Modern pandemic crises and default risk: Worldwide evidence

This article examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds that pandemic crises significantly increase the default risk of enterprises. Further analysis shows that formal and informal institutions acted as a “cushion” against the pandemic crisis. The earlier a country adopts IFRS, the more unimpeded access to information, and the more stable religious and ethnic relations within the country can reduce the negative impact of a pandemic on financial stability. This article addresses the hitherto inadequacy of COVID-related data. In addition, this article argues that governments should build sound state institutions to withstand macroeconomic shocks and highlights the heterogeneity of default risk for enterprises operating in countries with different institutions.     

产学研联盟组合对科技中小企业成长的影响机制研究

当前，在产学研深度融合战略要求之下，越来越多科技中小企业同时参与多个产学研联盟，形成了不同范围广度以及不同交互深度的产学研联盟组合，以同时获取外部互补性资源并实现高质量快速成长。基于150家创业板制造业上市企业数据，本研究构建了“产学研联盟组合-技术创新能力-企业成长”的研究框架，探讨了产学研联盟组合广度及深度对科技中小企业成长的影响路径，以及中国独特外部正式与非正式制度环境的调节作用。结果表明：①产学研联盟组合广度正向影响科技中小企业成长，而深度负向影响科技中小企业成长；②产学研联盟组合广度正向影响科技中小企业技术创新能力，而深度负向影响科技中小企业技术创新能力；③技术创新能力在产学研联盟组合广度及深度与科技中小企业成长的关系中均起到了部分中介效应；④正式制度发展水平削弱了产学研联盟组合广度对科技中小企业成长的正向影响，且削弱了产学研联盟组合深度对科技中小企业成长的负向影响；⑤社会信任水平加强了产学研联盟组合广度对科技中小企业成长的正向影响，而削弱了产学研联盟组合深度对科技中小企业成长的负向影响。研究结论拓展了联盟组合、产学研合作以及制度理论的相关研究，并为推动科技中小企业产学研深度融合发展的实践提供了一定启示。     

环境规制与新型农业经营主体绿色发展绩效——基于有调节的中介效应分析

[目的]新型农业经营主体作为我国现代农业的“领头人”，其绿色发展行为及绩效决定着我国绿色农业的发展方向。文章分析了正式与非正式环境规制对新型农业经营主体绿色发展行为及绩效的影响效应和作用路径，并探讨绿色文化的调节作用。[方法]以江苏省为样本研究省份，基于315份调查问卷数据，借助结构方程模型和PROCESS程序实证分析正式与非正式环境规制的实施对新型农业经营主体绿色发展行为及绩效的影响。[结果]正式与非正式环境规制对新型农业经营主体绿色发展绩效的直接效应不显著，但通过绿色发展行为的中介和绿色文化的调节变得显著，且相较于正式环境规制，非正式环境规制的作用效应更大。[结论]正式与非正式环境规制对绿色发展行为具有正向作用，绿色发展行为在正式与非正式环境规制促进新型农业经营主体绿色发展绩效的过程中起到完全中介作用，且非正式环境规制的作用效应更大，强化绿色文化有助于提升新型农业经营主体的绿色发展绩效，研究对于促进新型农业经营主体绿色发展行为和绩效具有重要的参考价值。     

Equality of competition: A consistent approach to equality of opportunity in sport

Accepting the principles of equal treatment and equality of opportunity as standards means that individuals should have the same chances and receive the same rewards. If there is no reason to maintain that these principles should not be decisive in the domain of sport, the consequences of accepting them must be accepted. Equality of opportunity, in particular, which may with respect to sport be termed ‘equality of competition’, raises some issues that are examined.