Variable investment strategies for Chinese listed military enterprises: an empirical study based on double-market network analysis

References

• Ahmed, W. M. A. 2017. “The Impact of Political Regime Changes on Stock Prices: The Case of Egypt.” International Journal of Emerging Markets 12 (3): 508–531. doi:10.1108/IJoEM-12-2015-0258.
   Web of Science ®Google Scholar
• Ali, M. F., and O. Dimitraki. 2014. “Military Spending and Economic Growth in China: A Regime-switching Analysis.” Applied Economics 46 (28): 3408–3420. doi:10.1080/00036846.2014.929626.
   Web of Science ®Google Scholar
• An, J., T. Duan, W. Hou, and X. Liu. 2020. “The Legacy of Wars around the World: Evidence from Military Directors.” Journal of International Financial Markets, Institutions and Money 64: 101172. doi:10.1016/j.intfin.2019.101172.
   Web of Science ®Google Scholar
• Arnold, I. J. M., and S. E. V. Ewijk. 2011. “Can Pure Play Internet Banking Survive the Credit Crisis?” Journal of Banking & Finance 35 (4): 783–793. doi:10.1016/j.jbankfin.2010.10.010.
   Web of Science ®Google Scholar
• Bakirtas, T., and A. G. Akpolat. 2020. “The Relationship between Crude Oil Exports, Crude Oil Prices and Military Expenditures in Some OPEC Countries.” Resources Policy 67: 101659. doi:10.1016/j.resourpol.2020.101659.
   Web of Science ®Google Scholar
• Bojnec, S. 2012. “Defence Enterprise Surveys on Market Outlets: The Case of Slovenia.” Defence and Peace Economics 23 (3): 313–320. doi:10.1080/10242694.2011.604945.
   Web of Science ®Google Scholar
• Burmaoglu, S., and O. Sarıtas. 2017. “Changing Characteristics of Warfare and the Future of Military R&D.” Technological Forecasting and Social Change 116: 151–161. doi:10.1016/j.techfore.2016.10.062.
   Web of Science ®Google Scholar
• Caers, R., R. Caers, C. Du Bois, and M. Jegers. 2015. “Does Organizational Ownership Matter? Objectives of Employees in Public, Nonprofit and For-profit Nursing Homes.” Applied Economics 47 (24): 2500–2513. doi:10.1080/00036846.2015.1008767.
   Web of Science ®Google Scholar
• Charnes, A., W. W. Cooper, and E. Rhodes. 1979. “Measuring the Efficiency of Decision Making Units.” European Journal of Operational Research 3 (4): 339. doi:10.1016/0377-2217(79)90229-7.
   Web of Science ®Google Scholar
• Civilize, S., U. Wongchoti, and M. Young. 2015. “Military Regimes and Stock Market Performance.” Emerging Markets Review 22: 76–95. doi:10.1016/j.ememar.2015.01.001.
   Web of Science ®Google Scholar
• DiPietro, W. R., E. Anoruo, and B. Sawhney. 2008. “The Effect of the Size of the Military on Stock Market Performance in the United States and the UK.” Kyklos 61 (1): 33–44. doi:10.1111/j.1467-6435.2008.00391.x.
   Web of Science ®Google Scholar
• Feng, L., and M. S. Seasholes. 2004. “Correlated Trading and Location.” Journal of Finance 59 (5): 2117–2144. doi:10.1111/j.1540-6261.2004.00694.x.
   Web of Science ®Google Scholar
• Gregory, R., J. R. Lombard, and B. Seifert. 2005. “Impact of Headquarters Relocation on the Operating Performance of the Firm.” Economic Development Quarterly 19 (3): 260–270. doi:10.1177/0891242405276360.
   Web of Science ®Google Scholar
• Gules, H. K., M. Turkmen, and D. Ozilhan. 2011. “Manufacturing and Business Performance in Small and Medium Sized Enterprises of the Textile and Automotive Supply Industry.” Iktisat Isletme Ve Finans 26 (304): 79–112.
   Google Scholar
• Guo, J., and C. Zhao. 2017. “Impacting Factors of the Chinese Military Enterprises’ Capital Structure and Approaches of Importing Private Capital.” Defence and Peace Economics 28: 1–19.
   Google Scholar
• Guo, S., B. Zan, Y. Sun, and M. Zhang. 2020. “Effects of Top Managers’ Military Experience on Technological Innovation in the Transition Economies of China.” Technological Forecasting and Social Change 153: 119909. doi:10.1016/j.techfore.2020.119909.
   Web of Science ®Google Scholar
• Hsu, Y. C., and C. C. Lee. 2012. “The Impact of Military Technology Transfer on Economic Growth: International Evidence.” Applied Economics 44 (19): 2437–2449. doi:10.1080/00036846.2011.564152.
   Web of Science ®Google Scholar
• Jiang, C., S. Yao, and G. Feng. 2013. “Bank Ownership, Privatization, and Performance: Evidence from a Transition Country.” Journal of Banking & Finance 37 (9): 3364–3372. doi:10.1016/j.jbankfin.2013.05.009.
   Web of Science ®Google Scholar
• King, C., and J. Du. 2018. “China’s First Priority in Post-war State Building: A Wealthy State, or A Strong Army?” Journal of Policy Modeling 40 (5): 851–872. doi:10.1016/j.jpolmod.2018.07.001.
   Web of Science ®Google Scholar
• Kirkulak-Uludag, B., and O. Safarzadeh. 2018. “The Interactions between OPEC Oil Price and Sectoral Stock Returns: Evidence from China.” Physica A: Statistical Mechanics and Its Applications 508: 631–641. doi:10.1016/j.physa.2018.02.185.
   Web of Science ®Google Scholar
• Langlotz, S., and N. Potrafke. 2019. “Does Development Aid Increase Military Expenditure?” Journal of Comparative Economics 47 (3): 735–757. doi:10.1016/j.jce.2019.05.002.
   Web of Science ®Google Scholar
• Li, J., Y. Shan, G. Tian, and X. Hao. 2020. “Labor Cost, Government Intervention, and Corporate Innovation: Evidence from China.” Journal of Corporate Finance 64: 101668. doi:10.1016/j.jcorpfin.2020.101668.
   Web of Science ®Google Scholar
• Li, Z., and M. Rainville. 2021. “Do Military Independent Directors Improve Firm Performance?” Finance Research Letters 101988. doi:10.1016/j.frl.2021.101988.
   PubMedGoogle Scholar
• Lin, L., N. H. Nguyen, M. Young, and L. Zou. 2021. “Military Executives and Corporate Outcomes: Evidence from China.” Emerging Markets Review 278: 123404.
   Google Scholar
• Lin, Y. M., Y. Y. Liu, S. J. You, and J. Y. Shiu. 2012. “Board Composition, Corporate Ownership and Market Performance: Evidence from Taiwan.” Applied Financial Economics 22 (14): 1193–1206. doi:10.1080/09603107.2011.641926.
   Google Scholar
• Liu, H. H. 2018. “Applying Three-stage DEA on the Operational Performance of Foreign Banks in Taiwan.” International Review of Applied Economics 32 (3): 1–15. doi:10.1080/02692171.2017.1332014.
   Google Scholar
• Mcguinness, P. B., and M. J. Ferguson. 2005. “The Ownership Structure of Listed Chinese State-owned Enterprises and Its Relation to Corporate Performance.” Applied Financial Economics 15 (4): 231–246. doi:10.1080/0960310042000319246.
   Google Scholar
• Minton, B. A., and C. Schrand. 2016. “Institutional Investments in Pure Play Stocks and Implications for Hedging Decisions.” Journal of Corporate Finance 37: 132–151. doi:10.1016/j.jcorpfin.2015.12.013.
   Web of Science ®Google Scholar
• Piperopoulos, P., J. Wu, and C. Wang. 2018. “Outward FDI, Location Choices and Innovation Performance of Emerging Market Enterprises.” Research Policy 47 (1): 232–240. doi:10.1016/j.respol.2017.11.001.
   Web of Science ®Google Scholar
• Plane, P. 1992. “Productive Efficiency of Public Enterprises: A Macroeconomic Analysis Based on Cross-section Estimation of a Neoclassical Production Function.” Applied Economics 24 (8): 833–844. doi:10.1080/00036849200000052.
   Web of Science ®Google Scholar
• Robertson, P. E., and A. Sin. 2015. “Measuring Hard Power: China’s Economic Growth and Military Capacity.” Defence and Peace Economics 28 (1): 91–111. doi:10.1080/10242694.2015.1033895.
   Web of Science ®Google Scholar
• Schweizer, D., T. Walker, and A. Zhang. 2020. “False Hopes and Blind Beliefs: How Political Connections Affect China’s Corporate Bond Market.” Journal of Banking & Finance 106008. doi:10.1016/j.jbankfin.2020.106008.
   Google Scholar
• Seiford, L. M., and J. Zhu. 1999. “Profitability and Marketability of the Top 55 U.S. Commercial Banks.” Management Science 45 (9): 1270–1288. doi:10.1287/mnsc.45.9.1270.
   Web of Science ®Google Scholar
• Wang, K. H., C. W. Su, R. Tao, and H. L. Chang. 2018. “Does the Efficient Market Hypothesis Fit Military Enterprises in China?” Defence and Peace Economics 29: 1–13.
   Google Scholar
• Wang, X., and L. Wang. 2019. “State-enterprise Relation, Local Economic Priority, and Corporate Environmental Responsibility.” Applied Economics 51 (10): 995–1009. doi:10.1080/00036846.2018.1524568.
   Web of Science ®Google Scholar
• Wang, X., and H. Zou. 2018. “Study on the Effect of Wind Power Industry Policy Types on the Innovation Performance of Different Ownership Enterprises: Evidence from China.” Energy Policy 122: 241–252. doi:10.1016/j.enpol.2018.07.050.
   Web of Science ®Google Scholar
• Wei, C., S. Hu, and F. Chen. 2020. “Do Political Connection Disruptions Increase Labor Costs in a Government-dominated Market? Evidence from Publicly Listed Companies in China.” Journal of Corporate Finance 62: 101554. doi:10.1016/j.jcorpfin.2019.101554.
   Web of Science ®Google Scholar
• Wei, H., and A. Boateng. 2013. “The Role of the State, Ownership Structure, and the Performance of Real Estate Firms in China.” Applied Financial Economics 23 (10): 847–859. doi:10.1080/09603107.2013.770121.
   Google Scholar
• Zhang, S., and C. Liu. 2020. “State Ownership and the Structuring of Lease Arrangements.” Journal of Corporate Finance 62: 101597. doi:10.1016/j.jcorpfin.2020.101597.
   Web of Science ®Google Scholar
• Zhang, Y., J. Yu, and Y. Guo. 2017. “The Effects of Haze Pollution on Stock Performances: Evidence from China.” Applied Economics 49 (23): 2226–2237. doi:10.1080/00036846.2016.1234703.
   Web of Science ®Google Scholar