor market so that to cultivate the talents to meet the social needs.
Firstly, the essay analyzes the relationship between the universities education and the supply and demand labor market by using the view of labor economics, and shows the mainly phenomenon and features of supply-demand imbalance. And then, the writer considered that universities talent cultivation development of China has gone through “absolute shortage”, “relative shortage” and “structural unbalanced” three stages. Thirdly, the survey results confirmed that the talent cultivation in universities does not match the demand of the labor market. On one other hand, over educated is a common phenomenon in the academic education. On the other hand, the graduates are lack of education skills training. Fourthly, the essay analyzes the reasons which lead to the unbalance. The unbalance is not only affected by the macro factors, but also by the micro factors. Fifthly, build up the interaction system model “UPT-LM” for the universities talent cultivation and the labor market, and separately building up the macro interaction system and the micro interaction system to analyze the balance of supply and demand. Based on this, it should strengthen the interaction on the feedback mechanism. At last, strengthening the connection of universities talent cultivation and labor market is a systematic program which needs the corporation from the government, the universities and the labor market.
Firstly, the essay analyzes the relationship between the universities education and the supply and demand labor market by using the view of labor economics, and shows the mainly phenomenon and features of supply-demand imbalance. And then, the writer considered that universities talent cultivation development of China has gone through “absolute shortage”, “relative shortage” and “structural unbalanced” three stages. Thirdly, the survey results confirmed that the talent cultivation in universities does not match the demand of the labor market. On one other hand, over educated is a common phenomenon in the academic education. On the other hand, the graduates are lack of education skills training. Fourthly, the essay analyzes the reasons which lead to the unbalance. The unbalance is not only affected by the macro factors, but also by the micro factors. Fifthly, build up the interaction system model “UPT-LM” for the universities talent cultivation and the labor market, and separately building up the macro interaction system and the micro interaction system to analyze the balance of supply and demand. Based on this, it should strengthen the interaction on the feedback mechanism. At last, strengthening the connection of universities talent cultivation and labor market is a systematic program which needs the corporation from the government, the universities and the labor market.
ContributorsLin, Xiaoya (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Li, Feng (Committee member) / Arizona State University (Publisher)
Created2017