By Jin Zhang
This e-book examines the position of company constitution, together with the function of company headquarters, within the good fortune of huge agencies in China.
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Extra info for Catch-up and competitiveness in China : the case of large firms in the oil industry
The strong headquarters can initiate and determine better strategies for the whole company. The headquarters can take innovative action to capitalise on business opportunities by mobilising corporate resources. The concentration of resources into growth products would have been impossible under a decentralised product division structure. Moreover, the headquarters can also bring together project teams to plan and implement risky new ventures by accommodating them in the incubator department of the head ofﬁce.
This revolutionary process was facilitated by the explosive development in technology, particularly information technology and was inﬂuenced strongly by the shareholder movement from the 1980s onwards, the rising power of global ﬁnancial institutions due to the formation of new forms of ﬁnancial organisational and ﬁnancial devices, and by the ideology of globalisation. The huge mergers and acquisition explosion in the 1990s was characterised by consolidation of the ‘strong with the strong’. Pushed by the shareholder movement, companies came Function of corporate headquarters 23 under stringent scrutiny by the ﬁnancial market to ‘deliver’ shareholder value.
Analysing the growth of ﬁrms in the 1970s and 1980s in relation to the experience of IBM, GE and Du Pont, Chandler (1990b) pointed out that the headquarters’ ability to carry out these two basic functions is one of the three factors4 that contribute to the size and boundaries of enterprises. Entrepreneurial function The entrepreneurial function is ‘to determine strategies for maintaining and utilising in the long term the ﬁrm’s organisational skills, facilities, and capital and to allocate resources – capital and productspeciﬁc technical and managerial skills – to pursue these strategies’ (Chandler, 1990b: 327).
Catch-up and competitiveness in China : the case of large firms in the oil industry by Jin Zhang