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Geographic clusters, regional productivity and resource reallocation across firms: Evidence from China (2022)
Journal Article
Guo, D., Jiang, K., Xu, C., & Yang, X. (2023). Geographic clusters, regional productivity and resource reallocation across firms: Evidence from China. Research Policy, 52(2), Article 104691. https://doi.org/10.1016/j.respol.2022.104691

We link industrial clusters, regional productivity and resource reallocation efficiency with geographical and sectoral disaggregated data. Based on a county-industry level panel from 1998 to 2007 in China, we find that industrial clusters significant... Read More about Geographic clusters, regional productivity and resource reallocation across firms: Evidence from China.

Indemnification, Monitoring, and Competition: Evidence from R&D Contracts (2022)
Journal Article
Guo, D., Hua, X., & Jiang, K. (2022). Indemnification, Monitoring, and Competition: Evidence from R&D Contracts. American Law and Economics Review, 24(1), 203-246. https://doi.org/10.1093/aler/ahac004

This article examines the adoption of indemnification clauses in research and development (R&D) contracts, in which a firm commits to reimbursing its agent against liabilities and legal costs. Indemnification achieves efficient risk sharing but dilut... Read More about Indemnification, Monitoring, and Competition: Evidence from R&D Contracts.

Venture capital investment, intellectual property rights protection and firm innovation: evidence from China (2022)
Journal Article
Guo, D., & Jiang, K. (2022). Venture capital investment, intellectual property rights protection and firm innovation: evidence from China. Entrepreneurship and Regional Development, 34(5-6), 434-470. https://doi.org/10.1080/08985626.2022.2062618

We examine the heterogeneous effects of venture capital (VC) investment on firm innovation. Using a panel dataset of Chinese manufacturing firms, we find that VC-backed firms outperform non-VC-backed ones in patenting activities, new product sales, a... Read More about Venture capital investment, intellectual property rights protection and firm innovation: evidence from China.

Industrial clustering, income and inequality in rural China (2022)
Journal Article
Guo, D., Jiang, K., Xu, C., & Yang, X. (2022). Industrial clustering, income and inequality in rural China. World Development, 154, Article 105878. https://doi.org/10.1016/j.worlddev.2022.105878

This study provides evidence that links industrial clusters and rural income in China. Based on a pooled cross-sectional dataset composed of rural households from 109, 121 and 313 counties in 1995, 2002 and 2007, respectively, as well as a unique den... Read More about Industrial clustering, income and inequality in rural China.

Internal labor markets with two types of promotion and two tiers of salary: theory and evidence from China (2022)
Journal Article
Jiang, K., & Wang, S. (2022). Internal labor markets with two types of promotion and two tiers of salary: theory and evidence from China. China Economic Review, 72, Article 101756. https://doi.org/10.1016/j.chieco.2022.101756

This paper shows the optimality of a two-tier linear salary scheme in internal labor markets and identifies conditions under which discretionary promotion is better than rule-based promotion and vice versa. Our main findings are: (1) regardless of wh... Read More about Internal labor markets with two types of promotion and two tiers of salary: theory and evidence from China.

Government R&D support and firms’ access to external financing: funding effects, certification effects, or both? (2022)
Journal Article
Guo, D., Guo, Y., & Jiang, K. (2022). Government R&D support and firms’ access to external financing: funding effects, certification effects, or both?. Technovation, 115, Article 102469. https://doi.org/10.1016/j.technovation.2022.102469

We examine the effects of government R&D support on a firm's access to external financing, focusing on the mechanisms through which the impacts are achieved. Based on a panel dataset of Chinese manufacturing firms, we compare firms backed by governme... Read More about Government R&D support and firms’ access to external financing: funding effects, certification effects, or both?.

The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes (2021)
Journal Article
Fracasso, A., & Jiang, K. (2022). The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes. Economic Change and Restructuring, 55, 803–836. https://doi.org/10.1007/s10644-021-09329-5

This work sheds light on how firm-and entrepreneur-specific attributes covariate with Chinese private firms' growth rates before and during the global financial crisis. In order to do so, we exploit the exceptional presence of data regarding the firm... Read More about The performance of private companies in China before and during the global financial crisis: firms’ characteristics and entrepreneurs’ attributes.

Disruptive innovation and R&D ownership structures of the firm (2020)
Journal Article
Guo, D., Huang, H., Jiang, K., & Xu, C. (2021). Disruptive innovation and R&D ownership structures of the firm. Public Choice, 187, 143-163. https://doi.org/10.1007/s11127-020-00850-1

This paper provides a theoretical explanation as to why breakthrough innovations seem to be possible only within capitalist economies (Kornai 2013). Specifically, our theory explains why disruptive innovations are discovered and financed by large num... Read More about Disruptive innovation and R&D ownership structures of the firm.

Looking Backward and Forward: Political Links and Environmental Corporate Social Responsibility in China (2020)
Journal Article
Peng, Z., Arndt, F., Dai, W., & Jiang, K. (2020). Looking Backward and Forward: Political Links and Environmental Corporate Social Responsibility in China. Journal of Business Ethics, 169, 631–649. https://doi.org/10.1007/s10551-020-04495-4

This study aims to enrich our understanding of the relationship between political connections and the adoption of environmental corporate socially responsible (ECSR) investments. In addition to the individual-level political connections, i.e., entrep... Read More about Looking Backward and Forward: Political Links and Environmental Corporate Social Responsibility in China.

Clustering, growth and inequality in China (2020)
Journal Article
Guo, D., Jiang, K., Xu, C., & Yang, X. (2020). Clustering, growth and inequality in China. Journal of Economic Geography, 20(5), 1207–1239. https://doi.org/10.1093/jeg/lbz038

This study examines the effects of China's industrial clusters on regional economic growth and urban-rural income inequality within a region. A density-based index (DBI) is developed to capture the unique features of cluster development in China. Fro... Read More about Clustering, growth and inequality in China.

Governance and effects of public R&D subsidies: evidence from China (2018)
Journal Article
Guo, D., Guo, Y., & Jiang, K. (2018). Governance and effects of public R&D subsidies: evidence from China. Technovation, 74-75, 18-31. https://doi.org/10.1016/j.technovation.2018.04.001

This study examines the effects of public research and development (R&D) subsidies and the governance of such subsidies on firm productivity based on the analysis of a firm-level panel dataset between 1998 and 2007 in China. It is found that public R... Read More about Governance and effects of public R&D subsidies: evidence from China.

Institutions and managerial task allocation: evidence from Chinese entrepreneurs (2017)
Journal Article
Guo, D., Jiang, K., & Xu, C. (2017). Institutions and managerial task allocation: evidence from Chinese entrepreneurs. Journal of Human Capital, 11(3), https://doi.org/10.1086/692844

This study presents theoretical and empirical analyses of the time allocation of entrepreneurs as a response to weak property rights protection. Using a nationwide random-sample survey of more than 3,000 entrepreneurs in over 100 cities in China, we... Read More about Institutions and managerial task allocation: evidence from Chinese entrepreneurs.

Agency and strategic contracts: Theory and evidence from R&D agreements in the pharmaceutical industry (2017)
Journal Article
Guo, D., Hua, X., & Jiang, K. (2017). Agency and strategic contracts: Theory and evidence from R&D agreements in the pharmaceutical industry. International Journal of Industrial Organization, 54, 37-64. https://doi.org/10.1016/j.ijindorg.2017.06.007

© 2017 Elsevier B.V. We examine the use of strategic rights in research and development (R&D) agreements between a client and an agent, when an entrant may compete with the client for the license of non-contracted discoveries developed by the agent.... Read More about Agency and strategic contracts: Theory and evidence from R&D agreements in the pharmaceutical industry.

A contractual analysis of state versus private ownership (2017)
Journal Article
Jiang, K., & Wang, S. (2017). A contractual analysis of state versus private ownership. China Economic Review, 43, https://doi.org/10.1016/j.chieco.2017.01.011

We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theo... Read More about A contractual analysis of state versus private ownership.

Funding forms, market conditions, and dynamic effects of government R&D subsidies: evidence from China (2016)
Journal Article
Guo, D., Guo, Y., & Jiang, K. (2017). Funding forms, market conditions, and dynamic effects of government R&D subsidies: evidence from China. Economic Inquiry, 55(2), 825-842. https://doi.org/10.1111/ecin.12395

© 2016 Western Economic Association International We examine various factors that influence the effects of government-subsidized research and development (R&D) programs on firm productivity. Based on a panel dataset of Chinese firms, we find the effe... Read More about Funding forms, market conditions, and dynamic effects of government R&D subsidies: evidence from China.

Staged privatization: transforming state-owned enterprises into market-based firms (2016)
Journal Article
Jiang, K., & Wang, S. (2016). Staged privatization: transforming state-owned enterprises into market-based firms. Journal of Institutional and Theoretical Economics, 172(4), 694-726. https://doi.org/10.1628/093245616X14618208477844

Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show t... Read More about Staged privatization: transforming state-owned enterprises into market-based firms.

Government-subsidized R&D and firm innovation: evidence from China (2016)
Journal Article
Guo, D., Guo, Y., & Jiang, K. (in press). Government-subsidized R&D and firm innovation: evidence from China. Research Policy, 45(6), https://doi.org/10.1016/j.respol.2016.03.002

This study investigates the effects of government R&D programs on firm innovation outputs, which are measured by the number of patents, sales from new products, and exports. Particularly, we examine the effects of Innovation Fund for Small and Medium... Read More about Government-subsidized R&D and firm innovation: evidence from China.

The political economy of private firms in China (2014)
Journal Article
Guo, D., Jiang, K., Kim, B., & Xu, C. (in press). The political economy of private firms in China. Journal of Comparative Economics, 42(2), https://doi.org/10.1016/j.jce.2014.03.006

The sweeping change in political economy associated with the spectacular growth of the private sector in China is rarely studied empirically in the economics literature. This paper fills this gap. The central subject of this paper is the nature of th... Read More about The political economy of private firms in China.