Ownership Structure, Technological Endowment and Competitive Advantage: Do Democracy and Business Fit?

The current study provides a model that aims to explain the origin of the competitive advantage of organizations in terms of the ownership structure. We have also studied the interactions between IT use and ownership structure. To reach these objectives, we have classified the organizations in two groups using the cooperative character criterion. The results show that cooperative firms achieve a superior competitive advantage regardless of the amount of IT that the firms use. The study is focused on the Spanish Pharmaceutical Distribution Industry.     

转轨经济中的所有权与竞争:来自中国上市公司的经验证据

本文以国内制造业上市公司为研究对象 ,分析市场竞争和所有权结构对其产出增长率的影响。研究结果表明 ,所有权集中度与公司产出增长率之间存在U形关系 ;激烈的产品市场竞争对公司产出增长率具有正向影响 ,而且这种正向影响只有在股权分散和股权高度集中的企业中才较为显著。因此 ,可以认为市场竞争和所有权结构在强化公司治理方面存在互补关系     

协同工作设计能缓解组织知识隐藏“困境”吗——基于防御型与促进型心理所有权视角

如何有效干预知识隐藏、突破知识型组织发展的约束性因素，是组织管理中亟需解决的难题，尤其是在竞合交织的工作情境下鲜有研究同时考虑合作性、竞争性工作情境对知识隐藏行为的影响机制，导致对知识隐藏的认知存在片面性。鉴于此，结合心理所有权理论，探讨协同工作设计与团队竞争氛围影响知识隐藏的联动机制。通过对77个知识团队的457名成员进行两阶段问卷调查，研究发现，知识心理所有权、组织心理所有权在协同工作设计(任务互依性、社会支持和他人反馈)与知识隐藏之间起中介作用，团队竞争氛围在协同工作设计要素通过知识心理所有权、组织心理所有权影响知识隐藏的中介路径中发挥调节作用。上述结论不仅为深入研究知识隐藏行为提供了全新的理论视角，也为构建竞争与合作平衡的知识型组织提供了有益启示。     

Growth of Investor Owned and Cooperative Firms in Greek Dairy Industry

This paper examines the factors that affect the annual growth of cooperatives and investor owned firms (IOF) in Greek diary industry over the period 1990–94. A comparison based on both cooperative principals and property rights theory is made between IOFs and cooperatives to study their characteristics. However an empirical work is required to explain differences, if any, in the growth of the two types of firms within the same market. The work examines the determinants of the annual growth and it tests whether significant differences between IOFs and cooperatives exist. Ordinary least squares results show that both diversification and advertising strategies are important determinants for IOF growth, while the cooperative growth depends on capital structure and intensity and these organizations do not effectively apply competitive strategies.     

The effects of Information Technology on absorptive capacity and organisational performance

Information Technology (IT) offers many opportunities for firms to succeed. The aim of this paper is to present a model to reflect how technical IT skills and the use of IT in interdependent tasks may influence the development of organisational absorptive capacity, both potential and realised, which also affects organisational performance. Since knowledge constitutes one of the main resources for organisations to gain competitive advantages and helps firms to improve their organisational performance, absorptive capacity is a key factor in success. This model was tested empirically using a sample of 160 European technological firms. The results of our analysis suggest that the mastery of technical IT skills and the use of IT in interdependent tasks positively affect potential and realised absorptive capacities, which in turn enhances organisational performance. The study concludes by presenting some theoretical and practical implications, limitations, and future research lines.     

OWNERSHIP,CONTROL, AGENCY AND RESIDUAL CLAIMS IN HEALTHCARE: INSIGHTS ON COOPERATIVES AND NON‐PROFIT ORGANIZATIONS

Many issues surrounding healthcare entities’ performance can be traced to their governance and ownership. Increasingly, public services are being provided by non‐profit organizations and/or cooperatives, particularly in the healthcare sector. This is not unproblematic. We draw on the conceptual separation of ownership and control, and the notion of firm ownership to derive a taxonomy of dimensions along which a contractual‐ and property rights theory of the firm can be structured, in order to determine the nature of firms’ differences. We utilize the taxonomy to illustrate important distinctions between non‐profit and cooperative firms in the primary healthcare sector and propose testable hypotheses. Funders and regulators must recognise the differences between these firms, if public funding of healthcare is to achieve the expected outcomes.     

Information interaction capabilities: conceptualisation and instrument development

The twenty-first century has seen the rise of a new wave of technological change and industrial revolution. The next-generation Information Technology (IT) is radically shifting the core competence of corporation, meaning of value creation, and sources of a competitive advantage. In this situation, it is imperative for firms to build a new core competence. Based on the resource-based theory, this paper describes the competence of firms in the information interaction area, frames the concept and classification systems of information interaction capabilities (IICs), develops the scale of IICs, and tests the relationship between IICs and competitive advantages using empirical data in China. In short, the paper identifies that IICs are an important competence in the environment of the next-generation IT. Conceptualising IICs provides a foundation for bridging information interaction and strategy research. IICs provide a holistic approach to building the new core competence and achieving competitive advantages.     

股权多元化、公司业绩与行业竞争性

以相对净资产收益率和主营业务利润率为被解释变量 ,以股权构成为解释变量 ,本文系统考察了股权结构对上市公司业绩的影响。在对行业、公司规模和宏观经济条件等因素加以控制后 ,使用来自电子电器、商业和公用事业三个行业上市公司的数据 ,我们的回归分析和假设检验表明法人股和流通股对企业业绩有正面影响、国有股有负面影响的预期只在竞争性较强的电子电器行业成立 ,在竞争性相对较弱的其他两个行业则不成立。这一研究发现的政策含义在于 ,为了使通过上市实现国有企业股权结构多元化的政策发挥所期望的作用 ,首先应尽量提高行业的竞争性。     

WAGE BARGAINING AND MERGER INCENTIVES WITH ASYMMETRIC COSTS

This paper examines how wage bargaining within each firm influences the relationship between an equilibrium ownership structure and the most preferred ownership structure from the viewpoint of social welfare, in a unionized oligopoly of asymmetric firms with respect to productivity of capital. We consider the merger incentive of each firm’s owner when the wage level is determined through bargaining between the firm’s owner and union. We derive a condition for both the degree of cost asymmetry among existing firms and the relative bargaining power of each firm’s owner to her/his union such that each ownership structure can be observed in equilibrium. We also show that although the two types of ownership structures with the merger involving the least efficient firm can be equilibria and socially optimal, these structures are observed only when both the degree of cost asymmetry and the relative bargaining power of each firm’s owner are moderate. Finally, we analyse the relationship among the cooperative game approach employed in this paper and two non‐cooperative merger formation approaches, and examine the robustness of the results obtained in this paper against the change in the assumption regarding each firm’s cost function.     

Strategic FDI and industrial ownership structure

We argue that different industrial ownership structures generate different incentives for firms to engage in FDI. A comparison is made between (partially) cooperative structures such as the Japanese kieretsu and Korean chaebol systems and competitive structures such as U.S. firms. It is found that ownership structure has significant implications for the probability of initial FDI. Whether or not a cooperative structure is also coordinated turns out to be crucial in predicting FDI behaviour. This has further implications for the optimal FDI incentives of potential host countries and for how empirical studies might be designed. JEL classification: F10, F21, F23
Stratégie d'investissements directs à l'étranger et structure de propriété de l'industrie . Les auteurs suggèrent que des structures différentes de propriété dans l'industrie engendrent des incitations diverses pour les entreprises à investir directement à l'étranger. On fait des comparaisons entre des structures partiellement coopératives comme celles des kieretsus au Japon et des chaebol en Corée, et des structures concurrentielles comme celles qui existent aux Etats–Unis. Il appert que la structure de propriété a un impact significatif sur la probabilité de faire initialement un investissement direct à l'étranger. Le fait que la structure de coopération engendre aussi une coordination s'avère d'une importance centrale pour prédire le comportement d'investissement direct à l'étranger. Voilà qui a des implications pour le design des incitations à investir par les pays hôtes potentiels, et pour le design des études empiriques de ces phénomènes.     

Endogenous timing game in a mixed duopoly with partial foreign ownership and asymmetric increasing marginal costs

This study examines a timing game in a mixed duopoly wherein public and private firms compete by taking account of the increasing marginal cost of both firms, as well as partial foreign ownership of the private firm. This study finds that if the private firm has a strong cost advantage over the public firm, public leadership is a risk dominant equilibrium irrespective of foreign ownership ratio. This result means that the cost difference between the public and private firms matters in selecting the risk-dominant equilibrium of the timing game. Additionally, if the private firm has only a weak cost advantage over the public firm, then private leadership (public leadership) is the risk dominant equilibrium if the foreign ownership ratio is (not) small.     

THE IMPACT OF GOVERNMENT INVESTMENT ORGANIZATIONS IN MALAYSIA ON THE PERFORMANCE OF THEIR PORTFOLIO COMPANIES

Research into the impact of government ownership on the financial performance of listed companies typically assumes the government to be a monolithic entity and fails to consider that government ownership rights are administered by different types of government organizations. Exploring the financial performance of government controlled listed companies we find that in Malaysia the impact of government ownership varies depending on the type of organization which manages the government's ownership stakes. Taking into account golden Share provisions as well as the presence of senior civil servants and of politicians on boards of Directors, we find that firms controlled by investment organizations under federal government control tend to outperform firms controlled by regional governments’ investment organizations.     

全面质量管理与管理控制系统的适配性研究——基于权变理论的视角

全面质量管理(TQM)在全世界范围内已相当普及,但有不少企业虽全面推行TQM却收效甚微,许多学者指出问题在于传统的管理控制系统(MCS)与TQM未能良好配合。文章以权变理论为基础,运用问卷研究方法,考察我国企业TQM与MCS的关系及其业绩后果。研究后发现,作为TQM的重要支持系统,MCS与TQM有着很强的正相关关系;TQM与MCS的适配程度越高,企业的绩效就越好,而且MCS的两个维度"探索"和"控制"与TQM的匹配,均能为企业带来更大的绩效。文章的研究是对我国质量管理与管理会计实证研究相结合的探索,可以为我国企业提升管理层次提供参考。     

社会资本与企业竞争优势:基于知识的观点

企业如何在网络中获得竞争优势是战略管理学者关注的一个新的研究焦点。知识是企业获取持续竞争优势的一项重要源泉，通过对网络中社会资本的结构维度、认知维度及关系维度对知识存量和知识转移的作用机理分析，提出了基于社会资本的企业竞争优势模型。以集群为网络平台进行案例分析，指出网络中的社会资本是动态演变的，其与企业的成长阶段存在匹配问题，因此，企业在网络中获取竞争优势的关键是要培养自身的知识管理能力和网络管理能力。     

中国对外直接投资企业的竞争优势与投资绩效研究

近年来,中国对外投资加速发展,这在一定程度上反映了所有权优势在中国公司中逐渐形成。本文通过实证研究,考察处于改革开放环境下中国对外直接投资企业所特有的竞争优势,并探讨中国企业特有的竞争优势和海外区位优势对其海外子公司经营绩效和竞争地位的影响。研究结果显示中国对外投资企业最重要的两项优势是产品质量与技术优势以及国内市场的支持与经验。优秀的国际化管理人才和良好的合作者与企业海外子公司的经营绩效显著正相关。企业商品的知名度与其全球竞争地位正相关。区位因素中与绩效显著相关的指标包括“政府官员及公众对外资的态度”、“外资企业税率”、“政治稳定性”、“许可证的获得手续”和“短期资金的可获得性”。区位因素中与企业竞争地位显著相关的因素是当地政府的激励措施。     

Evolving corporate governance and the dividends behaviour regime in Japan

This study investigates empirically the implications which the changing ownership structure and control transfers in the Japanese corporate market may have for the dividend policy of listed firms. The results show that firms with more concentrated ownership may distribute fewer dividends, as ownership concentration reduces distribution pressure from the capital market. Moreover, we show that institutional shareholding, both financial and non-financial, enables corporations to pay lesser dividends and also that the unwinding of the cross-shareholdings allows for efficiency gain and provides impetus to pay higher dividends. The recent pattern of increasing individual shareholding, both of domestic and foreign private individuals, is consistently associated with a higher dividend payment. Furthermore, managerial ownership has negative effects on dividends payouts and is not associated with the earnings of firms. The results suggest that government ownership does not have any significant impact on the payment of dividends. Moreover, our results support the principle of the dividends relevancy and the choice of an appropriate dividends policy affects the value of the firm.     

网络外部性、商业模式与PC市场结构

本文基于PC市场规模经济和网络外部性的特点 ,构建了扩展的豪泰林模型 ,研究了PC市场结构的决定因素和形成机理及厂商的不同商业模式 :在规模经济明显和网络外部性强的PC互补品市场上往往呈现出双寡头竞争格局 ,先进入PC市场的厂商较传统产业享有更大的成本优势和网络外部性优势 ,后来厂商不得不强化传统的价格和产品差异化等竞争手段 ,采取不同的商业模式参与竞争 ;在规模经济不明显和网络外部性弱的PC互补品市场往往呈现出多家企业进行垄断竞争的格局 ,双寡头市场上的厂商则根据不同的比较优势与垄断竞争市场的相关厂商进行合作或竞争。     

基于动态能力的电子商务价值创造研究

在动态环境中,企业应用电子商务能否以及怎样创造竞争优势是电子商务研究人员和管理者亟待解决的问题之一。聚焦不确定和动态环境中电子商务影响组织竞争优势的内在机制,在动态能力的基础之上构建探索型电子商务价值创造的理论框架。在动态环境中信息技术利用能力和竞争优势之间以动态能力和职能能力为中介并受环境动态性调节,职能能力直接影响竞争优势,动态能力通过集成、建立和重构职能能力间接影响竞争优势。     

农民专业合作社收益分配机制及影响因素分析

收益分配制度是确定农民专业合作社和社员关系的关键因素。从决策机制、股权结构、合作社文化等方面分析我国不同地区农民专业合作经济组织收益分配制度,发现多种因素影响我国农民专业合作社分配制度,应从完善合作社社员大会制度、规范合作社的股权结构、完善分配制度等方面建立和完善农民专业合作社盈余分配机制,以实现合作社社会公平和经济效率的双重属性,促进农民专业合作社持续、健康发展。     

Political Influence of Firms in the Tradables and Non‐Tradables Sectors: A Cross‐Country Analysis

Recent theoretical studies have shown that firms lobby government agencies to influence the structure of trade policies. This article empirically examines whether firms classified as either exporting or import‐competing (i.e. firms in the tradables sector) have differential levels of political influence relative to domestic firms that only produce non‐traded goods (i.e. firms in the non‐tradables sector). We use a rich firm‐level, cross‐sectional dataset from the World Business Environment Survey to achieve this objective. Results from the analysis reveal that exporting or import‐competing firms do have more political influence relative to domestic firms that neither export nor produce import‐competing goods. Market structure, firm age, firm size, government ownership, and dependence on public infrastructure also affect the extent of political influence that firms have.