title: State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China

authors: Hess, Kurt

subjects: business performance

abstract: Purpose – This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000-2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value. 
Design/methodology/approach – The paper tests the ownership-performance relationship for the state and for sub-samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two-stage least squares analysis, which treats ownership concentration as endogenous. 
Findings – The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value. 
Originality/value – The study contributes to the literature by presenting a more comprehensive treatment of the ownership-performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.

text: State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China Purpose – This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000-2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value. 
Design/methodology/approach – The paper tests the ownership-performance relationship for the state and for sub-samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two-stage least squares analysis, which treats ownership concentration as endogenous. 
Findings – The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value. 
Originality/value – The study contributes to the literature by presenting a more comprehensive treatment of the ownership-performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.

year: 2010

title: Timing of initiation of reverse displacement on the Taranaki Fault, northern Taranaki Basin: Constraints from the on land record (Oligocene Te Kuiti Group)

authors: Tripathi, Anand Ratnakar Prasad

subjects: Sequence Stratigraphy

abstract: Structures associated with the wedge of basement overthrust into Taranaki Basin along the Taranaki Fault, are regarded as hydrocarbon plays and have been tested by drilling through the tip of the overthrust. The timing of initiation of reverse displace ment on Taranaki Fault is difficult to interpret from available seismic reflection data across it because the evidence has been masked by later movements. The record from the basin, as summarised in King & Thrasher (1996), suggests that the fault evolved from normal to reverse character during the mid-Oligocene. This was inferred from formation of a foredeep parallel to, and west of, Taranaki Fault and a marked increase in its paleo-water depth, as indicated by foraminiferal assemblages of Late Oligocene age.  
A comprehensive re-assessment of the lithostratigraphy and sequence stratigraphy of the Late Eocene-Oligocene Te Kuiti Group exposed on land east of Taranaki Fault in central-western North Island, between Port Waikato and Awakino, provides new constraints on the early history of Taranaki Fault displacement. New age control has been achieved by a review of existing foraminiferal biostratigraphy combined with determination of Sr isotope ages from macrofossil samples. Six unconformity-bound sequences have been identified and mapped within the Te Kuiti Group. A major subaerial unconformity between sequences TK3 and TK4 combined with a basinward shift in the position of onlap for sequence TK4 indicate a dramatic change in stratigraphic development and basin dynamics during the mid-upper Whaingaroan at c. 29 Ma, corresponding to the change from mild extension (sag basin) to shortening across the Taranaki Fault Zone. We consider sequences TK4 – TK6 to each represent tectonic cycles of subsidence and basin inversion and we attribute the origin of these cycles to periodic locking of the Taranaki Fault décollement in underlying Murihiku basement, the accumulating strain causing uplift in the basin east of the fault zone, followed by free displacement, relaxation in the upper crust and subsidence. A 1st order model is presented of the Late Oligocene to earliest Miocene vertical and horizontal displacement of basement on the Taranaki Fault Zone for a west –east transect through Awakino. It implies that the mid- to Late Oligocene displace¬ment on the fault zone in the vicinity of Awakino was episodic, and that the thrust belt was narrow (c. 15 km). North of Kawhia Harbour there will have been a different displacement history with most of the total displacement occurring during the devel opment of the c. 29 Ma unconformity at the base of Sequence TK4, whereas to the south between Awakino and Kawhia Harbour the majority of the total displacement occurred during the Otaian and at the end of it. The model also shows that the start of reverse/thrust displacement on Taranaki Fault must have involved the development of a completely new fault trace(s), rather than involving a change of sense of movement on the pre-existing normal fault. The Manganui Fault is part of the Taranaki Fault Zone and probably became active at c. 27 Ma during development of the unconformity between sequences TK4 & TK5. The model presented here has been validated against the subsurface Oligocene stratigraphy in Taranaki Basin.

text: Timing of initiation of reverse displacement on the Taranaki Fault, northern Taranaki Basin: Constraints from the on land record (Oligocene Te Kuiti Group) Structures associated with the wedge of basement overthrust into Taranaki Basin along the Taranaki Fault, are regarded as hydrocarbon plays and have been tested by drilling through the tip of the overthrust. The timing of initiation of reverse displace ment on Taranaki Fault is difficult to interpret from available seismic reflection data across it because the evidence has been masked by later movements. The record from the basin, as summarised in King & Thrasher (1996), suggests that the fault evolved from normal to reverse character during the mid-Oligocene. This was inferred from formation of a foredeep parallel to, and west of, Taranaki Fault and a marked increase in its paleo-water depth, as indicated by foraminiferal assemblages of Late Oligocene age.  
A comprehensive re-assessment of the lithostratigraphy and sequence stratigraphy of the Late Eocene-Oligocene Te Kuiti Group exposed on land east of Taranaki Fault in central-western North Island, between Port Waikato and Awakino, provides new constraints on the early history of Taranaki Fault displacement. New age control has been achieved by a review of existing foraminiferal biostratigraphy combined with determination of Sr isotope ages from macrofossil samples. Six unconformity-bound sequences have been identified and mapped within the Te Kuiti Group. A major subaerial unconformity between sequences TK3 and TK4 combined with a basinward shift in the position of onlap for sequence TK4 indicate a dramatic change in stratigraphic development and basin dynamics during the mid-upper Whaingaroan at c. 29 Ma, corresponding to the change from mild extension (sag basin) to shortening across the Taranaki Fault Zone. We consider sequences TK4 – TK6 to each represent tectonic cycles of subsidence and basin inversion and we attribute the origin of these cycles to periodic locking of the Taranaki Fault décollement in underlying Murihiku basement, the accumulating strain causing uplift in the basin east of the fault zone, followed by free displacement, relaxation in the upper crust and subsidence. A 1st order model is presented of the Late Oligocene to earliest Miocene vertical and horizontal displacement of basement on the Taranaki Fault Zone for a west –east transect through Awakino. It implies that the mid- to Late Oligocene displace¬ment on the fault zone in the vicinity of Awakino was episodic, and that the thrust belt was narrow (c. 15 km). North of Kawhia Harbour there will have been a different displacement history with most of the total displacement occurring during the devel opment of the c. 29 Ma unconformity at the base of Sequence TK4, whereas to the south between Awakino and Kawhia Harbour the majority of the total displacement occurred during the Otaian and at the end of it. The model also shows that the start of reverse/thrust displacement on Taranaki Fault must have involved the development of a completely new fault trace(s), rather than involving a change of sense of movement on the pre-existing normal fault. The Manganui Fault is part of the Taranaki Fault Zone and probably became active at c. 27 Ma during development of the unconformity between sequences TK4 & TK5. The model presented here has been validated against the subsurface Oligocene stratigraphy in Taranaki Basin.

year: 2008

title: Rewi Mokena: youngest son of Mokena Hou

authors: Hart, Philip

abstract: The youngest child of Mokena Hou, Rewi Mokena moved from place to place when young, finally settling permanently at Te Aroha. Having received some education, he was fluent in English. Like the typical rangatira of the time, he acquired interests in several blocks of land, obtained income from these in the short term, but because of financial difficulties was brought before the court several times. 
His involvement in gold mining started in a small way in 1875. Five years later, he would assist Hone Werahiko to prospect Te Aroha – and to fend off inquisitive Pakeha. He invested in claims in all of the three areas where gold was found.
By the twentieth century, Rewi was the most important rangatira at Te Aroha, and had wider influence, assisting the King Movement to seek redress for lost land. From a young age he participated in Pakeha society, notably as a rugby player, and became a prominent Mormon. His complicated private life, including bigamy and a wife’s attempted suicide because of his adultery, did not lower his high standing in Maori society nor damage his popularity with Pakeha.

text: Rewi Mokena: youngest son of Mokena Hou The youngest child of Mokena Hou, Rewi Mokena moved from place to place when young, finally settling permanently at Te Aroha. Having received some education, he was fluent in English. Like the typical rangatira of the time, he acquired interests in several blocks of land, obtained income from these in the short term, but because of financial difficulties was brought before the court several times. 
His involvement in gold mining started in a small way in 1875. Five years later, he would assist Hone Werahiko to prospect Te Aroha – and to fend off inquisitive Pakeha. He invested in claims in all of the three areas where gold was found.
By the twentieth century, Rewi was the most important rangatira at Te Aroha, and had wider influence, assisting the King Movement to seek redress for lost land. From a young age he participated in Pakeha society, notably as a rugby player, and became a prominent Mormon. His complicated private life, including bigamy and a wife’s attempted suicide because of his adultery, did not lower his high standing in Maori society nor damage his popularity with Pakeha.

year: 2016