The impact of dual network structure on firm performance: the moderating effect of innovation strategy

ABSTRACT

Firm innovation is embedded in a collaboration network among researchers and a knowledge network composed of knowledge elements; the two networks are decoupled. Guided by social network theory, this study puts forward the definition and the classification of firm dual network structure, probes into the influence of dual network structure on firm performance, and explores the alignment between innovation strategy and firm dual network structure. We conduct an empirical study of 183 listed companies in China from 2004 to 2018. It is found that the four types of dual network structure all have positive impacts on firm performance, and the impact of a collaboration network is slightly higher than that of a knowledge network. Besides, innovation strategy plays a positive moderating role in the relationship between dual network structure and firm performance. Our findings provide new ideas for firms to identify and optimise knowledge and collaboration network structures and match them with innovation strategy to improve performance.     

疫情对经济的影响与“灾害适应型经济”的转型

新型冠状病毒肺炎疫情对中国乃至世界经济产生了巨大的冲击。疫情的冲击颠覆了传统经济学的认知，需从理论上对经济衰退的原因和机制重新认识，特别是对疫情之下“非常态经济”及其与“常态经济”之间的关系加以研究；疫情的冲击亦暴露出现有的经济系统存在的问题，需要推动经济的转型，打造“灾害适应型经济”。本文基于辩证思想，从负面和正向两个方面来研究疫情对经济的影响，充分发掘新动能，利用新机会，推动中国经济向“灾害适应型经济”转型，实现中国经济的可持续、高质量发展。     

旅游产业与农村可持续生计耦合的空间格局及驱动机制——以张家界为例

通过构建乡村旅游与农村可持续生计系统指标体系,运用变异系数和耦合协调度模型对2005—2018年张家界乡村旅游与农村可持续生计的耦合度和协调度进行测算,分析耦合协调度的空间格局,并运用地理探测器方法对其驱动机制进行分析。研究表明:①2005—2018年耦合协调度保持连续上升的趋势;②乡村旅游发展初期呈现东部高西部低的分布格局,中期呈现东南部滞后于西部的分布格局,但最终张家界整个区县达到优质协调;③耦合协调度空间分异的主要影响因素有人均GDP、旅游收入占GDP比重、农业机械化水平和人均财政收入等,且具有明显的时间异质性特征。     

The Role of Inflation Target Adjustment in Stabilization Policy

How and under what circumstances can adjusting the inflation target serve as a stabilization-policy tool and contribute to welfare improvement? We answer these questions quantitatively with a standard New Keynesian model that includes cost-push-type shocks. Our proposed inflation target rule calls for the target to be adjusted in a persistent manner and in the opposite direction to the realization of a cost-push shock, which is essentially a makeup strategy. The inflation target rule, combined with a Taylor-type rule, significantly reduces inflation fluctuations originating from cost-push shocks and mitigates the stabilization trade-off, resulting in a similar level of welfare to that associated with the Ramsey optimal policy.     

High frequency momentum trading with cryptocurrencies

Over the past few years, cryptocurrencies have increasingly been discussed as alternatives to traditional fiat currencies. These digital currencies have garnered significant interest from investment banks and portfolio managers as a potential option to diversify the financial risk from investing in other assets. This interest has also extended to the general public who have seen cryptocurrencies as a way of making a quick profit. This paper provides a first insight into the applicability of high frequency momentum trading strategies for cryptocurrencies. We implemented two variations of a signal-based momentum trading strategy: (i) a time series method; (ii) a cross sectional method. These strategies were tested on a selection of seven of the largest cryptocurrencies ranked by market capitalization. The results show that there exists potential for the momentum strategy to be used successfully for cryptocurrency trading in a high frequency setting. A comparison with a passive portfolio strategy is proposed, which shows abnormal returns when compared with the momentum strategies. Furthermore, the robustness of our results are checked through the application of the momentum strategies other sample periods. We also compare the performances of the signal-based momentum strategies with returns-based versions of the strategies. It is shown that the signal-based strategy outperforms the returns-based strategy. However, there appears to be no single parameterization of the signal-based strategies that can generate the greatest cumulative return over all sample periods.     

European firms’ corporate biodiversity disclosures and board gender diversity from 2002 to 2016

We examine how board gender diversity is associated with biodiversity disclosures of a firm, and whether the Global Reporting Initiative (GRI) and the EU biodiversity strategy reinforce this relationship. Using institutional theory and resource dependency theory, our sample comprises 4013 firm-year observations from European corporations covering data from 2002 to 2016. We use panel regressions with country, time and industry dummy variables to analyse the disclosure of biodiversity initiatives (DBI) and logit regressions to explain biodiversity impact assessment (BIA). We find that board gender diversity is positively associated with the DBI and BIA of a firm, and that the GRI framework and the EU biodiversity strategy positively moderate this relationship. Moreover, the GRI framework and the EU strategic plan show positive relationship with the DBI, rather than BIA. Altogether, our evidence suggests that corporate boards with a higher proportion of female directors are more sensitive to the concerns of institutional pressures and respond to those concerns by increasing corporate biodiversity disclosures. Overall, we find that firms tend to comply with the GRI framework and the EU 2020 strategy by undertaking symbolic biodiversity disclosures, rather than providing a comprehensive disclosure of their impacts on biodiversity.     

Effectiveness of harvest strategies in achieving multiple management objectives in a multispecies fishery

Fisheries management is characterised by multiple objectives, some of which may be complementary, while others may require trade‐offs between outcomes. Balancing these objectives is made more complex in the case of multispecies and multigear fisheries. In this paper, we develop a bioeconomic model that captures the key elements of such a fishery to test a range of potential harvest strategies to provide insights into how economic target reference points could lead to both desirable and undesirable management outcomes (e.g. discards). The model is developed as a long‐run optimisation model to identify target reference points to achieve multispecies maximum economic yield, and a dynamic recursive optimisation model, which includes more realistic representation of fishers’ behaviour, such as discards and trading of under‐caught species quotas. The potential economic, social and ecological impacts are evaluated using data envelopment analysis (DEA). The results suggest that the use of proxy target reference points can result in short‐term economic benefits at the cost of slower stock recovery and higher discarding. Limiting the number of species subject to quota controls may also prove beneficial in multispecies fisheries, while ensuring quota markets are efficient is likely to produce benefits irrespective of the harvest strategy adopted.     

论我国大气污染生态补偿法律机制的完善

大气污染生态补偿法律机制对于促进区域大气污染联合治理、实现大气污染治理法律正义、创新与完善生态补偿法律机制等具有重要意义。我国现有法律法规就大气污染生态补偿进行了原则性规定,特别是山东、陕西、湖北等地方性法规更是对大气污染生态补偿进行了探索性规范,为大气污染生态补偿法律机制完善提供了有益经验。但从总体来看,我国大气污染生态补偿法律机制尚存在缺乏专门法律支撑、生态补偿主体过窄、补偿方式单一、补偿标准不合理、法律责任不完善等问题。为促进生态文明战略与强化大气污染生态补偿的法律保障,我国应以科学理念为指导,采取有效措施推进大气污染生态补偿法律机制完善。     

产业链的合作机制选择与低碳产品定价及碳减排策略

生产链上下游企业选择合适的合作机制对低碳产品定价及碳减排有重要影响。通过构建博弈模型分析三种不同合作机制下的低碳产品定价及碳减排问题:第一种合作机制即制造商与零售商进行合作,当两条生产链都选择这种合作机制时,能带来较高的碳减排率和较低的零售价格,这对制造商、零售商、消费者和环境都是有利的。第二种合作机制即两条生产链的制造商之间、零售商之间分别合作,这会带来较低的碳减排率和较高的零售价格,对两个制造商有利,而对零售商和消费者不利。分析前两种合作机制的利与弊提出第三种合作机制,即零售商和制造商共享利润下的有利于碳减排的策略。最后,结合案例讨论和数值分析的研究结果表明:当制造商和零售商收入共享比在一定范围内时,第三种合作机制可以给制造商和零售商带来更高的利润。由此为企业选择最佳的合作机制及合理的碳减排策略提供了理论指导。     

制度距离、投资动机与企业OFDI区位选择——中国对外直接投资“制度风险偏好”的一种解释

由于企业的对外直接投资（OFDI）存在制度适应成本，东道国与母国之间的制度距离会对企业OFDI产生负向影响。基于2003—2015年中国对140个国家和地区OFDI的分析表明：中国企业的OFDI具有明显的市场寻求动机和战略资源寻求动机，其中，市场寻求型OFDI表现出显著的互补效应，战略资源寻求型OFDI表现出一定程度的挤出效应；东道国与中国的制度距离会通过投资动机影响中国企业OFDI的区位选择，即倾向于向制度距离较小的国家和地区进行OFDI，且制度距离会弱化市场寻求型OFDI的互补效应和战略资源寻求型OFDI的挤出效应。站在企业角度来看，中国企业在进行OFDI时并不具有“制度风险偏好”，而是表现出“制度风险规避”特征：选择对其自身发展来讲制度风险较小（制度距离较小）的目标市场进行OFDI。因此，中国应深化市场经济体制改革，提升国内制度质量，加强国际经济合作，并增强企业的制度适应能力，以有效减小制度距离对企业OFDI区位选择的约束，进而优化OFDI区位分布，提高OFDI效益和质量。