LEGAL ENVIRONMENT,INTERNALIZATION, AND U.S. ACQUIRER GAINS IN FOREIGN TAKEOVERS

In examining takeovers of foreign targets by U.S. firms, we investigate the effect of the target country's legal environment on acquiring firm value. Our results indicate that acquirers of target firms located in civil law countries experience significant positive abnormal returns, especially when the acquirer possesses a high level of intangibles. Furthermore, we find that acquirers with high levels of intangibles are more likely to acquire target firms in civil law countries. These findings suggest that the transfer of intangibles overseas provides relatively larger efficiency benefits for multinational corporations in cases where the alternative, contracting in external markets, is more difficult.     

发挥优势 坚持特色 打造中国的“纺织硅谷”

一、东华大学科技园的功能及管理机制 东华大学科技园以东华大学强大的科研实力、丰富的人才资源和长宁区雄厚的经济实力、优越的经济政策为依托.逐步发展成为具有纺织服装特色的优秀大学科技园.科技园主导产业为纺织服装,其支撑产业包括新材料.化学化工.机械.电子、通信等.     

Mobile technology usage and B2B market performance under mandatory adoption

This paper investigates the relationship between mandatory adoption of mobile information technology and market performance in the business-to-business (B2B) setting. This study presents and tests the B2B technology satisfaction model (TSM), including perceived loss of control as the mandatory technology acceptance-specific variable. The results of this study reveal that integrating perceived loss of control with user satisfaction and the TAM (technology acceptance model) in a single model can better explain the B2B market performance model. The empirical results suggest that perceived loss of control has a negative effect on user satisfaction and perceived market performance is influenced by user satisfaction and perceived usefulness. Managerial implications of the study are discussed.     

POVERTY EQUIVALENT GROWTH RATE

This paper proposes a new type of growth rate, called the “poverty equivalent growth rate” (PEGR), which takes into account both the growth rate in mean income and how the benefits of growth are distributed between the poor and the non‐poor. The proposed measure satisfies a basic requirement that the proportional reduction in poverty is a monotonically increasing function of the PEGR. Thus, maximizing the PEGR implies a maximum reduction in poverty. The paper demonstrates that the magnitude of PEGR determines the pattern of growth: whether growth is pro‐poor in relative or absolute sense or is “poverty reducing” pro‐poor. The pattern of growth has been analyzed for Brazil using the National Household Survey (PNAD) covering the period 1995–2005.     

拓展创新服务平台 打造一流科技园区

大学科技园是国家创新体系的重要组成部分和自主创新的重要基地,是区域经济发展和行业技术进步及高新区"二次创业"的主要创新源泉之一,是中国特色高等教育体系的组成部分,是高等学校产学研结合、为社会服务.培养创新创业人才的重要平台.一流的国家大学科技园是一流大学的重要标志.华中科技大学科技园正是沿着这样一条主线,立足于东湖高新区、依托于华中科技大学建设和发展起来的.     

The effect of airline service quality on passengers’ behavioural intentions: a Korean case study

This paper seeks to improving our understanding of air passengers’ decision-making processes by testing a conceptual model that considers service expectation, service perception, service value, passenger satisfaction, airline image, and behavioural intentions simultaneously. For this testing, path analysis via maximum likelihood estimator is applied to data collected from Korean international air passengers. Service value, passenger satisfaction, and airline image are each found to have a direct effect on air passengers’ decision-making processes.     

Evaluating the efficiency and productivity change within government subsidy recipients of a national technology innovation research and development program

This study analyzes the efficiency and productivity change within government subsidy recipients of a national technology innovation research and development (R&D) program. We examine 6,990 government‐sponsored, completed R&D projects during the last three performance follow‐up survey years from 2010 to 2012, and present a design of the sample of panel data to cope with the typical R&D performance time lag using a set of massive observations associated with completed R&D projects for the past 7 years from 2005 to 2011. In particular, data envelopment analysis is adopted to measure the efficiency and productivity change, which is measured in the Malmquist index. Parametric and nonparametric statistical tests are carried out to check for statistically significant differences among the characteristics regarding the types of government subsidy recipients. This study's major findings are as follows. First, during the entire period analyzed (2010–2012), there was a similar yearly pattern of statistically significant differences in the government subsidy means among the recipient types. In contrast, there were no obviously equivalent differences in the efficiency and productivity change. Second, the productivity had increased year on year, but the increments were reduced from year to year. Third, the productivity change was induced mainly by the Frontier‐shift, which indicates overall technology innovation progress, compared with the Catch‐up, which only indicates a simple increase in the efficiency. In particular, in this empirical analysis, the recipient types of ‘national laboratory’ and ‘large company’ had relatively larger sizes of government subsidies per project. However, the efficiency and productivity change of these types was not better than the others. This implies, therefore, that the government should control the ratio of the subsidy to the total R&D budget with an appropriate upper limit.

• I empirically evaluate the productivity change within a national technology innovation R&D program.
• I design a sample of panel data to cope with the typical R&D performance time lag using massive observations.
• There is no obvious relationship between the government subsidy size and R&D productivity change.
• Some particular types of government subsidy recipient are inferior in terms of R&D productivity change.
• It practically implies that the government should control the ratio of the subsidy to the total R&D budget.

     

Value Co-Creation Processes—Early Stages of Value Chains Involving High-Tech Business Markets: Samsung–Qualcomm Semiconductor Foundry Businesses

Purpose: This research aimed to identify both the specialized resources and competences for value co-creation when the value co-creation phenomenon is extended to the early stage of the value chain. Further, it proposes a framework that can analyze the value co-creation process in the high-tech business-to-business (B-to-B) market.

Methodology/approach: The research methodology was based on building a theory from a case study. The qualitative data was coded based on the grounded theory coding after collecting data from multiple sources.

Findings: Four critical resource types (financial resources, knowledge resources, efficiency resources, and intellectual resources) and five competence types (relational capability, collaboration capability, strategic capability, innovation capability, and managing capability) were constructed as the principal factors for value co-creation at the early stage in the value chain within the high-tech B-to-B market. Among the four resources and five competences, intellectual resource and strategic capability associated with value co-creation were unique findings in our case research.

Research implications: Our results provided new insights, which the value co-creation can be extended to the early stages in the value chain, such as the research and development (R&D) stage, in the high-tech B-to-B market, whereas extant value research was more focused on the late stages of the value chain. The reciprocal value co-creation process, which used four resources and five competences of both the supplier and customer, was proposed as an integrated framework to co-create value at the early stage of the value chain within the high-tech B-to-B market.

Practical implications: A supplier’s R&D, marketing, manufacturing, planning departments and the customer can utilize the defined resources as well as competences at different stages of the value chain in order to co-create value and improve their performance. In particular, the marketing department of the supplier needs to turn their eyes to the early stages in the value chain so as to seek a value co-creation strategy.

Originality/value/contribution: A value co-creation strategy was sought from a different perspective, extending from a late stage to an early stage in the value chain of the high-tech B-to-B market. The integrated research framework, combining resources and competences of the supplier and customer, was established to analyze the value co-creation phenomenon.     

Paying before consuming: Examining the robustness of consumers’ preference for prepayment

Prior research on consumers’ preference for timing of payment suggests that consumers prefer to prepay for certain kinds of purchases (e.g., vacations) and postpay for others (e.g., washer dryers). This research extends this finding by first comparing preference for timing of payment for products that vary by type (hedonic vs. utilitarian) and durability (nondurable vs. durable) to reveal that it is only hedonic-nondurable products that elicit a preference for prepayment (study 1). The two studies that follow examine the robustness of the prepayment preference by (1) varying the favorability of the transaction (study 2), and, (2) by eliminating the choice of payment timing from the transaction (study 3). Results reveal that the preference for prepayment for hedonic-nondurable goods is robust when transaction characteristics are favorable but shifts when transaction characteristics are unfavorable. Furthermore, when the choice of payment timing is not offered, consumers become indifferent towards when they prefer to pay for hedonic-nondurable products. The implications of these findings for marketers and retailers are discussed.