Determinants of SOE’s performance: A systematic literature review

Figures & data

Figure 1. PRISMA flow diagram of Article Identification.

Table 1. Publishers’ Outlets and Citations

No	Journal Name	Number of Articles	Number of Citation
1	Elsevier	91	4563
2	Wiley	33	1618
3	Springer	23	608
4	Emerald	30	379
5	Taylor & Francis	36	358
6	MDPI	31	288
7	Financial Management Association International	2	117
8	SAGE	11	111
9	Oxford University Press	1	66
10	MIT Press	2	57
11	Cambridge University Press	3	38
12	Frontiers	6	35
13	University of Chicago Press	2	30
14	Korea Distribution Science Association (KODISA)	2	28
15	Inderscience	5	16
16	World Scientific Publishing	2	15
17	Virtus Interpress	5	12
18	CIBER Institute	1	10
19	HARD Publishing Company	1	10
20	Business Perspectives	4	7
21	Gadjah Mada University	2	7
22	Medwell Journals	1	6
23	Akademiai Kiado	1	5
24	Strojarski Facultet	1	5
25	Urednistvo Casopisa	1	5
26	American Marketing Association	1	4
27	IOS Press	1	4
28	Kluwer Academic Publishers	1	4
29	Penerbit Universiti Kebangsaan Malaysia	1	4
30	SRAC - Romanian Society for Quality	3	4
31	American Accounting Association	1	3
32	Vilnius University	1	3
33	AOSIS	1	2
34	Asian Economic and Social Society	2	2
35	Czestochowa University of Technology	1	1
36	Higher Education Press	1	1
37	Systems Engineering Society of China	1	1
38	Universiti Putra Malaysia	2	1
39	Allied Business Academies	1	0
40	Asian Network for Scientific Information	1	0
41	CLUTE Institute	1	0
42	General Jonas Zemaitis Military Academy of Lithuania	1	0
43	Growing Science	3	0
44	North Atlantic University Union	1	0
45	Primrose Hall Publishing Group	3	0
46	Universidad del Zulia	1	0
47	University of Malaya	1	0
48	Walter de Gruyter	1	0
	Total	328	8432

Table 2. Top 20 Journals by Number of Papers

No	Journal Name	Publisher	Number of Articles	Number of Citation
1	Pacific Basin Finance Journal	Elsevier	8	585
2	World Development		6	425
3	China Economic Review		5	152
4	Journal of Comparative Economics		4	288
5	International Review of Financial Analysis		4	175
6	Energy Economics		4	161
7	Journal of Business Research		4	123
8	International Review of Economics and Finance		4	35
9	Emerging Markets Review		3	125
10	Journal of Banking and Finance		3	95
11	Sustainability	MDPI	26	269
12	Asia Pacific Journal of Management	Springer	5	260
13	Environmental Science and Pollution Research		4	11
14	Economics of Transition	Wiley	5	185
15	Corporate Governance: An International Review		3	71
16	Emerging Markets Finance and Trade	Taylor & Francis	4	27
17	Applied Economics Letters		4	17
18	Frontiers in Psychology	Frontiers	4	33
19	Asian Review of Accounting	Emerald	4	49
20	Management and Organization Review	Cambridge University Press	3	38

Figure 2. Publication by Year.

Figure 3. Publication by Country.

Figure 4. Research Method and Approaches.

Figure 5. Type of Industry Sample.

Table 3. Variables of SOE’s Profitability Performance

No	Variable-Related	Terms/Indicators Used	Number of Articles	Sample of Recent Authors
1	Related to Return and Asset Ratio	ROA, Net Profit/Assets, Core Profit/Operating Assets, Core Income on Assets, Revenue/Assets, EBITDA/asset, EBIT/Assets, IBTA/Assets, OIBD/Assets	180	(L. Bo et al., 2022; Jin, 2023; W. Li et al., 2022; Liang et al., 2023; Tang et al., 2022; H. Wu et al., 2023; D.-X. Yang et al., 2022)
2	Related to Return and Equity Ratio	ROE, Profit/Equity, Net Profit/Equity, Net Income/Equity, Operating Income/Net Assets, IBTA/Equity	76	(X. Bo et al., 2023; Ding et al., 2022; Jin, 2023; Luo & Liu, 2023; Tang et al., 2022; D.-X. Yang et al., 2022)
3	Related to Sales or Sales Ratio	Sales, ROS, Proportion of Sales, Sales to Cost, EBIT/sales, IBTA/sales, Real Sales	71	(Arif et al., 2022; Parida & Madheswaran, 2021; She et al., 2021; Singh et al., 2023; Ye et al., 2021; Y. Zhou et al., 2022)
4	Related to Stock or Share Ratio	Tobin’s Q Value	56	(W. Li et al., 2022; Y. Qi et al., 2022; Tang et al., 2022; X. Yu & Xiao, 2022; M. Zhang et al., 2023)
		Abnormal Return	21	(Brahma et al., 2023; Du et al., 2021; H. Li et al., 2023; X. Liu et al., 2022; Yi et al., 2021)
		Earning per Share	9	(J. Chen et al., 2020; Deng & Cheng, 2019; Zheng & He, 2022)
		Stock Price or Return	6	(Santoso et al., 2019; D. Wang & Chong, 2017), (T. Zhang & Huang, 2013)
		P/B Ratio	4	(Rossieta, 2017; T. Wang et al., 2014)
		IPO Return	1	(T. Wang et al., 2018)
5	Related to Revenue and Profit	Net Profit, Operating Revenue or Profit or Income, EBIT or EBITDA, Net Profit or Operating Profit or Price Cost or Gross Profit or Net Interest Margin, Real Profit or EBIT	43	(Arif et al., 2022; Hai et al., 2022; Kaunda & Pelser, 2022; Ma et al., 2022; J. Xu & Li, 2022; Y. Zhou et al., 2022)
6	Related to Return and Investment Ratio	ROI, ROIC, ROCE	18	(Arif et al., 2022; Marimuthu, 2021; Sarfraz et al., 2022; Wardhani & Supratiwi, 2023; Y. Zhou et al., 2022)
7	Related to Return and Employee Ratio	Profit or Net Income/Employee, Sales/Employee,	15	(G. Chen et al., 2008; J. L. Y. Ho et al., 2011; Kuzman et al., 2018; Michelotti et al., 2017; Sidki et al., 2023)

Table 4. Proxies of Explanatory Variables

No	Variable-Related	Number of Detailed Variables	Number of Articles
1	Related to Corporate Governance	47	303
2	Related to Firm Characteristics	26	114
3	Related to Strategy, Capability, & Internal Environment	53	94
4	Related to External Environment	26	47
5	Related to Government & Policy	20	34
6	Related to Innovation & Technology	2	22
7	Related to Human Resource	10	17

Table 5. Detailed Proxies of Explanatory Variables

No	Variable-Related	Variable Name	Number of Articles
1	Related to Corporate Governance	Ownership/Privatization	120
2		Board Political Connection	24
3		Board Size	16
4		Board Independent/Outside	15
5		Legal Person Ownership/Institutional Investors	13
6		Board Skill/Education/Experience/Training	11
7		Board Compensation	10
8		Board-Chair Duality	9
9		Board or Management Ownership	8
10		Board Gender Diversity	7
11		Board Turnover	6
12		Board from Government/Public Servant	5
13		Related Party Transaction	5
14		Board Meeting	4
15		Board Tenure	4
16		Business Group Affiliation	4
17		Corporate Governance Score/index	4
18		Committee of Audit	3
19		Tunneling/Agency Cost/Managerial Diversion	3
20		Board Heterogeneity	2
21		Board Age	2
22		Audit from an External auditor	2
23		Board Network	2
24		Board Track Record	1
25		Board Chair Effect	1
26		Board Age	1
27		Board Strength	1
28		Board from Peasant Youth	1
29		Board Workaholism	1
30		Board Narcissism	1
31		Board From Celebrity	1
32		Board that non-Executives	1
33		Board From Founder	1
34		Committee of Risk Management	1
35		Committee of compensation	1
36		Committee of Nomination	1
37		Privatization Ratio	1
38		Promoter Holdings	1
39		Disclosure of conflict of interest	1
40		Disclosure of third-party relation	1
41		Corporate Public Transparency	1
42		Annual Report	1
43		Separation of controlling shareholder’s rights	1
44		Hierarchical CEO succession	1
45		Board Power Distance	1
46		Board Value	1
47		Board Oversight Effectiveness	1
48	Related to Firm’s Characteristic	Firm size	22
49		Leverage	20
50		Industry	13
51		Listing	9
52		Location	7
53		Total Asset	6
54		Liquidity	5
55		Corporate Efficiency	5
56		Return on Asset (ROA)	4
57		Market Share	3
58		Tangible Asset	2
59		Intangible Asset	2
60		Tobin’s Q Value	2
61		Firm Age	2
62		Market Value of Equity	1
63		Asset Growth	1
64		Firm Type	1
65		Current Ratio	1
66		Book-to-Market Ratio	1
67		Working Capital	1
68		Profit Before Tax	1
69		Earning per Share	1
70		Labor Productivity	1
71		Volatility	1
72		Market/Book ratio (P/B ratio)	1
73		Stock Return	1
74	Related to Strategy, Capability, & Internal Environment	Financing	8
75		Supply Chain Management	5
76		Intellectual Capital	5
77		Organization Slack	5
78		Organization Restructuring	4
79		Business Strategy	4
80		Performance Contract/Evaluation	3
81		Financial Constraint	3
82		Market Orientation	3
83		Entrepreneurship Orientation	2
84		Organizational Structure	2
85		Diversification Strategy	2
86		Internal Control Quality	2
87		Internationalization	2
88		Export Orientation	2
89		Corporatization	2
90		Organizational Network	2
91		Technological Turbulence	2
92		Production Routineness	2
93		Acquisition Experience	1
94		Marketing Strategy	1
95		Asset-Light Strategy	1
96		Rights Offering	1
97		Business Sustainability	1
98		Rent-Seeking Cost	1
99		Value Chain	1
100		Investments in P2P Lending	1
101		TMT Collective Organizational Engagement	1
102		Building Information Modeling (BIM)	1
103		Efficiency & Effectiveness Improvement	1
104		Workforce Quality	1
105		Customer Satisfaction	1
106		Financial Distress	1
107		Transformational Leadership	1
108		Financial Monopoly	1
109		Enterprise Resource Planning (ERP)	1
110		Merger & Acquisition	1
111		Financialization	1
112		Trade war-Export to the US	1
113		Corporate Value	1
114		XBRL	1
115		Firm Resource	1
116		Firm’s Competences	1
117		Delegated Decision Authority	1
118		OPEC membership	1
119		Management Consultancy	1
120		Product Quality Orientation	1
121		Spin-Off	1
122		Planning	1
123		Managerial Autonomy	1
124		Culture	1
125		Investment Bank Quality	1
126		Expertise in International	1
127	Related to External Environment	Market Competition	9
128		Political Period	5
129		Environmental Uncertainty	4
130		Gross Domestic Product (GDP)	3
131		Foreign Direct Investment	3
132		Institutional Environments	2
133		Political Constraints	2
134		Seriousness of COVID-19	1
135		Regional Development	1
136		Media Impact	1
137		Environmental Investment	1
138		Bank Concentration	1
139		Fiscal Expenditure	1
140		Fiscal Balance	1
141		TMT Average Pay Level	1
142		Intermediate Institution	1
143		Founding Environment	1
144		Oil Price	1
145		Economy Growth	1
146		Capital Market Development	1
147		Regional Marketization	1
148		Financial Crisis	1
149		Liberalization Forces	1
150		Fuel Price	1
151		Market Dynamism	1
152		Proportion of SOE	1
153	Related to Government & Policy	Government Control	8
154		Government Support	7
155		Anti-Corruption Campaign	2
156		Economic Policy Uncertainty	1
157		Three Public Consumption	1
158		Intellectual Property Protection	1
159		Legal Governance	1
160		Financial Innovation Regulation	1
161		Government Industrial Policy	1
162		Pro-Market Reform	1
163		Government Quality	1
164		Political Turnover	1
165		Investor Protection	1
166		Centralized Management of Government	1
167		Government Bureaucracy	1
168		Government Relations	1
169		Government Financial Condition	1
170		Government’s Rule of law	1
171		Government Corruption	1
172		Government’s Ethnic Tension	1
173	Related to Innovation & Technology	R&D Investment/Innovation	17
174		Digitalization	5
175	Related to Human Resource	Employee Compensation	5
176		Employment	3
177		Labor Flexibility	2
178		Managerial Morality	1
179		Job Challenge	1
180		Union Presence	1
181		Performance Measures	1
182		Merit-Based Rewards	1
183		Labor Training	1
184		Human Resource Management	1

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