The dynamic impact of intellectual capital on firm value: evidence from China

We examine the dynamic relationship between intellectual capital (measured by human capital and organizational capital) and firm value of Chinese listed firms. We do causality identification using system GMM and IV estimation, and find no significant relation between human capital and firm value, but organizational capital positively affects firm value with a lag. Our findings are robust to firms with different property rights, of different sizes, or in different industries, with the only exception of capital-intensive firms, in which human capital has a significant influence on firm value. The results imply that the improvement of organizational system plays a more important role in raising the value of a firm in a typical developing country, like China.     

社会资本能否抑制僵尸企业的创新挤出效应？——基于制造业上市公司的经验证据

以制造业上市公司为样本，探讨社会资本能否抑制僵尸企业对健康企业创新的挤出效应。结果显示：僵尸企业每增加1%，健康企业的发明专利数降低0.41%。僵尸企业的创新挤出效应大部分由非国有企业承担，国有企业的创新并未受到影响。健康企业通过积累不同类型的社会资本来抑制僵尸企业对其创新造成的挤出效应。非国有健康企业的连结型社会资本对创新挤出效应的抑制作用最强，结合型社会资本的作用次之，桥接型社会资本的作用最小。     

Capital flows and growth dynamics in Central and Eastern Europe

This article assesses the importance of capital flows as measured by the current account balance for the growth dynamics of the EU countries from Central and Eastern Europe. Economic growth in these countries was on average relatively high before the global financial crisis but markedly lower after the crisis. Panel data econometrics using annual data for 1997–2015 point to the contemporaneous current account balance having a sizeable negative effect on annual GDP growth. Estimations using many control variables and instrumental variables suggest that the negative effect is mainly demand driven. Counterfactual simulations show that growth rates in all CEE countries would have been lower in the absence of capital flows, and this applies particularly to the countries with the most disadvantageous starting points.     

Corrigendum to “Characterization of the asymptotic distribution of semiparametric M-estimators” [J. Econometrics 159 (2) (2010) 252–266]

This note provides correction to Ichimura and Lee (2010).     

To the Rescue!? Brokering a Rapid,Scaled and Customized Compassionate Response to Suffering after Disaster

Suffering comes in many forms that significantly impact organizations’ operations and performance. As a result, recent research on compassion organizing seeks to explain how efforts to notice, feel, and respond to suffering create organizational (and societal) benefits. Widespread suffering can be generated by natural disasters, which in turn can trigger compassionate organizational responses. In this paper, we build on social capital theory to theorize about how compassionate ventures leverage network relationships to identify and mobilize resources. We also explore how differences in these approaches influence the magnitude, speed, and customization of the response, all of which are theorized indicators of the effectiveness of compassion organizing in alleviating suffering. We use structural equation modelling to test our model and find that compassionate ventures with stronger ties to the local community are more likely to bundle (i.e., stretch) resources, which facilitates a speedy, customized, and large magnitude response. In contrast, those with stronger ties outside the local community are more likely to pursue (i.e., chase) new resources, which results in a large magnitude response, but one that is not associated with speed or customization. We discuss the implications of our findings and make recommendations for future research.     

Foreign investment,corporate governance and performance in the Chinese listed A Share companies

We present a novel lens on the presence and impact of qualified foreign institutional investors (QFII) in top shareholdings of the non-financial domestically listed Chinese ‘A’ share firms. The initial results suggest that the presence of a QFII as a top shareholder in these companies is associated with their better performance, using both Tobin’s Q and ROA as the performance measures. Our models include variables representing corporate governance mechanisms, foreign legal person shares, a proxy for international affiliations and a number of time-variant firm characteristics. Economically, the coefficient of impact on the market measure is the more significant, while the effect of having a QFII in top shareholdings on both performance measures is empirically significant. Previously, studies have often ignored the potential for reverse causality beyond using lagged regressors. This is problematic. Therefore, we follow up with a 2SLS instrumental variables and system GMM model to further mitigate this potential and find the empirical relationship holds. Contrary to earlier work on QFIIs and governance post-implementation of the QFII scheme, the findings from our models suggest that the presence of a QFII top shareholder augments market performance holding equal existing corporate governance mechanisms and other controls.     

Examining the influencing factors of intention to share accommodations in online hospitality exchange networks

ABSTRACT

CouchSurfing is a free social-network-based online hospitality exchange network, aptly representing a new sharing economy phenomenon. Based on social capital theory and previous literature, this study attempts to answer why hosts help strangers without any expected economic benefit within online hospitality exchange networks. An empirical study based on a Web survey conducted with CouchSurfing hosts reveals that the most identified antecedents (enjoy helping, shared narratives, desire to make friends, and reciprocity) are significantly related to hosts’ intention to share accommodations. Interestingly, the overshadowing effect of trust in CouchSurfing on the intention to share accommodations is also found.     

“双低一代”的社会经济特征研究

由于即将退休与刚退休的这一代人拥有低赡养比与低抚养比，本文称其为“双低一代”。本文基于宏观统计数据与微观调查数据，利用分位回归等方法对“双低一代”的社会学特征与经济学特征进行研究，发现其具有人口总量较多、教育背景优良、社会阅历丰富、消费倾向明显等特征。此外，通过对“双低一代”的人力资本存量进行测算，提出充分发挥“双低一代”余热、缓解老龄化问题的政策建议。     

地理资本视角下村级多维贫困测度及贫困类型划分*——基于重庆市1 919个市级贫困村调研数据

[目的]精确测度村级多维贫困以及划分贫困类型,是当前提高贫困识别精准度,进一步推进农村精准脱贫的战略需求。[方法]文章基于重庆市1 919个市级贫困村的调研数据,构建地理资本视角下村域多维贫困测度指标体系,并采用多维贫困测度模型、指标贡献度模型和最小方差方法系统揭示了重庆市贫困村多维贫困程度、贫困类型及其空间分布特征。[结果](1)重庆市贫困村多维贫困程度呈两端大中间小的"哑铃状"结构,贫困程度极化特征显著,区域发展具有不平衡性。空间分布上,贫困村多维贫困程度呈从渝东北、渝东南分别向渝西地区逐渐减轻的特征,贫困村多维贫困程度存在明显的地域性差异;(2)重庆市贫困村贫困类型主要分为单资本缺失型、双资本缺失型、三资本缺失型、四资本缺失型4个类型,其占比分别为9.07%、20.27%、66.91%、3.75%,三资本缺失型是最主要的贫困类型。[结论]重庆市贫困村致贫因素复杂多样,需要根据各自的贫困特征,因地制宜地开展差别化的帮扶工作。科学推进精准扶贫战略,力争实现2020年全面脱贫。     

Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China

This article explores the relationship between the quality of corporate social responsibility (CSR) disclosure and the cost of equity capital by analyzing the financial data and CSR reports of A-share listed firms in China from 2008 to 2014. The quality of the CSR disclosure is shown to be negatively related to the cost of equity capital of the listed firms. This negative correlation proves to be more prominent among firms of environmentally sensitive industries. Taking the ownership of the listed firms into consideration, it is further confirmed that the negative relationship between the CSR disclosure and the cost of equity capital is of higher significance for state-owned enterprises. Our findings also empirically demonstrate that the quality of CSR disclosure is more negatively related to the cost of equity capital among the large listed firms than the smaller ones.