Hybrid Governance Regime in Turbulent Times: The Role of State in China’s Stock Market Crisis 2014-2016
Refereed conference paper presented and published in conference proceedings


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AbstractThe state-led development of stock market has been a key element of China’s economic reforms. However, the complex interface of regulation and control between the state bureaucracy and China's evolving financial markets remains under-researched. China’s stock market experienced a major boom and bust between 2014 and 2015, with profound implications on China’s financial stability and governance reforms. Drawing on the organizational studies literature on hybrids, this article analyses how the hybridization of multiple institutional logics has shaped the regulatory incentives, policy process and market dynamics in the evolution of China’s stock market crisis in 2015. It argues that China’s stock market governance has been trapped by the multi-task principal-agent dilemma endogenous to its hybrid regime, which poses fundamental constraints on China’s financial stability and regulatory effectiveness. It concludes by discussing the alternative approaches of managing hybridity with integration and differentiation strategies in China’s post-crisis financial governance reforms.
Acceptance Date29/06/2019
All Author(s) ListChen LI, Huanhuan Zheng
Name of ConferenceThe 31st SASE (Society for the Advancement of Socio-Economics) Annual Conference at The New School in New York City
Start Date of Conference27/06/2019
End Date of Conference29/06/2019
Place of ConferenceNew York
Country/Region of ConferenceUnited States of America
Year2019
LanguagesEnglish-United States

Last updated on 2020-17-04 at 15:53