制度差异、“一带一路”倡议与中国大型对外投资——基于投资边际、模式与成败的三重视角

本文基于2005—2016年中国609个企业2 440个大型对外投资微观样本，全面考察正式与非正式制度差异对企业投资边际、模式与成败的影响。研究发现：正式制度差异对投资规模化的影响不大，但显著影响投资多元化。企业为了避免正式制度差异带来的管理风险，倾向于选择全资股权结构，但企业选择绿地投资还是跨国并购并不受到正式制度差异的影响。相比之下，非正式制度差异的影响更为广泛。无论是正式制度差异还是非正式制度差异，均会显著增加企业投资的失败概率。进一步研究发现，“一带一路”倡议主要对正式制度差异存在优化互补效应。研究结论表明，夯实“一带一路”倡议，尤其大力发展与沿线国家的文化深度交流，有助于企业更快、更好地走出去。     

Discretionary technology bootlegging tensions in institutional healthcare work

We explore individuals who take some of their technology use ‘underground’, described as ‘bootlegging’, to enhance healthcare work. We find that healthcare professionals’ informal use of mobile applications in healthcare work sometimes ‘sticks out’ and this produces professional identity tensions: (1) conflict with perceptions of professional behaviour, and (2) defilement of expert judgment. Our analysis, moreover, reveals that identity work (i.e. ‘accepting’ and ‘sensemaking’) provides a coping mechanism to deal with these unresolved professional identity tensions. This paper contributes to a better understanding of the constitutive entanglements and two‐way interactions of discretionary technology bootlegging, professional identity and autonomy in institutional healthcare work.     

Labor force participation of women left behind in Tajikistan

This paper examines the impact of male migration on the labor force participation of the women left behind in Tajikistan. Studies from many countries show that when men migrate, female labor force participation decreases and this is largely explained by the income effect from remittances. Our study challenges this finding. Using panel data from 2007, 2009 and 2011, we find that, in Tajikistan, migration has no significant effect on the number of hours that women work. We use panel data which allow us to control for unobservable heterogeneity, rather than the cross-sectional data used by others. We analyze several countervailing factors that may have neutralized the income effect, such as the need to substitute for the missing labor in the household. We also find that women work more when the household has a farm, regardless of the presence of a migrant in the household.     

Sustainable development carbon pricing initiative and voluntary environmental disclosures quality

Although corporate environmental disclosures have been researched extensively, empirical evidence regarding the indirect impact of carbon pricing on firms' voluntary disclosures is scarce. The objective of this study is to identify the indirect impact of carbon pricing initiatives on the voluntary environmental disclosures (VEDs) of electricity generating companies, analyzed through the lens of institutional theory. This study adds to the growing literature on the determinants of VED, investigating the impact of adoption of the Global Reporting Initiative and ISO 14001 on VED. Secondary data were collected from 2015 annual reports and/or standalone sustainability reports of electricity generating companies from 53 countries around the world. Content analysis approach was adopted for measuring the extent of the quality of VED. Findings of multiple regression analysis suggest that there is an indirect institutional impact of carbon pricing on the quality of VED. This study also finds that, as the form of nongovernment guidance, the Global Reporting Initiative adoption and ISO 14001 certification also have an institutional influence on the VED. VED is also affected by company size although this study reveals no significant relationship of leverage with VED.     

Similarities and Dissimilarities between Original Institutional Economics and New Institutional Economics

Original Institutional Economics and New Institutional Economics display several similarities. However, differences in methodology and normative stance are too big to reconcile both approaches. Both approaches may keep each other sharp.     

The impact of migration on the cross‐border M&A: Some evidence for Japan

Facing the rapidly ageing society and shrinking of markets at home, Japanese firms are expanding outbound mergers and acquisitions (M&A) activity at a record pace. This study examines the determinants of Japanese cross‐border M&A activity focusing on the role of migrant networks in overcoming the informational barriers to such activity. Migrants include immigrants residing in Japan as well as Japanese citizens residing abroad. Our results suggest that the presence of immigrants and of Japanese citizens residing abroad both increase the probability of acquiring assets in a potential target country. Moreover, both communities exert positive effects on the number and value of outbound M&A deals.     

Environmental Policy,Sustainable Development,Governance Mechanisms and Environmental Performance

We investigate the effects of environmental policy (Climate Change Act – CCA), sustainable development frameworks (Global Reporting Initiative – GRI; UN Global Compact – UNGC) and corporate governance (CG) mechanisms on environmental performance (carbon reduction initiatives – CRIs; actual carbon performance – GHG emissions) of UK listed firms. We use the generalized method of moments (GMM) estimation technique to analyse data consisting of 2245 UK firm‐year observations over the 2002–2014 period. First, we find that the CCA has a positive effect on CRIs, and this effect is stronger in better‐governed firms. Second, we find that the GRI‐based framework is positively associated with CRIs. Third, we find that firms with poor CG structures have lower actual carbon performance compared with their better‐governed counterparts. Overall, our evidence suggests that firms can symbolically conform to environmental policy (CCA) and sustainable development frameworks (GRI, UNGC) by engaging in CRIs without necessarily improving actual environmental performance (GHG emissions) substantively. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

How Owners Matter? An Examination of Ownership Type in Corporate Disaster Relief Giving

Little research has investigated the effect of ownership identity (or type) and corporate philanthropy experience on giving. In this research, relying on legitimacy theory, we first assess the effect of ownership identity on corporate philanthropy (CP) in the context of the 2008 earthquake in China. Then we explore moderation effects of firms' prior CP experience and size as proxies for perceived legitimacy on owners' efforts at increasing giving and legitimacy. We find that state and CEO ownership are deterrents, while non‐SOE and institutional ownership enhances giving probability and amount. In addition, there is evidence that firm size and prior CP weaken the effects of institutional ownership on CP. This study provides a complete assessment of owner behaviour. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Does corporate diversification create value in emerging markets? New evidence from Chile

Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and institutional investors’ influence on firm value. We report firm‐value destruction for diversified firms. Regarding ownership concentration, we report a negative relation between the largest shareholder ownership and firm value. Separation between voting rights and cash flows rights of this shareholder is negatively related to firm value. While Pension Fund Administrators (AFP) mitigate firm value destruction in diversified firms, other institutional investors do not play an active role in controlling value destruction. Finally, if the largest owner is a family, we report firm‐value creation in diversified firms. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.