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date: 18 June 2019

Abstract and Keywords

This chapter focuses on the governance ecology of China’s state-owned enterprises (SOEs). More specifically, it examines the mechanisms of state capitalism in China by analyzing the distinctive system of industrial organization in which the country’s largest SOEs were assembled and currently operate. After providing the conceptual background, the chapter charts the origins of Chinese corporate capitalism and how it is presently organized. It then considers the key components and main organizational characteristics of the national business groups and contrasts them with those in Japan and Korea. It also explores SASAC’s behavior as a controlling shareholder within the larger institutions of the party-state and how it shares the role of controlling shareholder with the Communist Party. Finally, it assesses the implications of the analysis for comparative corporate governance scholarship.

Keywords: state-owned enterprises, capitalism, China, industrial organization, national business groups, Japan, Korea, SASAC, Communist Party, corporate governance

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