Performance feedback and location choice of foreign direct investment

Integrating the behavioral theory of the firm and the OLI paradigm, this paper studies how performance feedback affects the location choice of emerging market firms between developed countries (DCs) and less developed countries (LDCs) during the process of internationalization. Using the sample of 1,306 Chinese public listed firms which established new foreign subsidiaries between 2008 and 2019, we find that the further a firm’s performance is below aspiration, the more likely it will invest in LDCs than DCs, whereas the further a firm’s performance is above aspiration, the more likely it will invest in DCs than LDCs. In addition, technology-based capability and labor intensive production capability have moderating effects on the relationship between performance feedback and location choice between DCs and LDCs. This paper complements and extends the OLI paradigm by injecting dynamic and non-economic factors to explain OFDI location choice.     

Class talk: habitus and class in parental narratives of school choice

This article explores how social class is linguistically negotiated and contested in parental narratives of school choice in the British education marketplace. Our study reveals prevalent yet obscured vestiges of ‘class talk’, and in doing so, unmasks ‘micro-political’ acts of status claiming. Using interactional narrative interviewing with 30 parents, we explore how inter- and intra-class differences are emotionally expressed, thus exposing the embodied dispositions of parents’ habitus and its’ subtle influence on school choice. The parental narratives also unveil a moral and political tension between the neoliberal ideal of entrepreneurial self-advancement and an egalitarian sentiment for social equality. Our study therefore challenges the neoliberal educational policy of market choice in closing the attainment gap.     

对美、英、港三地商业银行外部审计制度的比较研究

近几年来，中小企业对我国经济社会发展起着越来越重要的作用。中小企业已成为拉动我国经济增长的重要力量，是吸纳社会就业的主要载体，也是技术与机制创新的有效组织形式。中小企业已成为我国国民经济的重要组成部分。但是中小企业普遍存在着融资难的困境，严重制约了中小企业的进一步发展。解决中小企业融资难问题已成为当务之急。     

Values Versus Regulations: How Culture Plays Its Role

This study examines the impact of culture on regulation and corruption. Our empirical results suggest that cultural values have significant effects on countries’ regulatory policies, levels of corruption, and economic development. Contrary to the conclusions drawn by others, this study shows no significant relationship between the regulatory policies of countries and their perceived levels of corruption. Thus, evidence of the “public choice view” toward entry regulation derived in related studies seems to be at least attenuated. Dr. Runtian Jing is a Professor and Vice Dean of the School of Management, University of Electronic Science and Technology of China. John L. Graham is Professor of International Business, The Paul Merage School of Business, University of California, Irvine.     

基于规制者"主动猎获"视角的规制外部性研究

从规制俘获视角看,规制俘获理论包括公共利益规制理论、传统规制俘获理论、新规制经济学俘获理论几个主要理论阶段。规制具有外部性,主动猎获规制导致社会生产率和社会福利的损失,造成社会分配的不公平,引发社会道德危机。人性恶的假设、"国家掠夺论"的政府本质说以及制度的缺陷和权力的滥用都是主动猎获规制外部性产生的原因。本文首次从规制者"主动猎获"的新视角研究规制外部性,揭示了规制外部性可能导致的经济、政治和文化上的危害,拓宽了规制外部性的研究视野。     

中国反垄断法个性及其机理刍议

本文认为,我国的反垄断法与发达国家的反垄断法具有诸多共性,但我国特殊的国情决定了中国反垄断法是世界反垄断法普遍原理与中国市场经济特殊实践相结合的必然产物,存在许多与众不同之处,具有鲜明的个性特征。它将维护社会公共利益和促进社会主义市场经济健康发展作为追求目标。它明确对滥用行政权力排除和限制竞争的行为进行规制。它对行政垄断采用行政规制的方法,即责令改正或对直接责任人进行行政处分;而对经济垄断主要采用行为规制的方法,结构规制基本不用。     

Trends in Total Advertising Expenditure in 29 Countries, 1970–1980

There is a growing body of national studies identifying reasons for ‘juvenile smoking initiation’ that is, the conditions, motivations and precipitating circumstances associated with children starting to smoke. In contrast, there has been a lack of systematic cross-national research to compare juvenile smoking initiation in a similar manner in countries with different values, levels of economic development, political systems and social stratification. Controlling for all of these factors is a daunting task indeed for any researcher. However, considering that one common remedy has been proposed to combat juvenile smoking, namely, to ban or severely restrict tobacco advertising, it was highly desirable to compare countries which differ significantly in terms of public policies towards tobacco advertising, in order to determine the relative impact of tobacco advertising on why juveniles start smoking. To this end, the tobacco industry's international information organization (INFOTAB) commissioned the Children's Research Unit to investigate a variety of personal, social and cultural factors—including advertising—bearing on juvenile smoking initiation in a sample of countries selected for their different systems regulating tobacco product advertising.     

Avoiding toxic assets and ensuring bank stability: English commercial bank investments, 1880–1910

New estimates are made of the relative importance of investments within the banks' assets structure, of the significance of bank investments in the market as a whole, of the composition of those investments, and of how those changed in a period that experienced a significant increase in the scale, liquidity and diversity in Britain's organised secondary capital markets. Investment holdings in the total market and amongst insurance companies are used as benchmarks. One main finding is that there was a great deal of variation in the size of bank investments relative to total assets, with no evidence of a ‘norm’ investments ratio. Another finding is that although there is some evidence of greater diversity over time, conservatism – and especially the continued heavy reliance on public sector securities – is more evident. Overall, there was a commitment to a high liquidity, risk-averse approach to portfolio management which contributed to bank stability and limited the financing of the private sector.     

市场失灵以及社会性规制的理论基础分析

社会性规制的内部性和外部性具有产权特征，并可统一到产权分析框架中。社会性规制无论是外部性还是内部性的产生都根源于产权界定不清和产权保护不力。西方经济学家所称的公共品、信息不对称、外部性等社会性规制的理论，是内生于产权界定不清和产权保护不力的现象。产权界定不清和产权保护不力可能是导致我国的“公共领域”比西方发达国家更大的原因。     

Regulation,ownership and bank performance in the MENA region: Evidence for Islamic and conventional banks

This paper investigates the impact of regulation and ownership on the performance of banks in 19 countries in the Middle East and North Africa (MENA) region. We test the hypothesis that the effect of regulation on bank profitability depends on the type of ownership structure. The public and private views of bank regulation are also tested along with the interaction of bank regulation and ownership. We find regulation measures to have a strong influence on bank profitability, whereas ownership structure seems to play a limited role in explaining bank performance in the MENA region. The results support the private view of bank regulation and suggest that capital requirements and private monitoring when interacted with ownership concentration exert a strong influence on bank profitability. When the analysis is done separately for conventional and Islamic banks, we find that the impact of bank regulations though strongly significant, does not depend on the type of ownership structure prevailing in conventional banks. In contrast, regulatory effects seem to be important drivers of profitability of Islamic banks. Therefore, it is very important for policy makers in these countries not to treat the two types of banks identically when setting up and implementing bank regulations especially during the COVID-19 pandemic.     

资本约束对不同类型商业银行流动性创造能力的非对称影响研究

在过去的20年间,巴塞尔协议下资本监管框架越来越繁杂,但其仍难以满足不同禀赋的商业银行。本文试图从商业银行重要的基本功能流动性创造的角度,验证资本充足率的统一监管对商业银行带来的非对称影响。研究表明,从2005年至2008年,样本商业银行创造了大量的流动性。资本的提高会显著促进股份制商业银行提高对风险的吸收能力,提高其流动性创造能力,但是会压缩区域性商业银行的流动性创造能力以及中小企业贷款,非对称效应显著。     

Institutional change and strategic choice: debating the ‘stage-model’ of strategy in emerging economies

The popular ‘stage-model’ of strategic choice amid institutional change is found unable to account for the diverse strategies in emerging economies, which, this essay argues, is due to the model’s misplaced search for standard strategies which are said to be (1) dictated by linear transition stages and (2) determining the performance of stylized ‘firm types’. Assuming historical inevitability and blind to human agency, the model is at odds with Knight’s notion of uncertainty, with North’s thesis of adaptive efficiency and with Schumpeter’s theorizing on entrepreneurship. Studies on strategy in emerging economies, such as in the case of contemporary China, are in urgent need of an actor-centred, process-oriented and uncertainty-sensitive reorientation. This step, we conclude, may emerge by learning from the ‘practice-turn’ in the social sciences, taking politics seriously, incorporating evolution/complexity insights and enriching the methodology toolkit.     

西方激励性规制理论研究综述

西方激励性规制理论产生于20世纪70年代末80年代初,它建立在信息不对称前提下,必然会产生规制者与被规制者之间的委托一代理问题(即所谓逆向选择与道德风险问题).因此,西方激励性规制理论主要围绕如何最大程度地避免委托一代理问题展开,如信息不对称下的洛伯和马盖特规制模型、存在逆向选择情况下的规制模型、存在道德风险情况下的规制模型等.西方激励性规制方式主要包括特许投标制度、区域间标杆竞争、价格上限规制等.本文认为,尽管我国是处于转型期的发展中的社会主义市场经济国家,不同于发达的资本主义市场经济国家,但政府对被规制企业的规制同样面临委托一代理问题,即逆向选择和道德风险问题.西方激励性规制理论不仅可以解决西方被规制企业配置效率和生产效率低下的问题,对于我国被规制企业,也可从技术层面上提供一定借鉴.当然,这种借鉴必须考虑到理论自身存在的缺陷及其在我国的适用性问题,特别是充分考虑我国市场经济的社会主义特性及转轨、欠发达等特点.     

管制政策理论研究综述:不同背景国家的分析

管制政策理论在经历全球化发展进程时,出现了政策研究侧重点的转移。关注这种研究重点的转移,并以这一趋势作为综述的重要脉络。从全球化进程,发达国家、发展中国家三个视角,分析各国学者对管制政策理论研究的新趋势。     

Cultural foodways in Sweden: repeated focus group interviews with Somalian women

The aim of this study was to provide increased understanding of what ‘feeding the family’ means to Somalian women in Sweden. Focus group interviews were carried out with Somalian women, analysed by means of the Grounded theory method. The results show that factors both in the family and in the outside world influenced their food choice and traditions, both in their home country of Somalia and in their new country, Sweden, after migration. The categories generated in the analysis were brought together in a model showing the women ‘struggling for their own cultural identity’ and oscillating between ‘remaining Somalian’ and ‘becoming part of Swedish society’, food being an important instrument in maintaining the cultural identity of their families. Cultural identity in this respect is a matter of the wishes of the husband, followed by those of the women and children and, at the same time, the strong pressure of the Swedish host country. This indicates how important it is for professionals to be aware of the trust people have in their own cultural food and therefore also how necessary it is to give culturally adapted food advice through public health work, in this case to Somalian families.     

Cultural consumption,interactive sociality,and the museum

Abstract

Within marketing and consumer behaviour research, museums have been generally conceptualised as public consumption spaces where visitors benefit from a variety of affective, recreational, and cognitive experiences. As such, the social context has been largely subordinated to enhancing visitors’ cultural consumption experience in the physical environment of the museum. Our study takes a reverse path by highlighting how the cultural consumption experience in the museum nourishes ‘interactive sociality’ both inside and outside the museum. The analysis of our qualitative data (interpretive individual and group interviews and non-participatory observations) on Kelvingrove Museum and Art Gallery in Glasgow, UK, imply that by leveraging interactive sociality, managers can enhance the museum’s value proposition and societal worth in contemporary society.

The paper critiques museum studies’ over-reliance on (social) psychology theories and demonstrates the value of adopting alternative (sociocultural) approaches to the advancement of theory in the field. It provides evidence for the fact that cultural consumers’ interaction with(in) the organisation is not confined to the physical boundaries of a given context. People extend their varying experiences and sensibilities to other domains beyond the museum walls.     

Exploring antecedents of healthy food choices: an Indian experience

Label information on food items is seen as a tool to facilitate better choices. Merely, provision of label information may not lead to the desired outcome. Comprehension and processing of label information during consumer decision making is crucial for better food choices. Based on the primary data obtained from 150 consumers of pre‐packaged food items, the research proposes a conceptual model for healthier food choices. Previously, a number studies related to consumer decision making have employed ‘label reading’ and ‘label use’ interchangeably. Present research advocates that label reading does not amount to label use. Findings from ordered probit model and path analysis suggest that comprehension of label information leads to increase in its perceived usefulness. Further, increased perceived usefulness facilitates better food choice. Instances of better food choices can be maximized by enhancing perceived usefulness and comprehension of label information through educational and awareness campaigns, especially in context of developing countries such as India.     

佃农分成理论与地权管制范式

新佃农理论推翻了传统佃农理论关于分成契约效率低下的观点。其实，传统观点的不严谨之处主要是未能考虑真实世界中的风险费用。所以，只要把风险因素统一到交易费用范畴当中也可证明分成契约的有效性。尽管地主的租金收益权利被管制而造成租金耗散，但佃农之间的竞争效应使得佃农劳动投入增加从而农业总产出提高。若交易费用分为外生性与内生性两种，则可以进一步以此划分地权管制的效率边界，而地权适度管制是具有机会主义倾向的人们在资源属性约束下最小化总交易费用的一种理性选择行为范式。因此，地权管制的程度与范围随着交易费用的转变而改变。     

Where does ESG pay? The role of national culture in moderating the relationship between ESG performance and financial performance

This study investigates the moderating role of a country’s culture as an external contingency factor in the relationship between a firm’s environmental, social, and governance (ESG) performance and financial performance. Using ESG performance data of 4978 firms from 48 countries for 17 years, we argue that the financial return from engaging in ESG varies depending on the countries’ cultural aspects because stakeholder evaluations and appreciations for a firm’s ESG performance differ across nations. We find that a country that espouses a culture of high individualism or masculinity tends to appreciate and reflect on this more explicitly, strengthening the relationship between a firm’s ESG performance and financial performance. Contrastingly, in a country with a culture of high power distance or uncertainty avoidance, firms’ ESG efforts are less likely to be associated with financial performance. Our findings have important implications for multinational enterprises facing various cultural environments when dealing with heterogeneous stakeholder demands across countries.     

个人利益与社会公共利益——关于斯密原理、布坎南公共选择理论与赫维茨机制设计理论的比较研究

亚当.斯密在18世纪开创了市场经济理论体系,布坎南的公共选择理论把斯密的理论体系扩展到政治市场,而赫维茨开创的机制设计理论则对斯密理论体系给予了现代解释与证明,并在此基础上提供了弥补市场机制缺陷的机制设计方法。透过分析,我们发现这三个理论具有很强的内在关联,贯穿它们的一根主线是:试图达到个人利益与社会公共利益激励兼容。