Corporate governance mechanisms and firm valuation in Malaysian listed firms： A panel data analysis

Corporate governance mechanisms emerge to tackle agency problems in ensuring that shareholders＇ funds are not expropriated or wasted on unprofitable activities. The issue arises as to whether these improvements have been effective in reducing agency costs, and therefore enhancing firm value. The objectives of this paper is to examine the effects of governance mechanisms of dividend, types of ownership structure, and board governance on firm value. This paper utilises a panel data analysis of 403 firms listed on the Bursa Malaysia over a four-year period from years 2002 to 2005. A hierarchical regression analysis is used to test the hypotheses and the data is analysed using the generalized least square （GLS） estimation technique. Overall, the results highlight the importance of moderating role played by board governance variables with types of ownership structure to influence firm value. However, the benefits of better corporate governance through enhanced board governance are not the same across all firms since their incentives vary with respect to dividend and different types of ownership structure mechanisms.

Corporate governance mechanisms and performance： Analysis of Malaysian family and non-family controlled companies

Most study concentrating on family and non-family companies is conducted overseas with little research carried out in Malaysia. This study examined the impact of corporate governance mechanisms on family and non-family controlled companies＇ performance. The sample size of this study is 730 companies listed on Bursa Malaysia from 2003 to 2007. The findings reveal that corporate governance mechanisms influence the family and non-family controlled companies＇ performance. But not all corporate governance mechanisms are significant. The significant variables differ between family and non-family controlled companies. Thus, regulators need to be vigilant that family and non-family controlled companies practise differently and to set different code needed for each type of families.

Research and Experience Reference on China’s Implementation of Low Carbon Strategy

Economic development has brought about global greenhouse gas emissions, which in turn has brought about global climate change. This research paper aims to compare the strengths and weaknesses that China has demonstrated in the implementation of its low-carbon city strategy and to summarise the valuable experience that China can provide to the world in the implementation of its low-carbon city strategy. This essay analyses in depth the advantages that China has shown in the areas of renewable energy use and government mechanisms, as well as the shortcomings that it has shown in the areas of eco-efficiency industrial structure and capacity upgrading. Then, the paper summarises the successful experiences of the Chinese government in the establishment of renewable energy use and governmental mechanisms, such as the local government’s ability to coordinate multiple sectors (industrial sector, energy sector, etc.) and the implementation of responsibilities. In comparison, the paper also further discusses that China’s implementation of a low-carbon strategy in the future may have more eco-efficiency, industrial structure and capacity upgrading.

A New Latent Class Stochastic Frontier Model for the Best Practices ofUSA＇s Corporate Governance

In this paper, the authors study the association between firms＇ specific characteristics and performances for a sample of 320 American firms using a governance efficiency index, calculated by the stochastic frontier analysis. The use of a latent class in the specification of the model, allowed detecting two groups of firms according to their specific characteristics： the firm size, the leverage, the dividend yield, and the return on equity （ROE）. The results of affectation equation show that the probability to be in the second group （the most efficient） is more important when the firm size, the dividend yield, and the ROE are high, while a high leverage level decreases the chance to be in the first group （the less efficient）.

The Study on Multinational Operation Risk-Defense System Based on Corporate Governance Mechanism

：With the unceasing globalization development of MNCs＇ business and connnuous intensify in international competition, the managers of MNCs find that the strategy decisions they are faced on are becoming more complicated, and they have deeply realized that the perception and defense of the international risk has the impact on their strategy decisions. The thesis, proceeding with analyzing and evaluating risk types in the course of enterprises developing in the international markets, based on the integration international risk perception model, utilizing relative theories and study thoughts of the corporate governance mechanisms, especially the relative studies on overseas enterprises＇ governance mechanisms, explores how to use the corporate governance mechanisms to build the defense system against international risks. Meanwhile, the thesis further discusses the risks our native enterprises have suffered from during the multinational operation in detail, explores its reasons and offers the defense measures of all sorts of risk.

A Governance Framework of Chinese Heritage Resources Based on Social Network

Based on the literature review of Chinese heritage resources management,a governance framework was put forward from the perspective of social network in order to deal with the conflict between heritage tourism development and heritage resources protection.First,all stakeholders including administrate departments,related enterprises,local communities and tourists should become subjects of heritage resources governance.Second,governance structure was defined which would describe the roles that all stakeholders played in the governance of heritage resources.Third,several governance mechanism including motivation and restraint mechanism,interaction and coordination mechanism,sharing and integration mechanism should be established.The network governance would balance benefi ts of all the stakeholders,avoid the phenomena such as free ride and external diseconomy and ensure the sustainable development of heritage sites.

Blockchain:A Technical Support for the Modernization of the National Governance System and Capacity

The modernization of national governance needs to be supported with modern technical tools to conform relations of production to productive forces and enable positive and orderly interaction between the two.Blockchain,as an emerging technology in the age of information,features distributed architecture,greater transparency,improved traceability and enhanced security.Blockchain’s consensus mechanism can be introduced into community governance mechanisms,which,by virtue of its marketoriented operation nature,helps define the respective functions of the government and market in the modernization of national governance.The application of blockchain technology to the national governance system enables stakeholders to seek consensus and the largest possible common interests to improve the national governance system and better achieve the governance goal,reduce governance costs,improve governance performance and meet the development needs of the times.Through a proper top-down design,China can effectively integrate blockchain technology into its national governance system and thereby efficiently advance the modernization of its national governance system and capacity.Still,due attention should be paid to blockchain’s possible technical risks and impact during the reform and modernization of national governance.

Review on researches of earnings management and corporate governance mechanism

This research is based on previous theory research of corporate governance from the internal mechanisms, ownership structure and board structure, and researched how these three aspects affect earnings management.

Study on the Deepening Effect of Educational Capital and the Governance Mechanism

In recent years,social capital has played a crucial role in the field of educational trend and rapid expansion.Education capital,however,is a double-edged sword.On one hand,it plays a good role in the construction of learning society and national quality education.On the other hand,it causes serious obstacles and interference to our regional education resources and educational environment because of its own profit-seeking.In order to optimize the integration between education industry and social capital,to make good use of social capital and to promote the brilliant development of education industry,this article has investigated the deepening effect of education capital and the content of governance mechanism,hoping to provide some reference for the optimization and reform in the educational field.

中医药适宜技术推广协同治理机制构建研究

目的通过构建中医药适宜技术推广协同治理机制,增强群众对中医药适宜技术的接受度,为进一步提升中医药适宜技术推广应用的力度与深度提供参考。方法梳理中医药适宜技术相关政策,运用协同治理理论,从协同驱动主体、制度保障、服务资源3个维度思考中医药适宜技术推广协同运转机制。结果结合协同驱动主体、制度保障、服务资源3个维度的要素,构建横向联动、纵向同质化执行的中医药适宜技术推广协同治理机制。结论基于协同驱动主体、制度保障、服务资源3个维度构建的中医药适宜技术推广协同治理机制,对于提高中医药适宜技术的普及性、满足基层群众多元化多层次健康需求具有现实意义。

Raising capital amid economic policy uncertainty:an empirical investigation

This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms,we find that during periods of high economic uncertainty,firms raise capital more frequently with a preference toward debt financing.The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia.The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.

Market-Based Solutions to Overcapacity：Principles and Measures

This paper takes stock of theoretical economic analyses of overcapacity,reveals the factors that induce actual capacity to deviate from market equilibrium, examines market-based mechanisms to resolve overcapacity, and identifies long-term mechanisms and assurances for market-based solutions to overcapacity. Given the limitations of market mechanism and the government's role, neither the market nor the government is able to resolve the problem of overcapacity on its own. In resolving overcapacity, market and the government should play their respective roles rather than replace one another. While the market is a dominant force in regulating capacity and achieving supply and demand equilibrium, the government should provide institutional assurances for effective market operation. Market-based solutions to overcapacity require the government to provide institutional assurances and create a system where market entities decide to enter and exit the market under effective restraints and incentives with a clear boundary.

Price Mechanism,Government Constraints and Carbon Trading Pilot Policy for Emission Reduction

Based on the data of 247 cities at the prefecture level in China from 2007 to 2019,this paper analyzes the impact of the carbon emissions trading(CET)pilot policy on carbon emission reduction from the perspective of the price mechanism and government constraints.The results show that the carbon emissions and carbon intensity in the pilot areas are significantly reduced by adjusting the industrial structure and promoting green technology innovation.In terms of regions,the emission reduction effect of the pilot policy in regions with a high proportion of industry is obviously weaker than that in other regions.The aim of the carbon emission trading policy in China that achieve carbon emission reduction is by coordinating the carbon emission trading price that fail to fulfill this aim independently and the degree of government punishment for enterprises.

Molecular mechanisms governing plant responses to high temperatures

The increased prevalence of high temperatures （HTs） around the world is a major global concern, as they dramatically affect agronomic productivity. Upon HT exposure, plants sense the temperature change and initiate cellular and metabolic responses that enable them to adapt to their new environmental conditions.Decoding the mechanisms by which plants cope with HT will facilitate the development of molecular markers to enable the production of plants with improved thermotolerance. In recent decades, genetic, physiological, molecular, and biochemical studies have revealed a number of vital cellular components and processes involved in thermoresponsive growth and the acquisition of thermo- tolerance in plants. This review summarizes the major mechanisms involved in plant HT responses, with a special focus on recent discoveries related to plant thermosensing, heat stress signaling, and HT-regulated gene expression networks that promote plant adaptation to elevated environmental temperatures.

Decision-making governance for the Hong Kong-Zhuhai- Macao Bridge in China

The complexity of the Hong Kong-ZhuhaiMacao Bridge and the political environment of "One country, Two systems" have brought a vital influence on the decision-making recognition, decision-making analysis, and decision-making management related to this crossborder infrastructure mega-project. Based on case study,this study systematically analyzes the complexity of the decision-making related to the Hong Kong-Zhuhai-Macao Bridge, and explains the general principles that were used for its decision-making management. The research examines the decision-making management system of the Hong Kong-Zhuhai-Macao Bridge, its adaptive behavior, and specific coordination mechanism on different decisionmaking problems in different decision-making stages. This result provides reference for decision-making management system design of cross-border projects.

BRICS Mechanism and International Financial Governance Reform

The global financial crisis in 2008 thoroughly exposed the shortcomings of the existing international financial system, followed by rising initiatives on the international financial governance system reform. Unlike previous reforms, emerging economies as a group have gradually become an important participant in the current round of international financial reform, especially with the BRICS countries as the main representative. This paper argues that the BRICS mechanism is in a trial period, and whether it is capable to form a cohesive institutional actor to participate in international financial governance, and to completely change the long-term situation of international financial affairs dominated by developed countries under the framework of the G-20 depends on whether BRICS member states can continue to maintain a rapid economic development, to create a strong convergence of interests and to maintain a relatively closed nature of the mechanism.

An Analysis of Decision Governing Mechanism of State-owned Enterprises in China

One of the serious problems in state owned enterprises in China is that there is no feasible and reasonable decision mechanism. This paper shows that the important tasks of the current reform are to build up feasible and efficient decision governing mechanism(DGM), perfectly select mechanism of entrepreneurs. At the same time, it deals with the key difficulty in current DGM that causes incentive compatibility unsatisfied. Finally, it tells that the enterprises may be granted more operation decision making power by governing and incentive compatibility may be satisfied, on condition that the above problems having been solved and the legal system having been strengthened, as well as the enterprises operate in the manner prescribed by law.

Promoting Whole-Process People’s Democracy Following the Rule of Law

Whole-process people’s democracy profoundly reflects the features of socialist democracy with Chinese characteristics,and comprehensively and systematically reveals the concept of people’s democracy as providing important mechanisms of national and social governance.Based on the traditional democratic understanding of democracy as majority rule,whole-process people’s democracy emphasizes the universality and extensive range of democratic governance,but also has the natural value defects of democratic value itself.Therefore,we must organically combine democracy with the values of the rule of law and human rights,to build a well-defined governance order based on people’s democratic value.The whole process in the“whole-process people’s democracy”has really resolved the situation of people’s“absence”from many links of state power operation caused by over-emphasizing the election-democracy in the Western capitalist democratic system.Through the people’s extensive participation and effective supervision,the state power operation mechanism based on the fundamental political system,the people’s congress system,has been ensured to be always in the framework of people’s democratic governance.This effectively realizes the people’s sovereignty and is consistent with the declaration that“all power in the People’s Republic of China(PRC)belongs to the people,”stipulated in the Constitution of China.To improve the governance efficiency of whole-process people’s democracy in practice,we must bring it onto the rule of law,and use the rule of law philosophy and methods to reasonably and effectively resolve all kinds of theoretical and practical problems.