Green multi-tier supply chain management: An enabler investigation

Stakeholder pressure, from actors including regulators, consumers and non-governmental organizations, has made organizations more responsible for poor environmental performance of their direct and sub-suppliers. Thus, green multi-tier supplier management (GMSM) has become an emergent topic. Yet it is still unclear how to enable GMSM practices effectively, i.e. how to enable sub-suppliers' environmental performance improvement. To help address the gap in the literature, this paper aims to identify enablers for sub-suppliers' environmental performance improvement, and it further applies a Decision-Making Trial and Evaluation Laboratory (DEMATEL)-based case study method to evaluate inter-relationships among these enablers and improve the focal company's GMSM practices, by using action research (AR) method principles. The data analysis and discussion with a follow-up evaluation after two years provided insights for the successful implementation of GMSM. The results show that top managers’ support from the organizations is a prominent and necessary foundational enabler. An interesting observation is that close proximity of supply chain members is regarded as a very prominent enabler. Evaluation and feedback on these enablers two years later found that the enabler mapping was beneficial, allowing them to address the most influential enablers, and thus the GMSM practices of the focal company has been highly improved. This paper concludes with directions for further research.     

中部地区休闲农业可持续发展态势比较研究

[目的]通过分析中部6省休闲农业发展情况,对各省休闲农业可持续发展态势进行比较研究。[方法]围绕休闲农业可持续发展态势进行评价,根据休闲农业发展情况,确定休闲农业发展中的核心指标,从系统内部结构着手构建休闲农业可持续发展态势评价指标体系,并根据专家对各指标的打分结果,运用层次分析法确定各指标权重,结合中部地区农业、社会、经济和旅游等方面数据,对中部6省休闲农业可持续发展态势进行比较和分析,采用综合评价法,得出中部6省休闲农业可持续发展态势的综合排名。[结果]最终确定中部6省休闲农业可持续发展态势的综合评价指数,得到的河南省、山西省、湖北省、安徽省、湖南省和江西省的综合评价指数分别为0. 60、0. 24、0. 59、0. 43、0. 64、0. 46,并根据各省综合评价指数得出中部6省休闲农业可持续发展态势排名。其中,湖南省的休闲农业可持续发展态势最高,湖北省、河南省发展态势次之,江西省和安徽省休闲农业可持续发展态势较低,山西省休闲农业可持续发展态势最弱。[结论]中部地区休闲农业可持续发展态势差异明显,未来休闲农业可持续发展空间很大,中部地区发展休闲农业需要加强区域合作,发挥互补优势,提高旅游行业服务与管理水平,共建旅游发展大格局。     

Heterogeneity of Funds and Information Disclosure: Evidence

Institutional investors, especially public funds, play an important role in governing listed firms as they grow in Chinese stock markets. We classify each fund as “dedicated,” “transient,” or “mixed,” according to the concentration, turnover, and profit sensitivity of their stock holdings. We find that listed firms with more shares held by dedicated funds have a higher disclosure quality, while firms with more shares held by transient funds have a lower disclosure quality. These findings are consistent in different model settings. In addition, dedicated funds improve the disclosure quality of non-state-owned enterprises more than state-owned enterprises. Dedicated funds can benefit from the lower debt-financing cost and higher stock liquidity of firms with better disclosure quality.     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.     

自我差异视角下的职业生涯幸福感

职业生涯幸福感概念的提出顺应了无边界职业生涯的发展趋势,但该概念的理论内涵探究仍存在不足。本文在系统回顾职业生涯幸福感概念的基础上,认为其与自我概念联系紧密,因此选择从自我差异理论出发探究其变化的内在机理。通过结合自我差异和时间概念,本文将自我差异类型细分为"同一自我内部差异""真实自我—理想自我差异""真实自我—应该自我差异""理想自我—应该自我差异"和"假设自我差异",深入分析了个体职业生涯中的不同自我差异对职业生涯幸福感的影响及其在认知、情绪、动机和行为上的表现,以此拓展职业生涯幸福感波动的内在机理,弥补现有理论的不足,并对相关领域的未来研究进行了展望。     

China's Free Trade Ports: Effective Action Against the Threat of De‐globalization

With sluggish external demand and increasing trade protectionism by the USA and the European Union, China is facing severe challenges in implementing its deeper, ongoing reforms. To respond actively to such challenges, the Communist Party of China's 19th National Congress proposed to “promote a new pattern of all‐round opening up.” In particular, the establishment of free trade ports is considered an important means to realize deeper integration with the world economy. This paper discusses the background, the motivation, the possible challenges as well as a feasible path for the successful implementation of free trade ports in China. Based on the international experience, the construction of free trade ports in China requires freer trade in goods, high mobility of talent and free capital flow.     

Does the cessation of quarterly earnings guidance reduce investors’ short-termism?

The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post–Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institutions, put more (less) weight on long-term (short-term) earnings in firm valuation, become more (less) sensitive to analysts’ long-term (short-term) earning forecast revisions, and are less likely to dismiss chief executive officers for missing quarterly earnings targets by small amounts, relative to investors in firms that continue to issue quarterly earnings guidance. Our study provides new evidence of the benefit of stopping quarterly earnings guidance, that is, the reduction of short-termism among investors.     

Political Connections and Government Subsidies: Evidence from Financially Distressed Firms in China

Previous studies report mixed evidence regarding the effect of political connections on firm value. We seek new evidence in China, an important emerging market with a hallmark of a relationship-based economy. Using financially distressed firms (special treatment or ST firms) as a unique sample, we identify a direct channel through which political connections enhance firm value by showing that politically connected firms receive more government subsidies. Moreover, such effect becomes stronger for state-owned enterprises (SOEs), for firms with a better chance of survival, and after the government implemented a new policy to more strictly enforce the delisting in 2012.     

企业数字化能否促进绿色技术创新？——基于重污染行业上市公司的考察

在数字经济快速发展的背景下,企业数字化能否促进绿色技术创新引起了学术界的关注。已有研究对企业数字化水平的度量缺乏统一的标准,并且没有对企业数字化影响绿色技术创新的微观路径进行全面深入的检验。区别于现有研究,文章不仅基于无形资产数据度量企业的数字化水平,还对上市公司年度报告进行了更细化的文本分析,用在“管理层讨论与分析”的“业绩回顾”中的数字化词频占比来度量企业实际的数字化水平,并运用网络招聘大数据对构造的指标进行检验。在此基础上,文章考察重污染行业企业数字化对绿色技术创新的影响,并运用上市公司专利申请明细数据对微观作用机制进行探讨与检验。研究表明,重污染行业企业的数字化能够显著促进企业绿色技术创新,这一结论在经过IV估计、反事实分析和改变估计方法等一系列稳健性检验后依然显著成立。机制分析表明,企业数字化主要通过提升企业的信息共享水平和知识整合能力从而促进企业绿色技术创新。异质性分析表明,对于环保投资水平更高以及所在地区环境规制力度更强的企业,数字化产生的绿色创新激励效应更大。文章清晰揭示了企业数字化促进企业绿色创新的机理,拓展了企业数字化的相关研究,剖析了企业数字化与绿色可持续发展实现...     

股东对创新投入的反应：股权激励异质性的信号作用

以我国2017—2019年沪深两市A股实施股权激励的上市企业为样本,基于股东视角分析股东对创新投入信息的反应,探讨这一反应在股权高度集中时的变化,并考察高管团队股权激励异质性因素向股东传递信号的机制。结果表明,创新投入与股东反应正相关;股权集中度正向调节创新投入与股东反应的关系;股权激励异质性负向调节创新投入与股东反应的关系,且该效应在民企中更加显著;经营风险是股权激励异质性负向影响股东对创新投入反应的中介变量。