Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

颠覆性创新四阶段扩散过程模型

基于颠覆性创新、创新扩散、创新模糊前端等相关理论，从全流程角度创新性地构建了颠覆性创新四阶段扩散过程模型，包括颠覆性创意产生、颠覆性创新产品开发、侵蚀非主流市场、占据主流市场4个阶段，各阶段之间相互关联、循环往复，并受到技术、市场、政策、竞争等外部环境因素影响。选取液晶电视机和山寨手机作为高端和低端两个颠覆性创新典型案例，通过对其进行验证性分析，构建具体的高端与低端颠覆性创新四阶段扩散过程模型。     

Local tax interaction and endogenous spatial weights based on quality of life

This paper studied the role of municipal quality of life as a driver of strategic tax interactions among local governments. A number of studies point out the existence of strategic interactions using spatial econometric models in which the spatial weights are mostly based on non-economic criteria or basic economic variables such as per capita gross domestic product (GDP). We propose the more sophisticated well-being indicator of municipal quality of life as the driver for these interactions. To deal with the potential endogeneity, we rely on instrumental variable estimators. The empirical analysis focuses on the main local tax in Spain (property) and on municipalities with more than 50,000 inhabitants, and it confirms the relevance of differentials in quality of life for the understanding of tax choices.     

Does the Eco‐Management and Audit Scheme Foster Innovation in European Firms?

This paper studies whether environmental management systems can spur eco‐innovation, analyzing EMAS (Eco‐Management and Audit Scheme) adoption and patented innovations (at the European Patent Office) at firm level. It uses an original panel database of 30 439 European firms belonging to all sectors from 2003 to 2012. An original instrumental variable is implemented to control for potential endogeneity. The analysis reveals that EMAS adoption is conducive to more innovation at the firm level. The results vary across countries and sectors. In particular, EMAS is positively related to green patents for medium and low technology manufacturing. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

新时代耕地占补平衡的逻辑根源、模式探索与管理创新——基于“新时代耕地占补平衡方式改进与管理创新研讨会”的思考

研究目的:对耕地占补平衡的发展阶段与政策绩效、存在问题与逻辑根源进行分析,对改进方式进行探讨,进而提出管理创新建议,为新时代耕地占补平衡政策实施提供科学依据,为促进城乡融合、扶贫攻坚和乡村振兴提供参考。研究方法:综合分析与系统推理。研究结果:(1)耕地占补平衡存在实质性不平衡、时空性不平衡、政策性弱化等微观、中观及宏观层面问题;(2)在数量方面,通过盘活宅基地增量、存量和完善易地调剂方式,统筹城乡和区域平衡来实现数量占补平衡。(3)在质量方面,通过优化建设用地约束指标、完善耕地质量评价、规范耕作层保护与再利用等促进耕地质量占补平衡。(4)在生态方面,通过完善指标调剂的价格内涵、扩大耕地补偿标准范围、转变耕地补充途径等实现耕地生态占补平衡。研究结论:建议做好顶层设计,抓好规划引领,构建耕地占补平衡与城乡要素流动的平衡机制,建立耕地占补平衡后续生态管护长效机制,提升软硬实力等。     

Information disclosure quality: correlation versus precision

We investigate how a multidimensional disclosure quality (i.e., correlation and precision) determines an optimal information disclosure strategy. We find that, for an infinitely lived, unlevered firm with market perfection, a truth‐telling disclosure is optimal at increasing the expected firm value. However, for a finitely lived, levered firm in the presence of market imperfections (e.g., bankruptcy cost), the optimal disclosure quality depends negatively on the level of imperfections. Once we consider the agency problem, such dependence can become positive, thereby highlighting the importance of a proper managerial‐incentive scheme to align the information disclosure interests of managers and shareholders.     

The effect of inspections,rotations and client preferences on staffing decisions

With increased regulatory focus on audits and concerns about whether audit regulation is achieving its stated aims, it is timely to investigate how regulator inspection of audit files and partner rotations may be affecting staffing decisions. This is an important issue, which affects all audits, as the calibre of staff allocated across engagements impacts the quality of audit work delivered. This study reports the results of an experiment where auditor participants allocate staff across two audits, where regulation anticipated (none, inspection, rotation) and a client request for the best staff (absent, present) are manipulated between‐subjects. We find that auditors allocate lower calibre staff when neither an inspection nor rotation is anticipated than when either is anticipated. When an inspection is anticipated, auditors allocate staff with more knowledge and compliance skills. When a rotation is anticipated, auditors allocate staff with more people skills. A client request for the best staff only has an effect when a partner is due to be rotated, where auditors allocate staff with more people skills in response to the client request. Our findings provide greater understanding of staffing decisions, which may affect audit quality if concerns around audit inspections and partner rotations are perceived by auditors as more important than the underlying risk or complexity of an engagement when allocating staff.     

Telling and selling the value of diversity and inclusion—External consultants' discursive strategies and practices

On the basis of a qualitative study of a subgroup of diversity professionals, external diversity and inclusion (D&I) consultants, we explore D&I consultants' discursive strategies and practices situated within organisational structures, relations, and interactions of power and knowledge. Theoretically, the research reveals how D&I consultants' own discursive strategies interact with existing organisational and societal discourses of diversity, incrementally shaping their continual evolution. A classification is developed, which sets out four approaches taken by consultants with regard to their discursive strategies in relation to clients. The findings suggest that HR practitioners need to work in tandem with external consultants to develop strategies to improve the status and legitimacy of diversity work if the field is to progress the organisational D&I agenda.     

Determinants of materiality disclosure quality in integrated reporting: Empirical evidence from an international setting

This study examines determinants of materiality disclosure quality (MDQ) in integrated reporting (IR) in an international setting. To this purpose, we constructed a novel, hand‐collected MDQ score in line with the <IR> guiding principles introduced by the International Integrated Reporting Council. On the basis of a cross‐national sample consisting of 359 firm‐year observations between 2013 and 2016, we find that MDQ is positively associated with learning effects, gender diversity, and the assurance of nonfinancial information in the integrated report. On the other hand, we find that IR readability, listing in the Dow Jones Sustainability Index, and earnings management do not affect MDQ. Our results are robust to different statistical models. We expand on earlier empirical findings on IR disclosure quality and provide valuable insights for research, practice, and standard setting.     

Persistence of Price–Cost Margin and Technical Efficiency in the Indonesian Food and Beverage Industry

Abstract

This research investigates the persistence of price–cost margin (PCM) and technical efficiency (TE) of firms and the relation between these two factors in 44 subsectors of the Indonesian food and beverage industry in the period 1980–2014. Data envelopment analysis with a bootstrapping approach is applied to estimate TE. An autoregressive model, accounting for endogeneity, is applied to estimate the persistence coefficients of PCM and TE. A cross-sectional regression model is also applied to estimate the relation between the persistence of the PCM and the persistence of TE. The results show that for these food and beverage firms, high PCM and low TE persist. Furthermore, the persistence of PCM negatively affects the persistence of TE in the industry.