科技革命的治理逻辑与社会主义市场经济体制完善路径

每一次科技革命在带来生产力飞跃的同时，也以创造性破坏的方式对既有经济社会结构带来巨大冲击，如果不加以治理，会产生包括国民贫富分化、经济社会安全受损在内的严重隐患。社会主义市场经济是基于马克思主义生产力和生产关系原理，以解放和发展生产力，实现全体人民共同富裕为价值追求而建立的。拥抱科技革命是社会主义市场经济的天然属性，有效治理科技革命带来的经济社会挑战是社会主义市场经济价值取向和制度优越性的重要体现。无论是为了充分响应生产力进步对生产关系优化调整的需求，还是有效治理科技革命冲击，社会主义市场经济都必须不断地自我发展完善。文章提出了科技革命治理下的社会主义市场经济发展逻辑，包括鼓励创新推动技术进步的效率逻辑、防止贫富分化的公平逻辑、维护国家社会安全的安全逻辑三个方面。围绕着中国改革开放之后的技术赶超以及当前新一轮科技革命带来的治理挑战，文章阐述了社会主义市场经济不断自我完善，形成"科技革命中国之治"制度优势的理论逻辑和实现路径。     

Institutional factors influencing business models: The case of Turkish Airlines

The aim of this study is to explain the evolution of the business model of Turkish Airlines, which has been operating in the air passenger transportation organizational field in Turkey since 1933. In line with this aim, a pool of senior executives were interviewed through semi-structured interviews drawing on the new institutional theory assumptions. The data obtained from the participants were supplemented with a set of secondary data from many other sources. The MAXQDA program was used to analyze the data obtained. The findings revealed that the business model of Turkish Airlines has evolved over time, and this evolution can be explained by the new institutional theory assumptions.     

The effects of elections on macroprudential policy

We provide evidence for a specific challenge in the design of macroprudential policy, namely political interference. Using panel data from 80 countries over the period of 1990–2016, we uncover the electoral cycles in macroprudential policy. We show that a loosening in macroprudential policy becomes more likely in the pre-election year, especially in countries with lower institutional quality. There is no evidence for the reversal of such actions in the post-election year. We also find that capital account openness, the history of macroprudential policy actions and inflation matter in determining the strength of electoral cycles in macroprudential policy, in addition to institutional quality. The electoral cycles are found to be stronger in countries that are financially less open, that relied less on macroprudential policy in the past, and that have lower inflation.     

The institutional fit of peatland governance in Indonesia

The Government of Indonesia has published a number of policies and regulations to better manage its vast amount of tropical peatland, yet the degradation and conversion of Indonesian peatlands still continues. This paper analyses the institutional fit between Indonesian regulations related to peatland use and the characteristics of peatland users. We reviewed Indonesian legal policies and regulations on peatland use and management and conducted questionnaires and interviews with peatland users and policy makers in order to understand their practices and incentives in relation to the implementation of the four main peatland regulations. We focus on two provinces with large peatland areas: Jambi and Central Kalimantan. Using a framework for assessing the degrees of fit between the rule creators and adopters for peatland management, this paper shows that the degree of technical, political, and cultural fit of Indonesian peatland regulations can be classified as low to moderate. The paper shows that many peatland users are insufficiently aware of peatland regulations. The lack of socialisation on the contents of the regulations and the alternatives for peatland best practices, together with the lack of field monitoring and law enforcement are the important causes of non-compliance with peatland regulations. However, there are ongoing processes of fitting visible that are largely driven by the local government and NGOs. We discuss the degrees of fit and present some lessons for increasing the degree of fit for peatland regulations.     

创新驱动产业结构升级的制度基础——基于门槛模型的实证研究

在经济发展动能依靠创新驱动产业结构升级的新阶段，制度基础是否为新动能提供了有效激励？基于2009—2016年中国内地省际数据，采用非线性面板门槛模型，实证研究市场化、政府创新扶持、技术市场发育、金融发展和知识产权保护等5个制度因素对创新驱动产业结构升级的影响。结果发现：①市场和政府对创新驱动产业升级的作用并不是非此即彼，加速市场化进程和加大政府创新扶持均会产生显著促进作用；②促进技术市场发育和加强知识产权保护对创新驱动产业结构升级有显著促进作用；③以贷款余额表示的金融发展并未对创新驱动产业结构升级产生显著性影响，表明存在金融错配，金融资本并未有效进入创新领域。     

Emerging-market firms’ dynamic capabilities and international performance: The moderating role of institutional development and distance

While extant research has examined the separate influences of dynamic capabilities and institutions on international performance, their interactive role has received limited attention. Therefore, we examine the role of host-country institutional conditions in the relationships between emerging-market firms’ (EMFs) innovation-related dynamic capabilities and their international performance. We use multi-source secondary data and primary data from multiple informants from 254 Turkish international firms to test our framework. The study finds that the linkages between three innovation-related dynamic capabilities (innovativeness, supply-chain agility, and adaptability) and international performance are positively and negatively moderated by institutional development and institutional distance, but that their influences are opposite. These influences demonstrate that host-country institutional conditions shape the link between dynamic capabilities and EMFs’ international performance in a multifaceted and paradoxical fashion.     

COVID-19, government interventions and emerging capital markets performance

In this study, we explore the impact of government intervention to contain the spread of COVID-19 in emerging countries on the performance of their leading stock indices. We retrieved data on the performance of 25 international capital market indices included in the MSCI Emerging Markets Index and data about the closures, economic, and health measures imposed in each country examined. Overall, our findings show that government restrictions are associated with negative market returns, possibly due to the anticipated adverse effect to the economy. The adverse effect is more evident when closures are imposed. The market response to economic stimulus is mild but varies depending on the type of intervention imposed, much as with the health measures. Public campaigns may raise public awareness about COVID-19, but they can also increase the public’s fear of the pandemic, reflected in the negative response in capital markets. The results are essential for understanding the trends and fluctuations in emerging markets during this current crisis and for preparing for crises in the future.     

The effect of corporate sustainability performance on leverage adjustments

We examine the impact of corporate sustainability performance (CSP) on the speed at which firms adjust their leverage ratios to the target levels for a large sample of 31 countries from 2002 to 2018. Using two proxies of CSP, we find that firms with superior CSP tend to adjust faster toward their target leverage ratios. In exploring the potential underlying economic mechanisms through which CSP affects leverage adjustments, we find that better CSP helps firms to ease information asymmetry, enhance stakeholder engagement, push up stock prices in the stock market, and improve competitive advantage in the product market. In the cross section, the positive association between CSP and leverage adjustment speed is less pronounced in countries with high-quality institutions. The results remain unchanged in robustness tests. Overall, this paper highlights the important role of CSP in shaping corporate capital structure dynamics and suggests implications for corporate strategic planning on the privately optimal levels of CSP activities.     

How do cross-country differences in institutional trust and trust in family explain the mixed performance effects of family management? A meta-analysis

Cross-country research finds mixed performance effects of family involvement in management (FIM) but consistently positive performance effects of family involvement in ownership (FIO). We argue that cross-country differences in institutional trust and trust in family can help explain this discrepancy. We reason that trust in family normalizes family managers’ use of firm resources to satisfy family needs. In contrast, institutional trust orientates family managers’ attention toward improving firm performance. A meta-analysis supports our theory: greater trust in family increases and greater institutional trust reduces the gap between FIM and FIO's performance effects across countries.     

财政分权、金融分权与科技创新

央地间分权改革是我国调节不同层级政府间权责关系的一项制度探索，对于强化地方政府创新职能具有重要意义。文章基于我国城市面板数据，实证分析了财政与金融分权制度改革对科技创新的影响。研究发现，财政分权与金融分权均能有效促进城市创新，并且这种影响具有显著的时空异质性特征。动态分析发现，随着城市创新水平的提升，两种分权制度对城市创新的影响也存在着差异化的动态变化轨迹。此外，实证分析结果也表明，我国财政分权制度改革与金融分权制度改革的匹配性较差，两类分权制度缺乏有效协同。因此，在有序推动分权制度改革的同时，要提高财政与金融两个领域分权制度的匹配性，最大化分权制度改革对创新型经济发展的促进作用。