PROMOTING INNOVATION AND THE DEPLOYMENT OF ADVANCED TELECOMMUNICATIONS SERVICES TO BUSINESSES

This paper examines the concomitant effects that competition, regulation, market characteristics, and corporate ownership have on the deployment of advanced telecommunications services (ATS) to business customers through the econometric analysis of a rich data set that identifies the competitive, regulatory, and economic climate for each incumbent's wire center in the United States. The authors conclude that local competition, inter-LATA (local access and transport area) approval by the Federal Communications Commission, and high unbundled network element price to embedded cost ratios have positive impacts on the deployment of ATS, while voluntary federal price cap regulation and location in a rural area have negative impacts. ( JEL L51, O32, M21)     

公司治理视角下企业创新研究脉络与热点图谱量化分析

为全面客观分析不同公司治理机制对企业创新的影响，基于Web of Science数据库2000-2019年463篇公司治理视角下企业创新研究文献，运用CiteSpace 软件绘制文献时空分布、双期刊叠加、文献共引及聚类、关键词时区等知识图谱，厘清研究分布情况、脉络轨迹及发展前沿。结果表明，文献数量逐年提高且尚未达到峰值，美国、中国为高产国家，该领域研究存在不同学科期刊间的知识流动。研究视角划分为创新决策动态视角、特定股权背景视角、委托代理视角，形成了以所有权结构、董事会职能及高管治理对企业创新影响为基础的研究主题框架，研究热点和前沿随公司治理主体关注重点变化和创新类别细化发生动态演进。最后，针对研究薄弱环节，提出未来研究方向。     

出口补贴、企业所有权与外国对华的反倾销调查——基于Poisson模型的理论和实证分析

文章以中国出口导向型经济实践为基础,通过理论建模确立了五个理论假说,它们分别阐明了出口补贴、企业所有权、贸易报复威胁以及WTO贸易制度与外国对华反倾销风险之间的关联性。文章还采用Poisson模型的GEE、FE和RE回归方法,估计了印度、美国、欧盟、阿根廷、土耳其、巴西、南非和澳大利亚等8个国家和地区1995-2009年对华反倾销调查的面板数据,从经验上验证了外国对华反倾销调查的数量与中国的出口退税和对外反倾销调查强度成正比,与外资控制在华出口企业所有权的强度成反比。     

论美国《公司法》中的经营判断规则

现代公司是资产所有权与经营权二权分离的产物,其经营治理是精英即董事之治。如何在保障股东权益而课于董事在公司经营中必要之义务的同时给予董事在经营中必要的灵活权衡,是公司法的一个大课题。在这方面,美国公司法走得比别的国家远。美国公司法要求董事在公司经营中要承担忠实义务和注意义务,同时为董事提供了经营判断规则,以保障其在尽了必要义务时不因经营失误受到股东攻击和法律非难。我国是市场经济国家,在公司立法方面有必要引入经营判断规则。     

董事会家族特征与公司绩效研究

本文以2004年度沪、深324家家族控股上市公司为研究样本,建立了董事会特征对公司绩效影响的模型。实证分析结果表明,家族成员担任董事长或总经理有利于提高公司绩效;董事会持股比例与公司绩效呈显著的二次曲线关系;董事会规模与公司绩效呈显著的三次曲线关系;家族董事、独立董事与公司绩效的相关性不显著。     

THE MEASUREMENT OF U.S. REAL CAPITAL INPUT, 1929–1967

The purpose of this paper is to develop methods for the measurement of real capital input. These methods are based on perpetual inventory estimates of capital stock and corresponding estimates of capital service prices. Stocks and service prices are adjusted for relative utilization of capital. The resulting estimates represent a separation of income from capital into price and quantity components. Estimates of capital input in current and constant prices are constructed for corporate business, non-corporate business, and households and non-profit institutions in the United States for the period 1929–1967. These estimates are prepared in a form suitable for integration into the U.S. National Income and Product Accounts.     

城镇集体企业的物权分析

从历史的维度来看，城镇集体企业的生产资料所有制经历了“合作社所有一国家所有一城镇集体企业所有”三个阶段，分配方式中的按股分红方式亦曾遭禁止而后放开，在企业形态上由合作社逐步发展为公司法人。现在，由依据“三分法”所确立的集体企业及其所有权形态在市场经济体制下已仅具政治意义。但是，集体概念本身的不确定性和非科学性，导致城镇集体企业在适用民事法律制度时，必然会产生概念上的混乱，难以与法学概念一一对应，进而阻碍城镇集体企业依据物权法基本原理科学地建立法人财产所有权。唯有明确集体企业法人作为物权法上的主体方能有效化解诸多乱象。     

Punitive Entanglements: The “War on Gangs” and the Making of a Transnational Penal Apparatus in the Americas

This paper analyses the export-import business of penal policies that accompanies the “war on transnational street gangs” between the United States and Central America. It argues that far from being a unidirectional export of punitive politics from the United States towards Central America, many of these punitive exports travel “back home”. This creates transnational punitive entanglements that contribute to the contingent convergence of punitive geopolitics and domestic politics in the guise of a transnational penal apparatus that integrates law enforcement agencies and military forces, securocratic epistemic communities and national political entrepreneurs into a functionally cohesive but decentred transnational security structure engaged in a multilayered punitive containment of transnational street gangs across the Americas.     

CORPORATE LEVERAGE AND THE BUSINESS CYCLE

This paper examines the pattern of corporate leverage in the United States during the 1980s. Firms in other countries increased their debt during this period. However, the United States was the only major industrialized country in which firms experienced increases in both leverage and interest burden. Previous studies analyzing the distribution of corporate debt across sectors in the United States concluded that to the extent a pattern is discernible, highly indebted firms are concentrated in the stable sectors. This study confirms this earlier finding but shows that the U.S. firms that have been increasing their leverage most rapidly have been concentrated in cyclical sectors.     

Institutional investors,political connections and analyst following in Malaysia

We examine the association between institutional ownership, political connections, and analyst following in Malaysia from 1999 to 2009. Based on 940 firm-year observations, we document a positive relation between institutional ownership, particularly by Employees Provident Fund (EPF), and analyst following, thus supporting the governance role that institutional investors play in promoting corporate transparency. However, there is no evidence that political connections matter to analyst following. The monitoring role of institutional investors, including EPF, does not appear to be any different between politically connected and non-connected firms.     

THE IMPACT OF A NEW FEDERAL RESERVE CHAIRMAN

This paper treats appointing a Federal Reserve Chairman as a portfolio investment made by the United States President. It models Ronald Reagan's 1987 choice between Paul Volcker and other candidates as a trade-off between a potentially unfavorable short-term market response to replacing Volcker and various long-term political benefits from installing Reagan's own man. The paper discusses possible effects of Alan Greenspan's chairmanship on the trajectory of future monetary policy, on the Fed's preferences for financial reform, and on the Fed's corporate culture.     

CORRUPTION AND CORPORATE FINANCE PATTERNS: AN INTERNATIONAL PERSPECTIVE

Abstract.  This study demonstrates the importance of government corruption in shaping corporate finance patterns across countries. Corruption contributes to a more prevalent and higher degree of corporate equity ownership concentration and more reliance on bank financing in raising external finance. It argues that corporate governance under corrupt governments is particularly poor. Firm management, taking advantage of political capital acquired through bribery, is especially powerful in expropriating from outside investors. Ownership concentration and reliance on bank financing are means of mitigating the corporate governance problem under a corrupt government.     

Enterprise reform in China: agency problems and political control

The past reforms of state-owned enterprises in China delegated many effective control rights to managers while maintaining ultimate control rights for the Party and government. The result is that either the agency costs are high because managers lack accountability or the political costs are high because the government causes political interference. Reform of state-owned enterprises in China should aim at reducing both political and agency costs, which can be done through depoliticization, effective corporate governance, and deserialization. In particular, China needs an ownership transformation with a combination of privatization, denationalization, and pluralization; a state assets management system to limit political influence from the government; and corporatization to establish effective corporate governance which may take a variety of forms.     

The Nature of the Business Corporation: Its Legal Structure and Economic Functions

Between a classical firm and a business corporation lies a fundamental difference in legal structure. While the first consists of a single ownership relation between owners and assets, the second consists of two overlapping ownership relations—between shareholders and the corporation, and between the corporation and corporate assets. The latter legal relation is indirect and exists only through the intermediary of the corporation that performs the dual role of a thing and a person. This paper shows how such two–tier ownership structure of the business corporation fundamentally affects the form of its organization, the ways and means of its governance and the efficiency of its performances.
JEL Classification Numbers: D23, G30, K00, K22, L20.     

The United States International Air Route Award Process: Shareholder Wealth Effects and Policy Implications

This study empirically investigates the market pricing dynamics of United States airline stocks in response to United States government allocations of exclusive, zero-priced international air route awards from the 1963 to 1993 time period. A $900 filing fee required by the Department of Transportation represents the only explicit monetary cost associated with the award of an international air route. This low fee suggests that the current award system subsidizes United States airlines by transferring valuable public property rights to private ownership and control for paltry explicit fees. The performed dollar abnormal tests suggest that the 82 analyzed international air routes have enriched airline shareholders by about $3.5 billion.     

价值创造还是价值攫取:美国企业股东治理模式的困境与启示

美国现行企业治理模式失灵是其经济难以真正复苏的主要原因之一。外部大股东介入公司运营非但没有带来理想中的效率提升,反而干扰了管理层的正常决策,加重了对劳动者的盘剥。金融资本家大肆攫取公司资源,严重损害了企业的创新能力。股东治理模式误解了股东与经理人的经济关系,高估了股东投资对于企业经营的重要性,错把股东视为唯一的风险投资者与关键的创新推动者。此外在分析时所采用的同质化抽象处理也不利于普通股东。股东至上的观念本质上属于资本主义生产方式的必然产物,倾向于大股东的利润分配方案根植于以交换为核心的新古典经济学,不能据此来指导企业经营。我国下阶段的公司改革需要以适合我国国情的、专注于提升企业生产创新能力的新型公司治理理论为指导。     

共同机构所有权与企业创新：协同治理与信息共享视角

共同机构所有权能够强化行业联系，推动信息、技术和经验跨边界整合共享，实现外部性内部化，促进生产要素向企业集聚。以2007—2020年中国沪深A股上市公司为例，考察共同机构所有权对企业创新的影响。结果发现，共同机构所有权能够促进企业创新，其联结程度和持股比例越高，越有利于企业创新，且经过倾向得分匹配法、Heckman二阶段回归等内生性检验和敏感性测试后，结论依然成立。进一步研究发现，共同机构所有权通过发挥协同治理效应和信息共享效应推动企业创新发展，并且共同机构所有权对企业创新的促进作用在市场化进程较低、行业竞争程度较高的样本中更为显著。结论可进一步提升对共同机构所有权这一新兴市场现象的认知，同时为决策部门制定政策方案提供参考。     

The Social Cost of Environmental Solutions

This article assesses the social consequences of efforts by multinational corporations to capture business value through recycling, reusing materials and reducing waste. Synthesising evidence from the global environmental justice and feminist and international political economy (IPE) literatures, it analyses the changing social property relations of global recycling chains. The authors argue that, although recycling more would seem to make good ecological sense, corporate programmes can rely on and further ingrain social patterns of harm and exploitation, particularly for the burgeoning labour force that depends on recyclables for subsistence living. Turning the waste stream into a profit stream also relies on prison labour in some places, such as in the United States where the federal government operates one of the country's largest electronics recycling programmes. The ongoing corporatisation of recycling, the authors argue further, is devaluing already marginalised populations within the global economy. Highlighting the need to account for the dynamism between social and environmental change within IPE scholarship, the article concludes by underlining the ways in which ‘green commerce’ programmes can shift capital's contradictions from nature onto labour.     

EVALUATING RATIONAL PARTISAN BUSINESS CYCLE THEORY*

This paper provides new tests of the recently developed theory of rational partisan business cycles. According to the theory, resolution of uncertainty about electoral consequences and partisan differences in economic behavior produce downturns following victories of conservative parties and booms following victories of liberal parties. The first tests utilize the behavior of financial markets to reassess the evidence for the United States. We provide evidence that the stock market does have predictive power for output and estimate an econometric relationship which is then used to gauge the extent to which the recessions are anticipated after elections. The second test uses an international sample of democracies in the postwar era to examine the theory outside the United States using time series models and political variables. The results of the tests provide little support for a strict interpretation of the theory.