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The authors examine how the major board reforms recently implemented by countries around the world affect firms' choice of debt.

Using a quasi-experimental setting of major board reforms around the world that aim to improve board-related governance practices in various areas, this study investigates the impact of effective board monitoring on corporate debt choice. The authors employ difference-in-differences-type quasi-natural experiment method and path analysis for hypotheses testing.

The authors find that the implementation of board reforms is positively associated with firms' preference for public debt financing over bank debt. However, this effect tends to weaken after the fourth year following the implementation of board reforms. In additional analyses, the authors find that “rule-based” reforms have a more pronounced effect on firms' choice of debt than do “comply-or-explain” reforms. Both (1) strengthened firm-level internal governance practices that address concerns about the agency cost of debt and (2) reduced information asymmetries play important roles in facilitating firms' debt choice, but the evidence suggests that the former is the economic mechanism through which country-level reforms affect corporate debt choice.

The study extends the literature examining the heterogeneity of corporate debt choices in a global setting and the literature on the consequences of corporate governance reforms.

The findings demonstrate the effectiveness of the corporate board reforms implemented in countries around the world, addressing concerns from critics about their potential harm or ineffectiveness.

The results indicate that country-level board reforms reduce the extent to which shareholder–creditor conflicts harm shareholders.

This case study is designed to enable students to understand the reasons behind the launch of a beauty brand grounded on traditions and culture, understand the strategies adopted by Florasis to establish its presence in the C-beauty space and emerge successful, analyze the positioning of a C-beauty brand in a highly competitive beauty market, identify the issues and challenges faced by a C-beauty brand in its efforts to disrupt the C-beauty space and suggest strategies that Florasis can adopt to emerge as a market leader in the global beauty industry.

Set in 2021, the case study discusses about the emerging C-beauty brand Florasis innovative strategies to promote the brand. Florasis was founded in 2017 with a vision to become a century old national makeup brand of China. Florasis was successful in getting on board a story-telling experience that featured traditional Chinese culture, aesthetics and heritage. It sold cosmetic products with retro packaging, concepts derived from traditional Chinese style, promoting a sense of national pride and nostalgia. The case study highlights the innovative strategies Florasis adopted like influencer marketing through key opinion leaders and key opinion customers, celebrity endorsements, user co-creation programs, social content and network marketing, brand crossovers and collaborations, etc. In April 2021, Florasis became the No. 1 cosmetic company in China with a gross merchandise value of 218m yuan and further the total sales for second quarter of 2021 reached 830m yuan, endorsing its supremacy over other global and local beauty brands in China. However, with success came along a set of challenges. Some analysts pointed that the brand was slow in innovating its product line-up, it focused more on promotions and advertisements and the brand positioning with a single sales channel, the cost performance and quality of the products and excessive marketing campaigns targeting a niche segment. Going forward, what should Florasis do to conquer the global beauty space? Can Florasis aspire to become a digitally empowered global beauty brand? Has it got the momentum? Will its direct-to-consumer model and unprecedented marketing and promotion gimmicks, help it achieve the lead in the global beauty space?

This case study is suitable for students of the graduate and undergraduate programs in management.

Teaching notes are available for educators only.

CSS 8: Marketing.

This paper aims to review policy innovations in China for addressing the graduate unemployment crisis that has been created by the expansion of higher education in the past decade.

The authors draw on government documents, research findings, and mass media reports to highlight the key measures of the Chinese government to alleviate the over‐education problem and to improve college graduates' employment prospects.

The review describes government efforts both at the institutional level to enhance student employability and at the national level to create alternative employment channels. The Chinese experiences show that the challenges posed by the graduate employment crisis may turn out to be a new opportunity to reform higher education in order to better address the needs unique to a country's own society.

The review of the Chinese case will inspire policy makers in other countries to seek alternative routes for the development of their own higher education.

This is the first study of its kind to address the recent policy innovations and their implications for potential reform.

The modernization of China’s economy is an integral part of Chinese-style modernization. According to the principle of unifying theoretical, historical and practical logic, theoretically explaining the modernization of China’s economy is both a political necessity and a higher scientific requirement.

Following this evolutionary line – from modes of production to the general economic development mechanism and then to patterns of economic operation and development – this paper employs the principal contradiction analysis method to offer an interpretation of China’s economic modernization from the broad Marxist political economy perspective.

In economic terms, “get organized” primarily refers to the development and mutual promotion of team-based and market-based division of labor organizations, as discussed by Karl Marx. “Get organized” (specifically the development of team-based division of labor organizations) acts as the engine of China’s economic modernization and serves as the historical logical starting point. Division of labor is the theoretical logical starting point for interpreting China’s economic modernization. The two of them are congruent, achieving the unity of theoretical and historical logic at the starting point. The development and mutual promotion of these “two types of division of labor” inherently generate the general mechanism of economic development first comprehensively discussed by Marx and Friedrich Engels, which involves the division of labor development and market expansion accumulating cyclically and reinforcing each other. This mechanism drives both the high-speed and high-quality development of China’s economic modernization.

The broad Marxist political economy paradigm facilitates explaining China’s economic modernization theoretically, historically and practically with unified logic. “Get organized” serves as both the engine and the realization mechanism of this modernization, with the Communist Party of China (CPC) consistently being the core force of this organizational effort.

This paper intends to provide a thematic literature review of the scholarly research articles orbiting the Sino–African education cooperation and exchange, published between 2005 and 2022.

The methodology used in this paper is qualitative in nature with a thematic approach. The author used content analysis techniques to spotlight the major themes of the topic studied. The author selected the papers and theses, based on their heuristic capacity, from two major databases for the English and Chinese literature: Web of Science and CNKI. The selection process resulted in 60 high-quality peer-reviewed articles and theses. Another 30 research articles and theses were used as supplementary resources.

The literature concentrates on six points: the historical development, the nature of the exchange, the frameworks of the cooperation, vocational training and knowledge transfer, African students in China and their experiences, and education cooperation and soft power. However, research tends to be somewhat polemical rather than an academic debate between Chinese researchers and their western peers. Therefore, empirical studies beyond the geopolitical preoccupations and the “YEA” or “NAY” to the Sino–African education exchange are critically needed.

The implications of this study go beyond the east/west or developed/developing world rhetoric and focus more on sustainable educational development on a global scale. Understanding how the literature on the Sino–African education engagement is shaping, provides valuable insights into international education in the global south. It can also be implied to approach educational engagement with other destinations such as India, Türkiye and Brazil.

This thematic literature review concentrates on the educational aspect of Sino–African relations. It compares English and Chinese peer-reviewed scholarly articles and theses on China–Africa educational engagement and has heuristic implications for sustainable educational development globally.