Financialization and the upgrading of export enterprises:A global value chain perspective

References

• Antràs, P., D. Chor, T. Fally, and R. Hillberry. 2012. “Measuring the Upstreamness of Production and Trade Flows.” American Economic Review 102 (3): 412–416. https://doi.org/10.1257/aer.102.3.412.
   Web of Science ®Google Scholar
• Brandt, L., J. Van Biesebroeck, and Y. Zhang. 2012. “Creative Accounting or Creative Destruction? Firm-Level Productivity Growth in Chinese Manufacturing.” Journal of Development Economics 97 (2): 339–351. https://doi.org/10.1016/j.jdeveco.2011.02.002.
   Web of Science ®Google Scholar
• Burbidge, J. B., L. Magee, and A. L. Robb. 1988. “Alternative Transformations to Handle Extreme Values of the Dependent Variable.” Journal of the American Statistical Association 83 (401): 123–127. https://doi.org/10.1080/01621459.1988.10478575.
   Web of Science ®Google Scholar
• Chor, D., K. Manova, and Z. Yu 2014, August. The Global Production Line Position of Chinese Firms. In Industrial Upgrading and Urbanization Conference, Stockholm (Vol. 28, p. 29).
   Google Scholar
• Demir, F. 2007. “The Rise of Rentier Capitalism and the Financialization of Real Sectors in Developing Countries.” Review of Radical Political Economics 39 (3): 351–359. https://doi.org/10.1177/0486613407305283.
   Google Scholar
• Dore, R. 2002. “Stock Market Capitalism Vs. Welfare Capitalism -Stock Market Capitalism and Its Diffusion [J].” New Political Economy 7 (1): 115–115.
   Google Scholar
• Feng, Y., S. Yao, C. Wang, J. Liao, and F. Cheng. 2022. “Diversification and Financialization of Non-Financial Corporations: Evidence from China.” Emerging Markets Review 50:100834. https://doi.org/10.1016/j.ememar.2021.100834.
   Web of Science ®Google Scholar
• Gereffi, G., J. Humphrey, R. Kaplinsky, and T. J. Sturgeon. 2001. “Introduction: Globalisation, value chains and development.” IDS Bulletin 32 (3): 1–8. https://doi.org/10.1111/j.1759-5436.2001.mp32003001.x.
   Web of Science ®Google Scholar
• Gong, C. M., P. Gong, and M. Jiang. 2023. “Corporate Financialization and Investment Efficiency: Evidence from China.” Pacific-Basin Finance Journal 79:102045. https://doi.org/10.1016/j.pacfin.2023.102045.
   Web of Science ®Google Scholar
• González, I., and H. Sala. 2014. “Investment Crowding‐Out and Labor Market Effects of Financialization in the US.” Scottish Journal of Political Economy 61 (5): 589–613. https://doi.org/10.1111/sjpe.12059.
   Web of Science ®Google Scholar
• Jin, X. M., Y. Mai, and A. W. K. Cheung. 2022. “Corporate Financialization and Fixed Investment Rate: Evidence from China.” Finance Research Letters 48:102898. https://doi.org/10.1016/j.frl.2022.102898.
   Web of Science ®Google Scholar
• Johnson, N. L.1949. “Bivariate Distributions Based on Simple Translation Systems.” Biometrika 36 (3/4): 297–304. https://doi.org/10.2307/2332669.
   PubMed Web of Science ®Google Scholar
• Klinge, T. J., R. Fernandez, and M. B. Aalbers. 2021. “Whither Corporate Financialization? A Literature Review.” Geography Compass 15 (9): e12588. https://doi.org/10.1111/gec3.12588.
   Web of Science ®Google Scholar
• Koopman, R., W. Powers, Z. Wang, and S. J. Wei 2010. Give Credit Where Credit is Due: Tracing Value Added in Global Production Chains (No. w16426). National Bureau of Economic Research.
   Google Scholar
• Krippner, G. R. 2005. “The Financialization of the American Economy.” Socio-Economic Review 3 (2): 173–208. https://doi.org/10.1093/SER/mwi008.
   Google Scholar
• Liu, X., Cifuentes-Faura, J., Zhao, S., and Wang, L. 2023. “Government environmental attention and carbon emissions governance: Firm-level evidence from China.” Economic Analysis and Policy 80:121–142. https://doi.org/10.1016/j.eap.2023.07.016.
   Web of Science ®Google Scholar
• Liu, X., Cifuentes-Faura, J., Zhao, S., and Wang, L. forthcoming. “The impact of government environmental attention on firms’ ESG performance: Evidence from China.” Research in International Business and Finance 67:102124. https://doi.org/10.1016/j.ribaf.2023.102124.
   Web of Science ®Google Scholar
• Luo, Y., and F. Zhu. 2014. “Financialization of the Economy and Income Inequality in China.” Economic and Political Studies 2 (2): 46–66. https://doi.org/10.1080/20954816.2014.11673844.
   Google Scholar
• Lu, Y., H. Shi, W. Luo, and B. Liu. 2018. “Productivity, Financial Constraints, and firms’ Global Value Chain Participation: Evidence from China.” Economic Modelling 73:184–194. https://doi.org/10.1016/j.econmod.2018.03.015.
   Web of Science ®Google Scholar
• Tang, Y. H., and P. Y. Zhang. 2018. “Study on the Location and Change Mechanism of Chinese Enterprises Embedded in the Global Production Chain.” Management World 5:28–46. https://doi.org/10.19744/j.cnki.11-1235/f.2018.05.003.
   Google Scholar
• Tori, D., and O. Onaran. 2017. “The Effects of Financialisation and Financial Development on Investment: Evidence from Firm-Level Data in Europe.” https://doi.org/10.2139/ssrn.3064062.
   Google Scholar
• Wang, C. 2019. “A literature review on corporate financialization.” American Journal of Industrial and Business Management 9 (3): 647–657. https://doi.org/10.4236/ajibm.2019.93044.
   Google Scholar
• Wang, L. 2023. “Political cycle and effective corporate tax rate: evidence from China.” Applied Economics 1–14. https://doi.org/10.1080/00036846.2023.2174937.
   Google Scholar
• Wang, Y. 2015. “The Rise of the ‘Shareholding state’: Financialization of Economic Management in China.” Socio-Economic Review 13 (3): 603–625. https://doi.org/10.1093/ser/mwv016.
   Web of Science ®Google Scholar
• Wang, H., Y. Cao, Q. Yang, and Z. Yang. 2017. “Financialization of Real Firms Promotes or Inhibits Corporate Innovation an Empirical Study Based on Chinese Listed Manufacturing Companies Study.” Nankai Management Review 20 (1): 155–166.
   Google Scholar
• Wang, L., Yang, D., and Luo, D. 2022. “Policy Uncertainty, Official Social Capital, and the Effective Corporate Tax Rate—Evidence From Chinese Firms.” Frontiers in Psychology 13:899021. https://doi.org/10.3389/fpsyg.2022.899021.
   PubMed Web of Science ®Google Scholar
• Xu, S., and L. Guo. 2021. “Financialization and Corporate Performance in China: Promotion or Inhibition?” Abacus 59 (3): 776–817. https://doi.org/10.1111/abac.12213.
   Web of Science ®Google Scholar
• Xu, X., and C. Xuan. 2021. “A Study on the Motivation of Financialization in Emerging Markets: The Case of Chinese Nonfinancial Corporations.” International Review of Economics & Finance 72:606–623. https://doi.org/10.1016/j.iref.2020.12.026.
   Web of Science ®Google Scholar
• Yan, X., X. Wang, and S. Liu. 2023. “A U-Shaped Relationship Between Real Financialization and Financial Risk: Evidence from a Single Threshold Model.” Finance Research Letters 56:104017. https://doi.org/10.1016/j.frl.2023.104017.
   Web of Science ®Google Scholar
• Yu, L., Y. Sun, X. Liu, and T. Wang. 2022. “Does regional value chain participation affect global value chain positions? Evidence from China.” Economic Research-Ekonomska Istraživanja 36 (2): 1–22. https://doi.org/10.1080/1331677X.2022.2108474.
   Google Scholar