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This article aims to consider success in terms of the financial returns and risks of new public management (NPM) in state‐owned enterprises (SOEs).

Financial returns of New Zealand SOEs were examined through a review of their annual reports over a five‐year period. Dimensions of risk were examined through interviews conducted in two phases over a two‐year period with senior executives from 12 of the (then) 17 SOEs operating in New Zealand.

Findings indicate the potential for SOEs to operate as profitable government investments, with clear support for positive financial returns under NPM. However, variations noted within individual SOEs also indicate that profitable and commercial operations may not be possible in all cases. An examination of the risks associated with SOEs' operations reveals a number of dimensions of risk, encompassing financial, political (including regulatory), reputational, and public accountability aspects.

There is a need for an enhanced awareness on the part of internal and external stakeholders (such as the government and general public) of the risks SOEs face in pursuing higher levels of profitability. Also required, is a more acute understanding on the part of internal and external stakeholders (e.g. government and the public) of the need for SOEs to manage the range of risks identified, given the potentially delicate balance between risk and return.

While previous studies have considered the financial returns of SOEs, or the risks faced by the public sector in terms of accountability, few have addressed the two issues collectively in a single context.

In the mid-1970s, China's economy had only two forms of public ownership: state ownership and collective ownership. In the agricultural sector, virtually all production was organized into collectively owned Production Brigades (villages) and People's Communes (townships or groups). In industry, SOEs accounted for 80% of total industrial output, with the remaining 20% shared by urban and rural collectives. By the late 1990s, SOEs and collectives accounted for less than 50% of GDP (International Finance Corporation, 2000; p. 18). Transformation of the ownership of production has undoubtedly been one of the key components of China's successful reform program. This has been achieved through combined efforts: privatization of agricultural production on collectively owned land; new entry of collectively owned industrial enterprises, especially township and village enterprises (TVEs), and their subsequent privatization; new entry of foreign-invested and domestic private enterprises; and ownership transformation of existing SOEs (Mako & Zhang, 2003).

The purpose of this study is to consider the potential for profit under new public management, through a study of New Zealand's state‐owned enterprises (SOEs).

“Examination from the outside” involved analysis of financial data from 2001 to 2005 for the SOE sector. “Inquiry from the inside” involved interviews with senior executives from 12 of the 17 SOEs operating in New Zealand.

Findings indicate the potential for SOEs as profitable government investments, with clear support for financial returns under NPM.

While this study is limited to SOEs in New Zealand, it provides valuable insight into one country's SOE sector, and offers a platform for similar studies in other countries. Strong financial returns from several SOEs highlight the potential for SOEs as valuable investments, and an important alternative to traditional sources of government funding. However, variations noted in the financial returns of individual SOEs also indicate that profitable and commercial operations may not be possible in all cases.

The value of this paper lies in the combination of quantitative and qualitative data, to provide insight not only into SOEs' financial performance, but also into the operational and strategic issues underlying that performance.

The purpose of this paper is to explore multiple stakeholders’ perceptions of leadership in Vietnamese state-owned enterprises (SOEs).

The paper presents findings from semi-structured interviews that were conducted in Vietnam, with seven different stakeholders who had varying understandings of Vietnamese business leadership within the Vietnamese business context. All interviews were transcribed, then translated into English, and thematic analysis of the interview data undertaken.

The paper suggests that there was a significant variation in Vietnamese leadership perceptions when compared to Western leadership practices, especially when considering the perceptions of those stakeholders with regard to business leadership in the Vietnamese collectivist cultural context. The themes presented include: SOE decision making and responsibility; SOE promotions and appointments; and SOE performance.

In the absence of studies of leadership in Vietnamese SOEs, and leadership studies in the Vietnamese culture in general, this research was deliberately exploratory and qualitative. Future mixed methods or quantitative studies are recommended to offer more generalizable conclusions.

Implications are discussed that point to leadership changes in Vietnamese organizations, and at the individual level, to assist the Vietnamese government, SOEs, and future leaders. Recommendations are also made that are intended to assist foreign business investors and multinational companies operating in Vietnam, now and in the future, to improve their leadership capacity within this context.

Vietnam is a country in social and economic transition. Understanding the leadership practices and perceptions, especially how that might differ from leadership in Western nations, is critical for the success of organizations in Vietnam and, in turn, for the economic and social prosperity of the Vietnamese people.

The paper contributes perceptions of business leadership in Vietnamese SOEs that have not previously been explored and should be, especially given this critical time of economic and social transition for the Vietnamese nation and economy.

The purpose of this chapter was to describe how the School of Education at Duquesne initiated a school-wide, redesign of its doctoral program in educational leadership through its participation in the Carnegie Project on the Education Doctorate (CPED) – an initiative begun by Lee Shulman in 2006. The focus of CPED is to encourage colleges and schools of education that offer doctoral degrees in leadership, curriculum and instruction, or a similar area to rethink the program in ways that would enhance the learning opportunities and experiences of practitioners in the program. The intent of CPED is to generate more practitioner-leaders who are action researchers prepared to transform pre-kindergarten to secondary learning environments. In the chapter, the author discusses how Duquesne has redesigned its program and the concomitant opportunities and challenges for leadership. She also discusses how the redesigned programs have informed Duquesne's preparation of transformative research practitioners in educational leadership. Finally, the author operationally defines “traveling leadership theory” and what this theoretical concept means in terms of her leadership.

The purpose of this paper is to theoretically investigate the potential welfare effects of state-owned enterprises’ (SOEs) international operations.

The paper is conceptual, applying standard economics state ownership theory based on agency theory and incomplete contracts theory to different forms of SOE cross-border operations.

When private firms are risk averse or financially constrained, or when writing complete contracts and making credible commitments are not possible, state ownership can achieve objectives such as international operations supporting domestic industrial policy, addressing social objectives in another government’s territory and addressing transnational market failures. Welfare effects may, however, also depend on home-host country relationships.

This is the first application of standard economics state ownership theory to state-owned multinationals. The analysis shows that key conclusions from the state ownership literature in a domestic setting can be extended to international operations, and highlights new theoretical issues arising from SOEs going beyond their home jurisdiction to that of another government.

This paper aims to examine the integration of entrepreneurship and strategy to develop a conceptual framework of strategic entrepreneurship. The framework is developed through an analysis of theory and refined through an examination of practice.

This framework is considered in the context of potentially entrepreneurial and strategic activity undertaken by 12 of the 17 state‐owned enterprises (SOEs) operating in New Zealand in 2006‐2007. Based on a review of documents, observation, and interviews with SOE executives, cases of 12 SOE activities were analysed to compare and contrast strategic entrepreneurship in practice.

The findings reveal distinct elements within the four activities classified as strategic entrepreneurship, activities, such as leveraging from core skills and resources from a strategic perspective, and innovation from an entrepreneurial perspective.

This study is one of the first to examine the nature of strategic entrepreneurship in practice and the associated financial returns.

This study aims to investigate measures established to ensure board of directors (BODs) in a state-owned enterprise (SOE) meets the organization for economic cooperation and development (OECD, 2015) guidelines criteria: how they perform their advising and control roles, and interactions within the boardroom using agency theory and OECD guidelines.

This research adopts a qualitative approach of a board within a SOE in Barbados involving several stages of data collection. A case study approach was used involving interviews of nine board members and seven key management staff, analysis of board minutes and annual reports.

BODs follow majority of the OECD (2015) guidelines for good governance. The Chairman allowed full discussion and input from BODs. The board members’ diverse qualifications and skills added value to the organization. However, appointments to the board were heavily slanted toward political considerations which at times may have skewed judgments. Boardroom interactions reflected quality contributions from the BODs. Decision-making was lengthy and tedious. Boardroom atmosphere could be territorial.

Political interference remains an issue facing BODs in executing their roles. This study did not observe board meetings but perceived views via the lens of BODs and management.

This paper adds to the existing body of knowledge of SOE board governance based on OECD (2015) guidelines and how the board performs its advising and control roles. Insights are gained on how board processes contribute to boardroom interaction by using agency theory as the theoretical framework.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

This paper aims to provide a review of the challenges facing the reform of SOEs, and to address the impacts of SOE reform on business executives, on the base of literature review and empirical data collected in Guangzhou, China.

A qualitative research on the base of literature review, supported by empirical data collected from surveys, interviews, and focus group discussion.

Although China has made significant achievement in economic reform and the transition into a market system and civil society since 1978, there are still fundamental challenges associated with the reform of state owned enterprises (SOEs). It seems that privatisation will not necessarily solve the complex problems associated with SOEs. This paper suggests that a balanced approach reflecting the best of SOE provision and triple bottom line management appears to provide the best way forward for continuing prosperity in China. The current direction of SOE reform seems to have been driven by privatisation and economic rationalism, rather than a more balanced economic and social strategy. If this trend continues, the challenges for business executives, and the general society, can be overwhelming, and not lead to a more sustainable economy, let alone society, in the medium to long term.

Reform of SOEs has impacted on China fundamentally. Against the common view that business managers are the social group that is benefiting from SOE reform, this paper focuses on factors affecting the economic and social status of business executives, especially the challenges associated with the reform of SOEs. Supported by primary and secondary data sources, it draws attention to the situation that although the economic and social status of business executives continues to rise in China, insecurity and stress on business executives are growing. Reforms associated with changing SOEs are viewed as possible sources of challenges facing the Chinese economy and business life. Current SOE reform seems to have focused on the economic bottom line. A more balanced approach in the reform of SOEs is suggested for a more sustainable economy and society.