Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non‐Family Businesses*

abstract Two major perspectives can be construed in the literature concerning the nature of family owned businesses (FOBs). The first implies that these enterprises have unique characteristics of stewardship. FOB owners are said to care deeply about the long‐term prospects of the business, in large part because their family's fortune, reputation and future are at stake. Their stewardship is said to be manifested by unusual devotion to the continuity of the company, by more assiduous nurturing of a community of employees, and by seeking out closer connections with customers to sustain the business. The second perspective is less flattering. It proposes that FOBs are unusually subject to stagnation: they are said to face unique resource restrictions, embrace conservative strategies, eschew growth, and be doomed to short lives. This paper develops and examines the merits of the two perspectives, neither of which has been systematically articulated or researched. It does so in an empirical study of only small firms that are owned and managed by their founder. Within this sample, it compares firms that are FOBs, that is, family owned and managed, with non‐FOBs, that is, owned and managed by a founder with no other relative involved in the business. The findings show significant support for all three aspects of the stewardship perspective of FOBs, and no support for any elements of the stagnation perspective.     

上市公司董事会特征与违规行为

上市公司独立董事的规模、董事会规模和董事会成员的报酬对于上市公司的违规行为起着显著的约束作用。董事长与总经理两职部分分离的治理形式,并不是影响上市公司违规行为的重要因素。改变中国上市公司的"一股独大"的股权结构,规避中国上市公司违规行为现状而言,更为重要。应该适当增加董事的持股比例,这样才能充分激励董事了解和监督公司运营,从而约束管理层的违规行为。     

小家电塔扇水箱组件生产的精益改善

在深入调研的基础上,利用价值流程图分析,发现小家电水箱生产过程中存在严重的不平衡问题,而且生产过程中不符合精益生产中“八大浪费”的问题非常多,应用价值流对整体生产分析后提出“跨车间一个流”概念,从注塑生产到总装生产实现了一个流的均衡化生产。     

政府科教支持下产业集聚对全要素生产率的影响研究 ——以长江经济带108个城市为例

基于新结构经济学理论,运用空间杜宾模型,依据长江经济带108个城市2003-2019年数据,考量产业集聚技术外部性发挥的有限性,以及政府科教支持对产业集聚技术外部性的交互作用。结果显示：在一定临界值之前,产业集聚能推动全要素生产率的提升,过度集聚则会产生拥塞效应,多元化集聚可能产生的拥塞效应更强,专业化集聚对全要素生产率的作用更稳定,产业集聚对全要素生产率具有积极的空间溢出效应。政府加大教育支持有助于释放产业集聚的技术外部性,但在当前的支持力度下,政府科教支持效果甚微。     

Fair Valuation of Participating Life Insurance Contracts with Jump Risk

The purpose of this article is to value participating life insurance contracts when the linked portfolio is modeled by a jump-diffusion. More precisely, this process has a Brownian component and a compound Poisson one, where the jump size is driven by a double exponential distribution. Specifically here, the bankruptcy risk of the insurance company is considered. Thus, market and credit risks are taken into account. A quasi-closed-form formula is obtained in fair value for the price of the considered life insurance contract. This allows us to investigate the impact of strategic parameters as well as structural ones, as is shown in the numerical section of this paper. In particular, we study the impact on the contract of the volatility, jump intensity, jump asymmetry, company leverage, guaranteed rate, participation rate and level of the default barrier, and comment on how they are likely to increase the probability of early default of the issuer.     

Free admission to museums and monuments: an exploration of some perceptions of the audiences

• This paper considers the theme of the audiences' perceptions of free admission in national French museums and monuments. The results show that, from an individual perspective, perceptions of free admission are linked to perceptions of price, money and payment, hence complementing perceptions expressed in a collective perspective (a symbolic, political measure causing either adhesion or rejection). These perspectives are generally put forward by both advocates and opponents of the measure in their discussions. These different visions of free admission have managerial implications for managers of museums and monuments.

Copyright © 2007 John Wiley & Sons, Ltd.     

The mother of all sudden stops: capital flows and reversals in Europe, 1919–32

New data documenting European bond issues in major financial centres from 1919 to 1932 show that conditions in international capital markets and not just in borrowing countries are important for explaining the surge and reversal in capital flows. In particular, the sharp increase in stock market volatility in the major financial centres at the end of the 1920s figured importantly in the decline in foreign lending. This article draws parallels with Europe after 2008.     

A Bayesian Efficiency Analysis of Angolan Banks

This article studied the technical efficiency of Angolan banks from 2005 to 2012 using a Bayesian stochastic frontier model. The intermediation approach to banking was adopted. The results revealed that Angolan banks were very efficient and that efficiency varies little among the banks analysed. Furthermore, the differences in efficiency between foreign banks, public banks, large‐sized banks and banks that belong to a local conglomerate were examined. It was concluded that the greatest efficiency was to be found in the case of foreign banks. Since size and conglomerate membership do not seem to lead to greater bank efficiency, it was proposed that Angolan policymakers should promote competition in the banking sector.     

The Systemic Risk of Cross-Border Banking: Evidence from the Sudden Stop and Interbank Stress Contagion in East Asia

This article investigates the systemic risk of cross-border banking in East Asia. Using the recursive bivariate probit model, we jointly test the probability of the sudden stop in international lending and its simultaneous effect on the host countries’ interbank markets. The empirical results suggest that the risk of a sudden stop is associated with global liquidity shock; host country productivity shock; and the common lender contagion effect. This facilitates the transmission of interbank stress from advanced economies to emerging markets. However, the tension is mitigated by the “flight-home effect” caused by domestic investors’ repatriation. The sudden stop is more likely to occur in countries with lower financial openness but higher financial risk. Lending flows to the banking sectors are more sensitive to shocks than the flows to the non-bank private sectors.