Farm Capital Investment and Deviations from the Optimal Path

We identify farms’ optimal investment path in capital assets and compare it with their actual investment to assess the direction and extent of deviation from the optimal investment. A probit model is further used to investigate the determinants of the probability that a farmer over‐ or under‐invests in capital assets. We use a panel dataset of Dutch dairy farms over the period 2003–2013, and find that most farms under‐invest in capital assets during the study period. Although the number of farms that had over‐invested in capital assets is relatively small, these farms account for the biggest share of total investment in capital assets. The probit results show that liquidity, agricultural support payments, age, land tenure and standard output size are important variables explaining the likelihood of over‐and under‐investment.     

Employee workplace spirituality and pro-environmental behavior in the hotel industry

Pro-environmental behaviors in the workplace are less investigated than those in the public and private spheres. With this in mind, and through the values framework of workplace spirituality (WPS), synthesizing the theories of connectedness and organizational citizenship, the current study proposed a theoretical model to gauge the influence of WPS, a relatively new area of inquiry in organizational research and a neglected field in tourism and hospitality, on hotel employees’ organizational citizenship behavior for the environment (OCBE). In this framework, the emerging concept of connectedness to nature (CNS) – a strong cognitive and affective predictor of pro-environmental behavior – was depicted as a mediator, and the construct of environmental awareness (EA) was deemed a moderator. The intended model received support through empirical testing, and results confirmed that WPS is significantly associated with employees’ OCBE, and CNS indirectly affects the relationship between WPS and OCBE, while EA functions as a booster. The theoretical and practical implications of the study were discussed, and a series of contributory managerial implications were described accordingly.     

Corporate rebranding: effects of corporate visual identity changes on employees and consumers

Many organizations invest periodically in a new corporate visual identity (CVI). This study investigates the main effects of CVI changes in four organizations, taking into account three independent variables: stakeholder type (employees vs. consumers), the specific organization, and communication about the CVI change. The results show that CVI changes had positive effects on CVI appreciation and identity/image. However, the effects were different for employees and consumers and differed between specific organizations. Furthermore, adequate communication about the new CVI appeared to be important for people’s appreciation of the CVI. The implications of these findings are discussed.     

货币政策、企业家信心与上市公司投资效率*

企业、企业家等微观主体对货币政策的反应，在较大程度上影响货币政策的效果。货币政策可通过对企业家信心的影响，进而对公司投资效率产生作用。基于中国2007—2016年40个季度A股上市公司样本的实证研究表明：企业家信心在货币政策传导过程中有不可忽视的作用。企业家信心增强或者货币政策宽松时会加剧过度投资，减轻投资不足；企业家信心减弱或者货币政策紧缩时可以有效抑制过度投资，但会加剧投资不足。其中，国有企业对企业家信心和货币政策松紧的敏感性更强。进一步，货币政策对企业投资效率的影响，也会通过货币政策和企业家信心的交互作用而发挥作用。这种作用在国有企业和非国有企业之间无显著差异。     

就业结构调整对水库移民土地流转的影响研究*——以南水北调中线工程移民为例

[目的]为促进水库移民的生计恢复及转型,探寻就业结构和土地流转间的交互机制,分析两者间耦合作用对当前移民安置模式及政策的影响。[方法]文章从移民就业结构变迁出发,通过超边际理论构建了安置区移民土地的流转机制模型,推演了从业决策对土地流转行为的影响路径,并运用南水北调农业安置移民数据进行实证检验。[结果]大面积转出土地是移民搬迁后土地处置的主要行为,移民中土地转入户有所增加,但土地集中度却有所减少。移民非农就业较搬迁前有明显上升,并有向当地兼业转移的趋势,但与土地流转间并不互为因果,农村社保还难以弱化其对土地养老的依赖。劳动力数量、非农就业时间、非农收入占比、土地政策等对移民土地流转行为和规模均有显著影响,而外出就业前景和地租水平在促进土地流转行为的同时,却不一定能增加土地流转面积。[结论]移民外迁中可以采用无土安置代替农业安置,推动移民土地流转的关键在于技能培训、政策保障和地租补贴,简单的就业推荐和土地权属划分的作用有限。而对于移民中的农业大户,则需在满足土地转入面积的基础上,保障其在安置区的各项土地权益。     

国有资本经营预算能够提高地方国有企业投资效率吗？

以A股地方国有上市公司为研究对象，从投资效率的角度考察国有资本经营预算制度的实施效果，并进一步检验其对企业价值的影响。研究发现，国有资本经营预算能够显著抑制地方国有企业的非效率投资，尤其是抑制过度投资行为,并且这种影响对处于市场化程度较低地区的地方国有企业更加显著。进一步研究发现，国有资本经营预算能够通过抑制非效率投资来促进地方国有企业价值的提升。     

Value relevance of multinational directorship and cross-listing on MNEs national governance disclosure practices in Sub-Saharan Africa: Evidence from Nigeria

We draw on institutional isomorphism literature to develop a conceptual framework which uncovers how emerging market MNEs manage institutional tensions and complexity in corporate governance (CG) regulations within and across economic environments. Using a sample of 400 firm-year observations (2011–2015) from Nigeria, we show foreign directorship and cross-listing as significant avenues for governance isomorphism. MNEs employ these mechanisms to manage and reconcile foreign and Nigerian CG regulations whilst overcoming institutional weaknesses at home. Specifically, governance isomorphism leads to improvement of home country CG disclosures practices because of associated linkages with international CG systems through cross-listing and employment of multinational directors.     

纳税信用评级结果披露与研发投入

以纳税信用评级披露作为一个天然外生冲击,并基于2013—2016年1214家A股上市公司的微观数据构造准自然实验,使用双重差分法系统评估纳税信用评级结果披露对上市公司研发投入的影响。结果发现:纳税信用评级结果披露显著增加了上市公司的研发投入。基于PSM-DID方法的估计结果与上述结论无明显差异。稳健性检验也表明上述结论的正确性。机制检验表明,纳税信用评级结果披露通过降低企业的融资约束,进而促进企业增加研发投入。此外,分样本回归发现纳税信用评级结果披露只能对中小型企业和民营企业的研发投入产生促进作用。