家族创始人职业经历与企业财务保守行为研究

基于创始人自身特征的异质性,文章研究了家族创始人职业经历与企业财务保守行为的关系。研究发现,与家族创始人具有企业部门职业经历的企业相比,创始人具有公共部门职业经历的企业财务杠杆更低,短期借款占比更小,现金持有更多,且连续三年采用低杠杆的可能性更高。进一步地,企业所处行业的产品市场不确定性越高,家族创始人公共部门职业经历与企业财务保守行为的正相关关系越强。此外,家族创始人具有公共部门职业经历的企业会计及市场业绩均更好。研究表明,家族创始人具有公共部门职业经历的企业财务决策更为保守,原因在于这类家族创始人的风险厌恶程度较高,使企业更易形成相对保守的文化氛围。文章从创始人职业经历异质性的角度发展了家族企业财务保守成因的研究,以及管理者个人特征与企业财务决策关系的研究,同时有助于投资者识别企业财务风险。     

Nurses who do not nurse: factors that predict non-nursing work in the U.S. registered nursing labor market

Registered nurses (RNs) who work outside of nursing have seldom been examined. This aim of this study was to compare the 122,178 (4%) of RNs who are employed outside of nursing to those who work in nursing jobs in terms of sociodemographic, market, and political variables to determine if these groups are substantively different from one another. Using a logit regression model, wages were a significant predictor of working outside of nursing for unmarried nurses but not for married nurses. Married and unmarried male nurses were more likely to work outside of nursing. Baccalaureate education, children under age 6, higher family income, and years since graduation increased the odds of working outside of nursing for married nurses. Ultimately, identifying characteristics on which these groups differ may inform future policy directions that could target nurses who may leave nursing at a time when retention efforts might be effective to alter their trajectory away from the profession.     

家族创始人职业经历与企业风险承担*

基于创始人自身特征的异质性,本文研究家族创始人职业经历与企业风险承担的关系。研究发现,相对于家族创始人具有公共部门职业经历的企业,创始人具有企业部门职业经历的企业风险承担水平更高。进一步地,在产品市场竞争激烈的行业,家族创始人的企业部门职业经历与企业风险承担水平的正相关关系更强。研究表明,具有企业部门职业经历的家族创始人更偏好风险,其所掌控企业的风险承担水平也更高。本文发展了基于代理理论和控制权理论的家族企业风险承担研究,论证了家族创始人职业经历特征对企业风险承担的重要作用。同时,本文研究结论有助于投资者识别企业风险。     

COURSE BIDDING AT BUSINESS SCHOOLS*

Mechanisms that rely on course bidding are widely used at business schools in order to allocate seats at oversubscribed courses. Bids play two key roles under these mechanisms: to infer student preferences and to determine who have bigger claims on course seats. We show that these two roles may easily conflict, and preferences induced from bids may significantly differ from the true preferences. Therefore, these mechanisms, which are promoted as market mechanisms, do not necessarily yield market outcomes. We introduce a Pareto‐dominant market mechanism that can be implemented by asking students for their preferences in addition to their bids over courses.     

Does studying abroad enhance employability?

Over 200,000 European students study abroad under the Erasmus programme. It appears that studying abroad may impart skills which are helpful for professional careers after graduation. Approximately, 54% of European students report that participation in the Erasmus exchange programme helped them to obtain a first job; however, interestingly, those from Central and Eastern European countries report it much more often—in 73% of cases. The aim of this paper is to find out whether studying abroad enhances the employability of higher education graduates in Poland. Using the propensity score matching method and data from a nationwide tracer survey of Polish graduates, we find that Polish students who completed at least one semester of their studies abroad do not benefit in terms of a higher employment rate after graduation.     

The importance of employment status in determining exit rates from nursing

To mitigate nurse shortages, health care decision makers tend to employ retention strategies that assume nurses employed in full-time, part-time, or casual positions and working in different sectors have similar preferences for work. However, this assumption has not been validated in the literature. The relationship between a nurse's propensity to exit the nurse profession in Ontario and employment status was explored by building an extended Cox Proportional Hazards Regression Model using a counting process technique. The differential exit patterns between part-time and casual nurses suggest that the common practice of treating part-time and casual nurses as equivalent is misleading. Health care decision makers should consider nurse retention strategies specifically targeting casual nurses because this segment of the profession is at the greatest risk of leaving. Nurse executives and nurse managers should investigate the different work preferences of part-time and casual nurses to devise tailored rather than "one-size fits all" nurse retention strategies to retain casual nurses.     

Individual Characteristics,Behavioral Biases,and Trade Policy Preferences: Evidence from a Survey in Japan

Import liberalization is one of the most actively debated issues in trade policy. This paper examines how trade policy preferences are related to individual characteristics based on a survey in Japan. Among 10,000 surveyed individuals, people working in non‐agricultural sectors, those working in managerial occupations, or those above retirement age tend to favor freer imports. This paper also finds that people who are influenced by the status quo bias are likely to oppose import liberalization even after controlling for each individual's various characteristics, suggesting that neither income compensation nor insurance schemes are sufficient for expanding support for free trade.     

中国体制转型与城镇居民家庭财富分配差距——一个资产转换的视角

本文以中国城镇住房改革为例,从资产转换的角度研究了中国体制转型过程中城镇居民家庭财富积累及分配差距的产生。20世纪80年代以来的房屋政策鼓励工作单位将住房出售给现有居民,即住房商品化。通过1988、1995和2002年中国城镇住户收入调查的数据分析,20世纪90年代中期以来的住房商品化过程中,相对于私营部门居民家庭,干部和国有单位工作的家庭更容易以折扣价从工作单位获得住房。随着近期住房市场的繁荣,原有的以及住房商品化过程中产生的住房不平等,已经转化成国有和私营部门家庭财富的更大差距,而且干部的住房增值优势和国有部门家庭的财富优势随着市场化的推进有加速增加的趋势。     

Voting for Redistribution under Desert‐Sensitive Altruism*

We endow individuals who differ in skills and tastes for working, with altruistic preferences for redistribution in a voting model where a unidimensional redistributive parameter is chosen by majority voting in a direct democracy. When altruistic preferences are desert‐sensitive (i.e., when there is a reluctance to redistribute from the hard‐working to the lazy), we show that lower levels of redistribution emerge in political equilibrium. We provide empirical evidence that preferences for redistribution are not purely selfish, and that desert‐sensitive motivations play a significant role. We estimate that preferences for redistribution are significantly more desert‐sensitive in the US than in Europe.     

Responsibility for what? Fairness and individual responsibility

What should individuals be held responsible for? This is a fundamental question in much of the contemporary debate on distributive justice. Different fairness ideals, such as strict egalitarianism, and different versions of equal opportunity ethics and libertarianism give different answers to this question. In order to study the prevalence of these fairness ideals in society, we present the results from a dictator game where the distribution phase is preceded by a production phase. Each participant's contribution is a result of working time, productivity and price. We estimate what factors the participants hold each other responsible for and the weight they attach to fairness. In addition, we discuss how fairness preferences relate to business education and labour market experiences by comparing the estimates for business students at different stages of their education, and by comparing the estimates for final-year business students with the estimates for former business students with some years of work experience.     

IS MARKET‐ORIENTED REFORM PRODUCING A ‘TWO‐TRACK’ EUROPE? EVIDENCE FROM ELECTRICITY AND TELECOMMUNICATIONS

ABSTRACT: The European Commission has formally recognized that adequate provision of basic household services, including energy, communications, water and transport, is key to ensuring equity, social cohesion and solidarity. Yet little research has been done on the impact of the reform of these services in this regard. This article offers an innovative way to explore such questions by analyzing and contrasting stated and revealed preferences on citizen satisfaction with and expenditure on two services, telecommunications and electricity, in two large countries, Spain and the UK. We find evidence that in telecommunications, but not in electricity, reform has led to a ‘two‐track’ Europe, where citizens who are elderly, not working or the less‐educated behave differently in the market, with the result that they are less satisfied with these services than their younger, working, better‐educated, counterparts.     

Does the Gap in Family‐friendly Policies Drive the Family Gap?*

Segregation of the labour market into a family‐friendly and a non‐family‐friendly sector implies that women self‐select into sectors depending on institutional constraints, preferences for family‐friendly working conditions and expected wage differences. We take this sector dimension into account and find a severe penalty after birth‐related leave in the non‐family‐friendly sector, so that women who would be affected by this penalty self‐select into the family‐friendly sector. The penalty is a combination of a large human‐capital depreciation effect, a child penalty and no recovery.     

Marginal Ethos and the Just Price

The century-long decline in the amount of time spent working for income has been reversed over the last twenty-five years. By one account, this reversal is primarily traceable to a rise in the power fo employers who find more work hours per employee to be in their interest. By another account, that I argue to be the more convincing, the major cause of the change is the growing sophisticated of advertising and marketing which has stimulated demand and led to voluntarydecisions to work more. Education is presented as an example of the effects that rising “marketization” has on a product's nature. Decreased hours of study and grade inflation are offered as two examples of the crowding out of production for oneself at the expense of production for sale in the market. While no attempt is made to draw clear normative conclusions regarding educational trends, the paper concludes with a normative assessment of the trend toward greater time spent in the workplace. I argue that the historically recent rise of “workaholism” suggests that for at least a portion of the workforce, market forces have created preferences to work more that are ranked lower than what they replace; that the overworked American is too often one in the grip of an unpreferred preference regarding work.     

How relative income affects work hours preferences

In this article, we look at explanations for why people want to change their working hours. We focus on the role of income and differentiate between the effect of household income, personal income and self-perceived relative income. Using Flemish data on 1435 workers, we perform binary logistic regressions in which we compare those who are over- or underemployed with those who are currently working their preferred number of hours. Our results show that the desire to work fewer hours is mostly related to a bad work–life balance, while the wish to increase working hours is associated with relative income rather than absolute income. Based on our findings we recommend governments to not only focus on increasing flexibility at the individual level but to also consider these positional effects by taking measures (e.g. decreasing the duration of the standard working week) at the population level.     

Can micro-credit bring development?

We examine the long-run effects of micro-credit on development in an occupational choice model similar to Banerjee and Newman (JPE, 1993). Micro-credit is modeled as a pure improvement in the credit market that opens up self-employment options to some agents who otherwise could only work for wages or subsist. Micro-credit can either raise or lower long-run GDP, since it can lower use of both subsistence and full-scale industrial technologies. It typically lowers long-run inequality and poverty, by making subsistence payoffs less widespread. Thus, an equity-efficiency tradeoff may be involved in the promotion of micro-credit. However, in a worst case scenario, micro-credit has purely negative long-run effects. The key to micro-credit's long-run effects is found to be the “graduation rate”, defined as the rate at which the self-employed build up enough wealth to start full-scale firms. We distinguish between two avenues for graduation: “winner” graduation (of those who earn above-average returns in self-employment) and “saver” graduation (due to gradual accumulation of average returns in self-employment). Long-run development is not attainable via micro-credit if “winner” graduation is the sole avenue for graduation. In contrast, if the saving rate and self-employment returns of the average micro-borrower are jointly high enough, then micro-credit can bring an economy from stagnation to full development through “saver” graduation. Thus the lasting effects of micro-credit may partially depend on simultaneous facilitation of micro-saving. Eventual graduation of the average borrower, rather than indefinite retention, should be the goal of micro-banks if micro-credit is to be a stepping stone to broad-based development rather than at best an anti-poverty tool.     

Is there selection bias in laboratory experiments? The case of social and risk preferences

Laboratory experiments are frequently used to examine the nature of individuals’ social and risk preferences and inform economic theory. However, it is unknown whether the preferences of volunteer participants are representative of the population from which the participants are drawn, or whether they differ due to selection bias. To answer this question, we measured the preferences of 1,173 students in a classroom experiment using a trust game and a lottery choice task. Separately, we invited all students to participate in a laboratory experiment using common recruitment procedures. To evaluate whether there is selection bias, we compare the social and risk preferences of students who eventually participated in a laboratory experiment to those who did not, and find that they do not differ significantly. However, we also find that people who sent less in a trust game were more likely to participate in a laboratory experiment, and discuss possible explanations for this behavior.     

Made for the job or by the job? A lab-in-the-field experiment with firefighters

A large body of evidence supports a negative association between risk aversion of workers and the level of risk they face in their occupations. This relationship could be explained by the self-selection of workers into jobs according to their risk preferences or by the effect on risk attitudes of occupations in which people face or witness dangerous situations. We use incentivized experiments to measure risk preferences among three different groups: experienced firefighters, novice firefighters, and students. We find that experienced firefighters are less risk-averse than novice firefighters, and these in turn are less risk-averse than students. The effects remain significant even after controlling for other relevant differences between these groups. Our findings suggest that the observed relationship between risk aversion and high-risk occupations is not only a result of self-selection but also of people’s preferences being shaped by their work lives.     

Environmental and Societal Attitudes to Working Hours in Gendered Perspective: Patterns,Preferences and Policy

ABSTRACT

This article begins from the premise that environmental degradation is a profound and present threat and that work time reduction–with an associated reduction in consumption–is one of a number of strategies that can be adopted to combat it. As a precursor to looking at how such policies can be supported, our research questions whether environmental attitudes are congruent with work time patterns and preferences. Our initial hypothesis was that those who care most for the environment would work fewer hours than those who exhibit lower levels of environmental concern, and prefer to do so. However, contra our expectations, our empirical analysis of the European Social Survey shows that those who state they care most about the environment are more likely to work longer hours, and prefer to do so. Overall, men tend to be less concerned about the environment, and work longer. Caring responsibilities, in contrast, fall disproportionately on women. We argue that this reflects traditional gender roles that are a residual from the social norm of the male breadwinner model. Given work time reduction as an environmental policy, the task is to influence preferences and ‘green’ human behaviour, especially among men.     

导学模式提升法学本科毕业设计有效性研究

法学高等教育院校在本科毕业设计环节，一直存在学生的毕业论文或抄袭他人、或制作粗糙、或既无理论深度叉无实践指导意义等问题，使毕业设计失去有效性。如果将以学生为主体、促进学生自主学习的导学模式应用于毕业设计，将毕业设计划分精细环节，各环节由导、学、研、修构成，规范导、学双方应当完成的任务，并实施评价，毕业设计过程与结果的质量就可实现可控制，进而提升毕业设计的有效性。