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91.
In this paper we analyze the evolution of firm efficiency in the Czech Republic. Using a large panel of more than 190,000 Czech firm/years we study whether firms fully utilize their resources, how firm efficiency evolves over time, and how firm efficiency is determined by ownership structure. We employ a panel version of a stochastic production frontier model for the period 1996–2007 with time-varying efficiency. We differentiate among various degrees of ownership concentration and domestic or foreign origin. In a two-stage set-up we first estimate the degree of firm inefficiency and then the effect of ownership structure on the distance from the efficiency frontier. Our results support the hypothesis that concentrated ownership is positively related to efficiency. FDI has beneficial effects at the microeconomic level. However, we show that a simple majority is not necessarily the best structure to improve efficiency. We further analyze the effects of ownership coalitions and shed light on many other subtleties of how ownership and the specific industry affect firm efficiency. 相似文献
92.
Young Dae Ko 《Journal of Sustainable Tourism》2019,27(3):308-326
Sustainable tourism has true sustainability when it is designed economically and in an environmentally friendly fashion. A variety of methods has been explored to achieve sustainable tourism, and the use of new technologies is a significant trend for sustainable tourism. In the City Tour Bus service, an environmentally friendly tour service can be achieved by using electric buses. Moreover, the social energy saving program helps to reduce the economic burden of building eco-friendly services by providing economic incentives as rewards for environmental contributions. Two mathematical models are newly developed to quantitatively design and operate a sustainable City Tour Bus service. Mathematical model I is developed with two objective functions of minimizing total investment cost and CO2 emissions. It derives from Pareto solutions with different number of electric buses and battery capacities. Based on the solutions of mathematical model I and the economic incentive from the social energy saving program, mathematical model II investigates the optimal unit service price. Proposed quantitative approaches are applied to the Seoul City Tour Bus service with Seoul Eco-Mileage Program. These new approaches are expected to build and manage sustainable tourism system in scientific way. Moreover, they will provide quantitative bridge between sustainable transportation system and social programs beyond tourism industry. 相似文献
93.
We estimate the impact of macroeconomic news on composite stock returns in three emerging European Union financial markets (the Budapest BUX, Prague PX-50, and Warsaw WIG-20), using intraday data and macroeconomic announcements. Our contribution is twofold. We employ a larger set of macroeconomic data releases than used in previous studies and also use intraday data, an excess impact approach, and foreign news to provide more reliable inferences. Composite stock returns are computed based on 5-min intervals (ticks) and macroeconomic news are measured based on the deviations of the actual announcement values from their expectations. Overall, we find that all three new EU stock markets are subject to significant spillovers directly via the composite index returns from the EU, the U.S. and neighboring markets; Budapest exhibits the strongest spillover effect, followed by Warsaw and Prague. The Czech and Hungarian markets are also subject to spillovers indirectly through the transmission of macroeconomic news. The impact of EU-wide announcements is evidenced more in the case of Hungary, while the Czech market is more impacted by U.S. news. The Polish market is marginally affected by EU news. In addition, after decomposing pooled announcements, we show that the impact of multiple announcements is stronger than that of single news. Our results suggest that the impact of foreign macroeconomic announcements goes beyond the impact of the foreign stock markets on Central and Eastern European indices. We also discuss the implications of the findings for financial stability in the three emerging European markets. 相似文献
94.
Ongoing changes in the US electricity market include restructuring and increased competition. With this unfettering of the market, the fuel choice in generation is expected to become more flexible and responsive. To investigate this hypothesis, studies of US electricity fuel choices over the last three decades are summarized and the most recent analysis is provided on a market very different from the one on which earlier studies were done. Modern data handling techniques allow the consideration of the most comprehensive database including 185 utilities on monthly data for 1993. This paper finds fuel choice to show a considerable amount of price responsiveness, the amount of responsiveness is sensitive to the fuel substitution possibilities within the utility, and the amount of responsiveness seems to have increased recently for oil and natural gas. 相似文献
95.
Bruce D. Weinberg Ko de Ruyter Chrysanthos Dellarocas Michael Buck Debbie Isobel Keeling 《Journal of Interactive Marketing》2013,27(4):299-310
This paper delineates the main characteristics of the evolution of the organization as a social business in response to the socially networked marketplace. We advance the notion that the modern day firm is increasingly organized as a community according to the principle of collaboration. The main message is that the prominence of organizational structure is not redundant but needs to be complemented by collaborative community in response to market demands. In order to fulfill this complementary role, the concept of organization is profoundly changing. Based on recent theorizing, we review the role of collaborative community as a key characteristic of social business, provide an overview of its principles, show how social media can effectively facilitate and support collaborative community, and introduce the concept of expressive individuality. We provide illustrative examples that feature Dell. We conclude by identifying an agenda for further academic inquiry, and by specifying a large number of issues that researchers may address. 相似文献
96.
It has been pointed out that the construct of commitment plays a central role in business relationships. This article draws on the relationship marketing literature in order to construct a framework that can be used to investigate what motivates clients to continue their relationship with an audit firm. The results from an empirical study provide evidence for existence of a number of antecedents and consequences of commitment in auditor—client relationships. It is shown that particularly affective commitment plays an important role in these relationships. 相似文献
97.
98.
The corporate social responsibility literature devotes relatively little attention to the strategic role played by employee
voluntary activities (EVAs) in social alliances. Using the resource-based perspective of the organization to frame the data
collection and the analyses, this article investigates: (1) the role of EVAs in the development of corporate and non-profit
organizations (NPOs) competitive assets and (2) the management approaches to how both parties can develop their own resources
by combining them with the shared resources with the purpose of enhancing its competitive advantage in its own sector. The
database is composed of 70 specifically designed interviews with managers of UK-based firms and NPOs. The analyses suggest,
among other things, that the majority of corporate and non-profit managers find that EVAs generate substantial tangible and
intangible benefits for their respective organisations, creating genuine synergies. We also find evidence of a general preference
for the management approaches of such programmes in both types of organisation. 相似文献
99.
This paper studies the dynamics of volatility transmission between Central European (CE) currencies and the EUR/USD foreign exchange using model-free estimates of daily exchange rate volatility based on intraday data. We formulate a flexible yet parsimonious parametric model in which the daily realized volatility of a given exchange rate depends both on its own lags as well as on the lagged realized volatilities of the other exchange rates. We find evidence of statistically significant intra-regional volatility spillovers among the CE foreign exchange markets. With the exception of the Czech and, prior to the recent turbulent economic events, Polish currencies, we find no significant spillovers running from the EUR/USD to the CE foreign exchange markets. To measure the overall magnitude and evolution of volatility transmission over time, we construct a dynamic version of the Diebold–Yilmaz volatility spillover index and show that volatility spillovers tend to increase in periods characterized by market uncertainty. 相似文献
100.
Overbuilding: A Game-Theoretic Approach 总被引:1,自引:0,他引:1
The persistence of excess vacancy has long been documented in the literature. We propose that, because vacant land does not produce income, there is a tendency for developers to build whenever they can identify a development opportunity. Since developers have to compete with each other for the development opportunity, in the aggregate, developers will supply more units than the demand in the market. In the face of an oversupply, we show that, under certain circumstances, developers will not lower the rental rate to eliminate vacancy space. Our model also has implications for investment decisions dealing with projects that could take advantage of existing but not fully utilized assets. 相似文献