Union Presence and Corporate Productivity Practices: Evidence from Singapore

This paper explores the influences that unionisation may have on managerial processes to improve productivity. Unionisation is cast as a contextual variable, along with sector, size and culture. A recently established Singapore data base of employees' perceptions of corporate productivity practices is used to detect such possible influences. Regression analysis, with productivity practice as a dependent variable, suggests that unionisation explains some of the variations in such practices.     

Corporate Governance and Performance in Publicly Listed,Family-Controlled Firms: Evidence from Taiwan

Using a multi-industry dataset of 228 firms listed on the Taiwan Stock Exchange (TSE) this paper analyses the effects of ownership structure and board characteristics on performance in large, publicly traded firms that are controlled by founding families. After taking account of possible endogeneity problems, we do not find that family control is associated with performance measured in terms of accounting ratios, sales per issued capital, earnings per share and market-to-book value. However, share ownership by institutional investors, and foreign financial institutions in particular, is associated with better performance. Our results indicate that board independence from founding family and board members’ financial interests have a positive impact on performance.     

代理问题、公司治理与企业价值--以民营上市公司为例

本文运用代理理论对2002年在上海、深圳证券交易所上市的122家民营上市公司治理与企业价值进行理论分析与实证检验,发现民营上市公司治理包括在股权集中度、债务融资比重、金字塔式控股、控制权与现金流权偏离、流通股与非流通股价偏离等五个方向上存在着代理冲突,并指出引发民营上市公司代理冲突的首要原因是现行流通股与非流通股的股权割裂。     

Corporate social responsibility,firm reputation,and firm performance: The role of ethical leadership

This study investigated the antecedents and outcomes of corporate social responsibility (CSR) and the moderating effects of ethical leadership. We collected two-wave, temporally lagged data from two sources (general and vice-general managers) in 199 tourism firms (hotels and travel agencies) in southeast China. We have two major findings. First, ethical leadership moderated its own indirect effect on firm reputation via CSR. It had an indirect and positive effect on firm reputation through CSR when ethical leadership was strong but not when it was weak. Second, ethical leadership also moderated the indirect effect of CSR on firm performance via firm reputation. There was an indirect and positive effect of CSR when ethical leadership was strong but not when ethical leadership was weak. This study highlights the role of ethical leadership in linking the antecedents and outcomes of CSR, and provides support for the stakeholder theory.     

企业社会责任与企业价值的相关性研究--来自沪市上市公司的经验证据

作者以我国上海证券交易所2003年521家上市公司为样本，研究了企业社会责任活动与企业价值的相关性问题。结果表明，从当期看。承担社会责任越多的企业。企业价值越低；但从长期看，根据关键利益相关者理论与社会资本理论。承担社会责任并不会降低企业价值。同时，本文的研究也表明资产规模、负债比率、重污染行业因素与企业承担社会责任活动显著正相关；财务状况或其他状况异常的ST类公司、前一年的盈利能力与企业承担社会责任活动显著负相关。     

Sales force reactions to corporate social responsibility: Attributions, outcomes, and the mediating role of organizational trust

Corporate social responsibility (CSR) is gaining momentum among researchers and practitioners. In spite of this extensive interest, systematic research regarding the effects of CSR on other stakeholder groups, besides consumers, remains sparse. Based on a field study in a global Fortune 500 consumer packaged goods company, we examine sales force attitudinal and behavioral outcomes of company's partnership with a United Nations (UN) philanthropic organization. Specifically, we seek to examine whether sales force perceptions of CSR motives influence their evaluation of CSR actions. Findings indicate that egoistic-driven motives negatively influence salesperson trust in the company, whereas stakeholder- and values-driven motives positively influence salesperson trust; however, strategic-driven attributions do not have an influence on salesperson trust. The results further reveal the mediating role of trust in the relationship between sales force attributions and outcomes including loyalty intentions and positive word-of-mouth.     

董事会治理对公司绩效累积效应的实证研究——基于中国上市公司的数据

论文基于2004年和2005年中国上市公司数据，用南开大学董事会治理指数衡量中国上市公司董事会治理水平．对上市公司董事会治理与公司绩效之间的关系进行了实证研究。研究结果表明．中国上市公司董事会治理指数与公司绩效的改善之间存在显著相关关系．即董事会治理对公司绩效的影响存在累积效应，董事会治理对公司绩效改善的影响主要来源于董事会组织结构建设和董事薪酬激励的作用，而董事权利与义务、董事会运作和独立董事制度对公司绩效的影响则不显著。进一步的研究还发现公司绩效的行业固定效应随董事会治理水平的提高而弱化．并且董事会治理对公司绩效影响的累积效应边际递增。     

Relationship stability, trust and relational risk in marketing channels: Evidence from China

This paper provides an integrated framework for examining effects of relationship stability and trust on relational risk and for exploring the moderating effects of guanxi on the relationships between trust and relational risk in marketing channels. The framework is tested with 225 dyads of questionnaires about buyer-supplier relationships in the Chinese household appliances sector. The results indicate that relationship length and dyadic solidarity can reduce the relational risk perceived by buyers through goodwill trust in their suppliers, but can increase the perceived relational risk through trust in their competence. Guanxi helps to weaken the positive relationship between a buyer's trust in suppliers' competence and its perceived relational risk, and dyadic solidarity can directly lower relational risk. This paper makes clear that buyers locked in a stable relationship will face relational risk, and it further identifies the specific variables which impact on the relational risk and the paths from which relational risk comes.     

Competition Policy and Trade Barriers: Empirical Evidence from China

This paper examines the impact of competition policy on inter-regional trade barriers among provinces in China. Using data from 28 Chinese provinces for the period 1994–2013, we show that the implementation of competition policy—as measured by a number of indices that we construct—can effectively reduce inter-regional trade barriers. We provide results that are based on both fixed effects and instrumental variables estimators to support the causal nature of the established link. The effect is found to be more salient for provinces with a less corrupt political environment. The results are also shown to be robust across alternative specifications, alternative measures of competition policy, and inter-regional trade barriers.

     

Foreign Entry and Firm Advertising Intensity: Evidence from China

This paper investigates the determinants of advertising intensity at the firm level by focusing on the role of foreign entry. In a monopolistically competitive market with heterogeneous firms, we show that foreign entry affects the expected advertising intensity of domestic firms through its impact on the cost of resources, brand image, and productivity spillovers and its impact on firms’ exit behaviour. Then, using comprehensive firm-level data from China’s manufacturing sector between 2005 and 2007, we test this hypothesis and find that foreign entry significantly affects advertising intensity.     

Export intensity and marketing in transition economies: Evidence from China

Firms in transition economies face a common adaptation problem of having to compete within increasingly marketized environments. This creates a need for managers to learn skills associated with marketing, such as those pertaining to the development of new and better products. Although distance is usually a barrier to learning, we propose that in exchange situations involving transition economy firms, the benefits of long-distance trade may outweigh the costs of knowledge acquisition. We find support for this proposition in this study by establishing a link between the export intensity of Chinese exporters and their acquisition of marketing know-how. We also find evidence that the marketing knowledge of transition economy firms has a positive effect on overall performance.     

中国汽车产业燃油经济性标准与诱导性技术创新研究

本文从汽车特征、汽油价格和燃油效率技术入手,探求我国近年来建立的燃油经济性管制对汽车制造企业的燃油经济性技术是否产生诱导性创新。通过建立理论模型,并运用结构方程模型的方法实证检验后发现：包括整车重量等在内的汽车特征对燃油经济性存在正向影响,同时,管制所诱导的燃油效率技术的创新也对燃油经济性提升具有正向影响。因此,汽车制造企业应对政府燃油经济性管制的途径除了考虑优化整车质量、功率/重量、变速器类型、车辆种类和排量等汽车传统特征这个途径外,还应着重考虑燃油效率技术的研发,当前,国内各大汽车制造企业均投入大量资源,研发新能源汽车即为明证。此外,我国汽油价格虽然对燃油经济性也具有正向影响,但微乎其微,这说明消费者考虑到汽油价格不断上涨,用车成本不断增加,也会给汽车制造企业和政府管制带来压力,迫使其从产业和市场的持续发展出发,做出一些思考与行动,只是这种作用在当前还体现得不够显著。     

法律治理、投资者保护与财务舞弊:一项基于上市公司的经验证据

本文以我国2002—2004年受处理的137家上市公司及配对公司为研究对象,通过对投资者法律保护与财务舞弊之间关系的实证研究发现,投资者法律保护程度与上市公司财务舞弊负相关,投资者法律保护程度的改善能有效降低财务舞弊概率。此结论的政策意义在于:在我国,完善法律制度是加强投资者保护从而抑制公司财务舞弊行为的一项重要制度安排。     

The bidirectional relationship between competitive intensity and collaboration: Evidence from China

This paper argues for a bidirectional relationship between competitive intensity perceived by a firm and its strategic response in the form of forging collaborations. Consistent with a variety of theoretical perspectives including enactment, cognition, and the resource-based view, we conceptualize competitive intensity as a firm-level construct and hypothesize that collaboration will reduce the perceived competitive intensity due to the twin mechanisms of information acquisition and risk reduction. We also predict an inverted U-shaped relationship for the impact of competitive intensity on the likelihood of forming at least one collaboration. We test our predictions using data on the dynamic and competitive Chinese market. Our analyses provide strong support to the bidirectional argument.     

Exploring geographic variation in corporate broadband adoption; evidence from Irish small- and medium-sized enterprises (SMEs)

Despite its growth experience, Ireland still lags behind in international league tables on broadband adoption and within Ireland great disparities exist between central and peripheral regions. This paper explores the context-specific determinants of broadband adoption among Irish small- and medium-sized enterprises (SMEs), attempting to shed some light on the sources of the considerable geographic variation in particular. Drawing from determinants of broadband adoption identified in literature the authors develop a number of plausible hypotheses. Using cross-section data from a ComReg survey of Irish-based SMEs, a logit model of broadband adoption is estimated. Among other factors, a company's industrial sector and other demand proxies are good predictors of broadband adoption. Controlling for other factors, regional ISP market concentration appears to be negatively associated with the probability of broadband adoption. It is argued that, in the absence of more detailed information, statistics on regional-level market structure could be a promising indicator of the supply-side.     

融资约束、持有现金与公司投资——来自我国上市公司的经验证据

文章以我国上市公司2000年～2006年的经验数据为样本,从我国市场化进程与公司最终控制人性质的制度背景出发,在研究我国上市公司融资约束的基础上,考察了公司持有现金的对冲效应。研究结果表明,我国所在地区市场化进程较低的公司与非国有公司存在融资约束．进一步分析发现,公司持有现金具有一定的对冲效应,而且这种对冲效应在融资约束公司中更重要。     

Technology Adoption,Vertical Coordination in Value Chains,and FDI in Developing Countries: Panel Evidence from the Dairy Sector in India (Punjab)

Review of Industrial Organization - (Global) value chains have contributed to agricultural technology adoption in transition countries and food export commodities in developing countries through...