The role of financial development on the underground economy in regards to Europe’s 2020 strategy

This paper attempts to investigate the relationships between development in the financial sector and the size of the underground economy in European Union countries. Our aim is to investigate the role of financial sector development when it comes to the size of the underground economy, as well as how financial development aids in meeting the growth objectives of the ‘Europe 2020 Strategy’. Panel data analysis will be conducted for the period 2004–2017 in order to examine the effects of financial sector development on the size of the underground economy. The main findings of this paper suggest that financial development has a significantly reducing effect on the size of the underground economy. In conclusion, development within the financial sector significantly lessens underground economic activity in the European Union. With further development of the financial sector, underground economies will not be an obstacle for the fulfilment of the cohesion and growth objectives of the Europe 2020 strategy.     

山东省高密市家纺新材料产业集群情况及发展措施分析

纺织业作为山东省高密市的第一大产业,在本市的经济社会生活中占据重要位置。文章以结合山东省高密市家纺新材料产业集群现状,就如何发展家纺新材料产业集群提出了几点自己的看法。     

Factors influencing consumers' purchase decision-making in O2O business model: Evidence from consumers' overall evaluation

Online-to-offline (O2O) has become a rapidly growing e-commerce model worldwide, but the factors influencing consumers' purchase decision-making have not been examined well. After exploring the working mechanism of the O2O model, we extract eleven indexes of consumers' overall evaluation in the O2O model with Crawlzilla and R techniques. Social network analysis (SNA) is adopted to build social networks reflecting consumers' overall evaluation in the O2O model. Based on the modified social network and the extracted subgraph, this study (N = 768) reveals consumers' overall evaluation behavior patterns in the O2O model by calculating network density, central potential, edge betweenness. The results show that shoppers overall evaluate the eleven indexes, especially perceived product quality, online product price, promotion intensity, business reputation, and product brand, which reflects the significant associations between the indexes. Among all the eleven evaluation indexes, perceived product quality, online product price, and business reputation dominate consumers’ decision-making behavior. When making purchase decisions, consumers not only overall consider online product price, perceived product quality, and business reputation but also balance perceived product quality, business reputation, and promotion intensity. Finally, we make some suggestions on marketing strategy for e-commerce companies.     

焦点企业知识存量对联盟组合分裂断层的影响：知识转移效率的中介作用

运用断层理论，从知识获取和关系治理角度，分析焦点企业知识存量如何影响联盟组合分裂断层及分裂断层形成机理。基于焦点企业知识存量、分裂断层、知识转移效率、情景嵌入性之间的关系理论模型框架，认为焦点企业知识存量能够影响联盟组合分裂断层，其中，知识转移效率在这一过程中发挥中介效应，情景嵌入性发挥调节效应。结果发现：焦点企业知识存量与分裂断层之间存在显著负相关关系；知识转移效率能够部分中介焦点企业知识存量与分裂断层之间的关系；情景嵌入性能够正向调节焦点企业知识存量与知识转移效率之间的关系。     

Net-zero emission targets and the role of managerial environmental awareness,customer pressure,and regulatory control toward environmental performance

To avoid the worst effects of global warming, countries agreed to limit warming below 2.0°C and ideally to 1.5°C preindustrial level. This requires countries to drop half of their greenhouse gas emission by 2030 and reach net-zero emission by 2050. In this regard, current study explores the role of green production as a mediator in the impact of managerial environmental awareness, customer pressure, and regulatory control on environmental performance. The data collected from 381 managers was analyzed using structural equation modeling (SEM) technique. Results indicate that customer pressure, regulatory control, and managerial environmental awareness play a pivotal role toward green production, whereas only managerial environmental awareness among them directly influences environmental performance. Green production fully mediates the relationship from customer pressure and regulatory control to environmental performance. However, it partially mediates the relation between managerial environmental awareness and environmental performance. Similarly, the importance of green production for environmental performance is highlighted.     

Familiness,business strategy and stakeholder engagement: The internationalisation of Spanish olive oil mills

Based on social capital theory and the family-firm context, this paper studies familiness' composition and the result of the overlap of the family and firm systems, analysing their influence on the internationalisation strategies of family firms. In this relationship, the stakeholder engagement becomes at the same time an antecedent and a result when developing family businesses' strategies, being one of the most relevant the internationalisation strategies. Prior research focused on familiness as the result of proxy variables such as the percentage of ownership and management in family hands, or business size, instead of as psychological variables resulting from shared organisational culture and social interactions. Through a qualitative study based on 12 interviews of general managers and/or export managers of Spanish family olive oil mills, this study asserts that the level of familiness influences internationalisation strategies, the reasons underlying a business becoming international and its commitment to activities abroad being the role of stakeholders crucial in those interactions. The higher the level of familiness, the more likely the family business internationalisation and the higher their levels of international commitment. Additionally, the higher the concern about their stakeholders, the higher their levels of international commitment. The family businesses' concern for their stakeholders and their international commitment share a reciprocal relationship. The results regarding the relevance of familiness as social capital resources in sustaining competitive advantages support the decision to promote, develop and nurture social capital when a family business goes international.     

Time-series and cross-sectional momentum in anomaly returns

We find strong evidence of time-series and cross-sectional momentum in the long–short returns of a comprehensive sample of anomalies. Strategies that exploit such persistence deliver significant abnormal returns that are robust to the stock momentum effect, cannot be explained by traditional asset-pricing models, and are more pronounced when arbitrage capital is scarcer or market liquidity is lower. Momentum in anomaly returns dissipates but does not reverse, in the long-run. Our findings are consistent with limits-to-arbitrage and slow-moving capital causing mispricing to persist. Supporting this explanation, we find that both the level and persistence of anomaly returns are positively related to idiosyncratic volatility.     

基于可叠加物流箱的高效快递分拣策略

针对快件分拣效率低、货损高的问题,设计一种可叠加的物流箱,并基于该物流箱对快递流程进行改进。实现小型快件集装化,分拣作业模块化,提升快递分拣工作的效率和质量。     

The effect of within-country inequality on international trade and investment agreements

There is anecdotal evidence suggesting that those losing from globalization influence policy makers to decrease the openness of their countries to globalization, as evidenced by signing international trade and investment agreements. Surprisingly, this influence has never been examined empirically. This study provides novel empirical evidence demonstrating that greater within-country inequality, our proxy for 'perceived losses' from globalization, decreases countries' propensity to sign regional trade and investment agreements. Our findings support the argument that the existence of 'losers' from globalization can be detrimental for continued globalization. To the best of our knowledge, this is the first extensive econometric empirical evidence of the influence of within-country inequality on countries' willingness to sign international trade and investment agreements, as means to increase their global economic integration.