Multinational enterprises and corporate tax planning: A review of literature and suggestions for a future research agenda

Corporate tax planning by the multinational enterprise (MNE), that is, the MNE’s ability to plan its tax affairs by using a multitude of strategies to reduce its tax bills legally, is a central research question in the literatures of international business, public economics, tax, finance, law and accounting. Underlying theoretical assumptions, approaches to empirical testing, profit shifting estimation strategies and findings are varied. Thus, it is important to conduct a critical literature review. In this paper, we offer new insights by studying the phenomenon from the international business (IB) perspective. We survey the academic literature on the MNE and corporate tax planning to examine the extent of knowledge on this topic and identify areas that we hope will stimulate interest among IB scholars for further research. We find materials across disciplines that are relevant to IB readers. We examine 120 articles in 51 scholarly journals and classic books published during the period 1966-2017. We identify the key mechanisms and the firm characteristics that may influence corporate tax planning. We suggest a research agenda where IB research can make clear contributions.     

企业青年人才培养的科学策略分析

随着社会经济的发展,企业所面临的市场竞争环境更加激烈,从本质上来说,企业之间的竞争即知识和人才的竞争。青年人才属于助推企业持续发展的重要资源,也是促进企业改革创新的中坚力量。基于此,企业必须要充分认识到青年人才培养的必要性,采取有效策略开展好此项工作。论文结合实际工作对此问题展开了探讨。     

CEO compensation in EU telecom companies: Does the state design the right incentives?

This paper analyzes the structure of CEO pay in European fixed telecommunication companies, focusing on the impact of state ownership. Results show that, under the (partial or total) control of the state, the level of CEO compensation is lower and pay-performance sensitivity is higher than in privately-controlled firms. This finding suggests the state provides an incentive as well as a monitoring effect. However, when the state holds the majority of the shares, the pay level is significantly affected by the CEO power, suggesting that in these firms, CEOs are more likely to be entrenched with boards and succeed in raising their pay.     

Changes in airport operating procedures and implications for airport strategies post-COVID-19

Covid-19 is demanding a lot of changes in the realm of our daily lives. The aviation industry is also facing unprecedented changes in the management environment. Financial tensions across the sector are rising. This study suggests that the airport strategy's direction focusing on commercial revenue management. After Covid-19, safety and hygiene will be the top priority. As a result, changes in airport operating procedures are inevitable. The most noticeable difference will be the strengthening of the verification process for passengers' health conditions. Dwell time increase can be the by-products. This study identifies a dwell time increase has a more significant impact on increasing the existing purchasers' spending than creating new buyers. Airport operators can introduce a service differentiation perspective, such as a dedicated service, to utilize the current buyers' dwell time more faithfully. Also, the rise of online channels requires airport operators to change sales strategies, reinforcing emotional promotion to stimulate impulse buyers' willingness-to-buy. Before Covid-19, there was little effort to reconcile operation policies and commercial revenue despite the growing importance of revenue management. However, now it is time to change. Pre-Covid-19, passengers were advised of using off-airport processes, such as online check-in and mobile boarding passes. Now, getting passengers to the airport quickly and securing their dwell time can be financially more beneficial. It is necessary to incorporate the commercial revenue perspective into operation policies post-Covid-19 actively. Our finding indicates that even a passenger with solid purchasing power may lose the purchasing intention when assigned to an unfavorable gate or terminal. Airport operators need a better understanding of passenger and flight characteristics when determining operation policy, such as gate allocation or membership services.     

基于PPP模式工程项目融资风险管理的思考

近年来,我国的经济发展较为迅猛,呈现出繁荣的景象。在此基础上,推动项目融资风险管理的出现与成长,而PPP模式较为突出,不同于暗含经济风险的传统型风险管理,能够在一定程度上助力政府财政支出压力的降低。但是需要多加关注的是,PPP模式的工程项目融资本身就具备一定的风险因素。为此,论文着眼于实际情况,充分考虑其基本特点,提出行之有效的防患策略,为我国顺利推进PPP模式工程项目管理工作提供一定的借鉴意义。     

Third-party certification and post-IPO acquisitions

ABSTRACT

We explore the link between third-party certification (venture capital backing, analyst following and having a top underwriter), and post-IPO acquisition activity through the reduction in valuation uncertainty channel. In a sample of 2,424 U.S. IPOs, we find that third-party certification facilitates post-IPO acquisitions. The certified firms are both more likely and conduct acquisitions sooner after the IPO. Our results support the notion that third-party certification reduces post-IPO valuation uncertainty and thereby facilitates a more efficient acquisition strategy.     

风险层级决策体系下的财务共享中心权责研究

由共享思想衍生的财务共享服务在当前的我国大型企业中已经得到较广泛的运用,当企业的业务线撤销财务权力后,所带来的财务共享中心的权责问题成为了阻碍财务共享服务提升流程处理效率的因素之一。通过对决策事件进行影响度以及风险性的划分并形成决策矩阵,探析在不同组织层级下财务共享中心的具体决策权之所在以及财务共享中心对于企业应急事件信息处理的反应系统,以期为财务共享中心的权责问题决策提供参考。     

Official rotation and corporate innovation: Evidence from the governor rotation

Rotation is a practice whereby officials are regularly moved between equally ranked positions. Focusing on governor rotation, this paper examines the effect of official rotation on corporate innovation in China. First, we find that official rotation significantly promotes corporate innovation, including enterprises’ innovation investment, quantity, and quality. Second, we find that the effect of official rotation on corporate innovation varies because of official and regional heterogeneity. Officials rotating from other provinces significantly stimulate corporate innovation, but officials rotating from the central government have an insignificant influence on corporate innovation. In addition, officials rotating to non-eastern regions significantly enhance corporate innovation, while officials rotating to eastern regions have a negligible impact on corporate innovation. We further examine the driving mechanism behind the effect of official rotation on corporate innovation and find that officials rotating from eastern regions to non-eastern regions can significantly promote corporate innovation, but officials rotating from non-eastern regions to eastern regions do not boost corporate innovation. These findings imply that the different effects of official rotation on corporate innovation are due to the official experience effect. We also find that official rotation can promote corporate innovation through reducing corporate charitable donations and increasing corporate innovation subsidies. In a supplementary analysis, we find that GDP-oriented performance appraisal pressure weakens the effect of official rotation on corporate innovation. The lower the pressure on officials regarding their performance, the more significant the effect of official rotation on corporate innovation. In addition, official rotation can significantly promote the development of the regional economy and improve the GDP growth rate via corporate innovation, which is a micro-level economic growth effect of official rotation. Overall, our findings further verify the economic effect of official rotation and extend our understanding of the influencing factors of corporate innovation from the perspective of the official governance system. Our findings also have clear policy implications for how the government can improve the official governance model to promote corporate innovation during the transition period of the national innovation system.     

投桃何以报李:企业内外部社会责任对管家行为的影响机制研究

当员工感知到企业的善行,即企业善待员工或是积极履行对外部利益相关者的责任,是否会激发员工"舍己为公"的行为倾向,使其为了保护组织长远利益而牺牲个人短期利益呢?本研究依据社会交换和社会认同理论,通过524份有效样本进行实证分析,探讨员工感知的企业社会责任对"舍己为公"的管家行为的作用机制。结果表明,员工感知的内部和外部企业社会责任均正向影响员工的管家行为。责任知觉和道德认同分别在员工感知的内部企业社会责任与管家行为、员工感知的外部企业社会责任与管家行为间起中介作用,且责任知觉和道德认同的中介作用没有显著差异。