The impact of dual network structure on firm performance: the moderating effect of innovation strategy

ABSTRACT

Firm innovation is embedded in a collaboration network among researchers and a knowledge network composed of knowledge elements; the two networks are decoupled. Guided by social network theory, this study puts forward the definition and the classification of firm dual network structure, probes into the influence of dual network structure on firm performance, and explores the alignment between innovation strategy and firm dual network structure. We conduct an empirical study of 183 listed companies in China from 2004 to 2018. It is found that the four types of dual network structure all have positive impacts on firm performance, and the impact of a collaboration network is slightly higher than that of a knowledge network. Besides, innovation strategy plays a positive moderating role in the relationship between dual network structure and firm performance. Our findings provide new ideas for firms to identify and optimise knowledge and collaboration network structures and match them with innovation strategy to improve performance.     

Operating synergy and marketplace performance of dual-branded hotels

Dual-branded hotels have received great attention in the industry recently. Our study uniquely examines the dual branding effects in two dimensions of synergy (operation and marketplace) and the role of dual branding composition in creating synergy. Based on the property-level data, this study conducts a systematic analysis to verify these benefits using a fixed-effects model and a matched-sample analysis. There are three key findings. First, the benefit of dual branding mainly comes from operating synergy. Dual branding could lower revenue volatility for all dual-branded hotels and reduce operating costs for those paired with the same-class hotels. Second, dual branding on marketplace performance varies by property characteristics. Third, the anchoring effect is asymmetric. In a different-class dual-branded hotel pair, the higher-class hotel’s occupancy is anchored down but the lower-class hotel’s occupancy is not anchored up.     

浅析欧盟特种设备监管

文章就欧盟对特种设备的监管方法进行了研究,包括欧盟特种设备指令的适用范围、内容以及市场监督方式,并就欧盟新方法指令的特点进行了分析,提出了有关我国特种设备监管的建议对策。     

On dividends in the phase–type dual risk model

The dual risk model assumes that the surplus of a company decreases at a constant rate over time, and grows by means of upward jumps which occur at random times with random sizes. In the present work, we study the dual risk renewal model when the waiting times are phase-type distributed. Using the roots of the fundamental and the generalized Lundberg’s equations, we get expressions for the ruin probability and the Laplace transform of the time of ruin for an arbitrary single gain distribution. Then, we address the calculation of expected discounted future dividends particularly when the individual common gains follow a phase-type distribution. We further show that the optimal dividend barrier does not depend on the initial reserve. As far as the roots of the Lundberg equations and the time of ruin are concerned, we address the existing formulae in the corresponding Sparre-Andersen insurance risk model for the first hitting time, and we generalize them to cover also the situations where we have multiple roots. We do that working a new approach and technique, approach we also use for working the dividends, unlike others, it can be also applied for every situation.     

Expected shortfall estimation for apparently infinite-mean models of operational risk

Statistical analyses on actual data depict operational risk as an extremely heavy-tailed phenomenon, able to generate losses so extreme as to suggest the use of infinite-mean models. But no loss can actually destroy more than the entire value of a bank or of a company, and this upper bound should be considered when dealing with tail-risk assessment. Introducing what we call the dual distribution, we show how to deal with heavy-tailed phenomena with a remote yet finite upper bound. We provide methods to compute relevant tail quantities such as the Expected Shortfall, which is not available under infinite-mean models, allowing adequate provisioning and capital allocation. This also permits a measurement of fragility. The main difference between our approach and a simple truncation is in the smoothness of the transformation between the original and the dual distribution. Our methodology is useful with apparently infinite-mean phenomena, as in the case of operational risk, but it can be applied in all those situations involving extreme fat tails and bounded support.     

高校廉洁管理路径探析

廉洁文化是社会主义先进文化的重要组成部分。在高校推行廉洁化管理不仅是和谐高校构建的需要,还是我国反腐败战略的重要组成部分。当前,高校推行廉洁化管理,必须构建全员育廉、全程育廉、全方位育廉三种范式,并在实践中通过健全制度、利用载体和形成合力来完善这三种范式。     

一种双模导引头目标检测的模糊数据融合算法

本文利用模糊集合来描述传感器的检测率和虚警率,提出了一种双传感器目标检测的模糊数据融合算法,并将其应用于双模复合导引头的目标检测,仿真结果表明算法合理。     

开放型技术双元、交互吸收能力与企业国际化进入模式选择

选取2008—2019年中国研发活跃度较高的4个行业269家上市企业为样本,采用层次回归模型和Logit模型分析中国企业开放型技术双元能力和不同技术组合交互吸收调节作用对企业绩效的影响,从双元吸收角度对企业国际化进入模式选择进行比较后发现：①中国企业开放型技术双元具有显著开发型和内向型特征,企业跨国双元吸收能力不足造成组织开放型双元压力,并对企业跨国多元化经营和长期绩效产生抑制作用;②相对于技术风险、制度风险和多元化风险,双元吸收风险成为中国企业绩效提升与国际化进入模式选择互动关系的优先考虑,具有较高跨国探索吸收能力的中国新兴行业企业倾向于选择跨国并购模式,而母国双元、跨国双元间交互吸收能力较高的制造业企业倾向于选择绿地投资模式;③中国企业国际化路径选择实践表明,比较竞争优势能够有效弥补后发国家企业跨国双元吸收能力不足的缺陷,并使企业国际化模式选择多元化,反映出开放型双元吸收能力是后发国家企业国际化进入模式选择的充分非必要条件。     

Estimating the capital charge for external fraud risk： A clinical study

The main objective of this paper is to estimate the economic capital for covering the external fraud risk within a financial institution. This is a kind of operational risk which is due to acts of a type intended to defraud, misappropriate property or circumvent the law, by a third party. From the methodological point of view, we apply the Loss Distribution Approach （LDA）, based on the Internal Operational Loss Database （IOLD） provided by a Spanish Saving Bank. More specifically, we asses the potential impact of the severity distribution on the Capital at Risk （CAR）. In absence of normality, we try to adjust the Lognormal, Weibull and Exponential functions when modelling the severity of losses. As a result, we find a high divergence in terms of capital charge depending on the statistical model selected. In consequence, in order to obtain a realistic model, we highlight the relevance of the goodness of fit between the empirical and the theoretical distribution.     

发展结果导向的公共项目绩效管理理念

在公共项目的绩效管理中引入“发展结果导向管理”理论和方法,改变了以往以投入产出理论为基础,注重项目的经济评价的的传统方法。发展结果导向的公共项目绩效管理要求关注项目的长期发展目标,在项目各个阶段致力于与结果相关的对话。运用结果链——投入、活动、产出、产效和影响,以及这些关键要素之间的因果关系进行绩效管理,同时运用绩效管理逻辑框架对项目的绩效进行监测评估。