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Firm characteristics and informal governance of business operations in the PRD, China

机译：中国珠三角企业经营的公司特征和非正式治理

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This paper describes the Chinese economic and institutional reform process as a gradual transition of an informal, relation-based governance system into a more formal and rule-based governance system. The consequences of macro-level institutional reforms on the importance of personal relationships for the firm-level governance of business operations are discussed. Theoretical considerations based on the New Institutional Economics suggest that, in a transition economy such as China, companies' incentives to reduce the reliance on personal relationships should depend on firm characteristics such as the age, size and the internationalization of the firm. We confront these suppositions with empirical data obtained from a company survey performed among 222 (electronics industry) companies operating in the PRD, China. From this we obtain some, though often weak, evidence in favor of the suppositions.
机译：本文将中国的经济和体制改革过程描述为一种非正式的，基于关系的治理体系逐渐过渡为更加正式和基于规则的治理体系。讨论了宏观制度改革对人际关系对企业运营的公司层治理的重要性的影响。基于新制度经济学的理论考虑表明，在诸如中国这样的转轨经济中，公司减少对个人关系依赖的动机应取决于公司的特征，例如公司的年龄，规模和国际化。我们通过对在中国珠三角运营的222家（电子行业）公司进行的公司调查获得的经验数据来面对这些假设。由此，我们获得了一些支持这种假设的证据，尽管常常是微不足道的。

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