Interrelationships among lean bundles and their effects on operational performance

The aim of our research is to disentangle the complex relations among lean bundles and operational performance. In particular, we focus on the direct and mediating effects on operational performance of three of the main lean manufacturing bundles, namely Just in Time (JIT), Total Quality Management (TQM) and Human Resource Management (HRM). We run statistical analysis on the High Performance Manufacturing round III database, a survey involving 266 plants in nine countries across three different industries. Our results show that JIT and TQM have a direct and positive effect on operational performance while HRM has a mediated effect on it. Theoretical and managerial implications of our findings are then drawn and discussed.     

Short‐selling pressure and last‐resort debt finance: evidence from 144A high‐yield risk‐adjusted debt

This study examines why non‐financial publicly traded firms knowingly issue wealth destroying Rule 144A debt, which is associated with a negative announcement return and a higher yield. We provide a plausible ‘demand‐side’ explanation (i.e. last‐resort debt financing) for the motivation for issuing such debt. We also provide evidence as to what drives this negative reaction. Our findings suggest that the negative market impact is mainly driven by short‐selling pressure from convertible bond arbitrageurs.     

关于城市物流的运营系统及其构成

城市物流的引入是为了应对全球范围内城市化和爆炸式增长的城市交通所带来的挑战。它提出了一系列措施,如通过整合运输、环境保护和经济增长等来提升城市货物流通效率,从而实现城市可持续发展战略。城市物流的运营系统包括城市运输领域的所有相关部分,并整合了所有的物流服务环节,如城市集运中心、最后一公里配送和逆向物流等。本文阐述了如何实施该运营系统,以全球领先的物流公司的大量实践说明其带来的益处。     

我国商业银行操作风险检验以及防范对策

本文从综合以前学者的商业银行操作风险度量模型,基于收入模型,采用变量替换,对我国商业银行的操作风险进行多远回归分析,粗略估算出我国商业银行的操作风险现状,最后,对我国商业银行防范操作风险提出对策建议。     

Analysis of the operational performance of brazilian airport terminals: A multicriteria approach with De Borda-AHP integration

ObjectiveThis study proposes a multicriteria approach for the comparative analysis of the operational performance of Brazilian airport terminals.MethodologyTwo multicriteria decision aid (MCDA) methods – De Borda and Analytic Hierarchy Process (AHP) - were applied in an integrated manner to the database of the performance report from the Brazilian Department of Civil Aviation (Secretaria de Aviação Civil – SAC/PR), composed of evaluations issued by 18,062 respondents regarding 15 airport terminals, 12 of which are analyzed in this study considering 8 evaluation criteria. On the first level, the AHP method was used to assign weights to the criteria. On the second level, the De Borda method was applied to rank the alternatives.ResultsThe proposed method resulted in a final ranking of alternatives that was significantly different from the one presented in the SAC/PR report.Contribution to knowledgeThe employment of the integrated De Borda-AHP method is not common and ensured a greater approximation with the overall user satisfaction indicator, showing that it is the more appropriate methodological option when compared with the arithmetic mean commonly used in public reports.Contribution to societyBased on the obtained ranking, air transport users will be able to have a more realistic comparative picture of the main airport terminals analyzed.Contribution to the management of the airport systemThis work contributes to the strategic planning and allocation of investments seeking to adapt and expand the sector, and also to the continuous improvement of the service levels provided at airports.     

《电工作业安全技术》课程建设

汕尾职业技术学院于2004年开始设置《电工作业安全技术》课程。基于电工作业操作的特殊性,必须具备一定的操作技术与安全知识和安全意识,经过长期的教学实践与摸索,针对安全生产法律法规、电工安全技术基本理论、电工测量仪表使用、低压运行维护维修四大模块进行了教学设计,在课程教学设计理念思路、课程建设实施要点等方面积累了一定的经验,现笔者在实践的基础上对这些资源进行系统性客观性的整理归纳,期望可以更好地建设这一课程。     

我国中小企业发展的制约因素及对策

中小企业是我国经济发展的重要力量，在保证国民经济持续稳定增长、拉动民间投资、带动地区发展、增加就业、实现科技创新与成果转化等方面均发挥着重要作用。但随着我国产业结构的战略性调整和“入世”后的严峻挑战，中小企业发展中的一些问题也日渐暴露出来，制约了企业的发展。本文就目前我国中小企业发展的制约因素进行了分析，从而提出了我国中小企业发展的途径与措施。     

Entrepreneurial strategic posture and learning effort in international ventures: The moderating roles of operational flexibilities

Drawing from the attention-based view, this article extends the study of international entrepreneurship by investigating how the contribution of international ventures’ entrepreneurial strategic posture to their actual learning efforts in foreign markets depends on various flexibilities that underlie their operations. The results from a sample of international Chinese ventures indicate that an entrepreneurial strategic posture enhances international learning effort more to the extent that the ventures possess greater cognitive and political flexibilities. Somewhat paradoxically, greater structural flexibility impedes the translation of an entrepreneurial strategic posture into international learning effort. The findings have important implications for the growing body of research that adopts an international new venture perspective.     

The effects of financial and operational hedging on company value: The case of Malaysian multinationals

This study examines the value effects of financial and operational hedging in a managed floating exchange rate regime with strict limitations on the trading of Malaysian Ringgit for a sample of 109 Malaysian multinationals from 2004–2018. Using Tobin’s Q as a proxy for company value, the two-step system GMM estimation results show that, on average, derivatives hedging creates a value premium range of 7.88–8.21 % in the short-run, and 18.81–19.80 % in the long-run. This value premium emerged both after controlling for non-operational foreign exchange profits (losses), and its two components: transaction and translation profits (losses). In contrast, foreign debt hedging, on average, creates a value discount range of 8.19–8.54 % in the short-run and 12.70–13.12 % in the long-run. No evidence shows value effect for operational hedging though. The positive value effect of derivatives hedging should motivate managers of Malaysian multinationals to hedge foreign currency exposure through derivatives and encourage policymakers to take steps in developing derivatives market and products. However, the negative value effect of foreign debt hedging indicates that it destroys value. This negative effect might reflect two potential causes; higher company risk due to FC debt financing, and improper hedging practices including high costs of hedging in the underdeveloped derivatives market. These potential causes need further empirical evaluations.     

跨国并购整合中的协同与创新：整合动机与整合度的匹配

成功完成并购整合对于并购创新意图的实现至关重要，然而现有研究尚未揭示并购整合决策作用于创新绩效的内在机理。基于并购协同视角实证研究运营协同和财务协同两种整合动机对创新绩效的影响，同时检验整合程度、整合速度与整合动机的匹配效应。研究发现，运营协同、财务协同均对创新绩效具有正向影响，而并购整合动机也须与整合度相匹配。对致力于实现运营协同的并购企业，在整合过程中应采取深度整合、缓慢整合策略；对旨在实现财务协同的企业而言，在整合过程中应采取低程度整合、快速整合策略。研究结论对于跨国并购整合理论与实践具有启示意义。