审计质量、产权性质对上市公司投资效率的影响研究

审计质量作为第三方会计师事务所为公司提供的服务,可以独立于公司之外对上市公司投资活动进行监督。根据产权理论,产权性质不同的经济组织从事的经济活动不同,审计质量对不同产权性质的上市公司投资效率的影响也不相同。本文以2014—2018年沪深两市上市公司作为样本,实证检验了审计质量、产权性质与公司投资效率间的关系。研究发现,审计质量与上市公司投资过度显著负相关,与投资不足负相关但作用并不明显;在国有上市公司中审计质量对投资过度行为的抑制作用更明显,在非国有上市公司中审计质量可以在一定程度上防止投资不足行为的发生但作用并不显著。研究结论有利于启示各不同产权性质公司的利益相关方,客观认识审计师的作用功能及其局限性,有针对性、有效率地利用好审计服务,改善公司投资效率。     

混凝土箱梁质量通病治理和施工质量控制策略

所谓混凝土箱梁质量通病的治理,简单来讲就是工程在施工期间会普遍存在并且反复出现一些施工问题,所以需要采取相关措施解决其中存在的质量通病和具体问题,并且对箱梁进行施工质量控制。为此,论文从多个角度分析了混凝土箱梁的质量通病,提出相应的施工质量控制策略,希望为相关从业者提供参考性的建议。     

Becoming a tree when I will be dead? Why not! Generation X,Y and Z,and innovative green death practices

Within the theoretical field of ethical consumption, the study focuses on consumer behavior and innovative green death practices. While scarcely investigated in the marketing and consumer behavior research domains, at least four main reasons spur to consider the funeral industry as an interesting subject of enquiry: i) the sector boasts of a significant economic relevance; ii) it is extremely impactful from an environmental and social point of view; iii) it is witnessing interesting innovative processes in the direction of social and environmental sustainability; iv) consumer movements are rising all over the world asking for more sustainable death practices. Thus, adopting an augmented version of the theory of planned behavior (TPB), which includes individuals’ environmentally responsible consumption, and egoistic and altruistic environmental concern, the study investigates behavioral intention to adopt innovative green death practices (a green funeral) of people belonging to three different generations: X, Y, and Z. A purposive sample of 627 Italian people participated in an online the survey. Collected data were analyzed adopting an ordinal logit model. The results confirm the TPB predictive power also in the field of green funeral behavioral intention. Furthermore, environmentally responsible consumption and environmental concern – even though only in its altruistic component – positively influence behavioral intention, and generation exerts a moderating effect among the examined constructs. Overall, the research attempts to enrich the literature on ethical consumption by exploring the underinvestigated phenomenon of buying behavior of unsought and end-of-life products, that of green funerals, and provide managerial recommendations to funeral service sellers.     

结构性去杠杆下的中国宏观经济*——2018年中期中国宏观经济分析与预测

2018年以来中国经济平稳运行，物价水平稳定，就业形势整体向好，经济增长质量稳步提升。不过，当前中国经济仍然面临一定的下行压力，尤其需要警惕消费增速过快下滑、宏观税负进一步加重、民间投资复苏乏力、部分企业效益状况显著恶化、去杠杆过程中金融体系不稳定性加剧等主要风险点。此外，杠杆率高企是现阶段中国经济面临的突出问题，而且中国的杠杆率在不同部门之间以及各部门内部均体现出明显的结构性特点。为此，中央在2018年专门提出了“结构性去杠杆”的新思路。在“结构性去杠杆”稳步推进的大背景下，宏观政策既要积极应对经济下行压力，谨防去杠杆带来的经济增速超预期下滑风险，又要激发经济内生增长动力，促使经济实现长期可持续发展和“高质量发展”。     

The role of relationship quality in raising organizational change acceptance: The case of the Greek hotel industry

This study examines whether the quality of an employee's relationships, within the context of the hotel industry, has an influence on their behavioral intention towards organizational change. The researchers suggest that the quality of relationships is an important element of an individual's social capital and can be evaluated using five key dimensions: the extent to which relationships are tangible, responsive and reliable, as well as the extent to which they offer empathy and assurance. Furthermore, this research examines whether organizational commitment and job satisfaction have an effect on the association between relationship quality and an individual's behavioral intention towards organizational change. The data collected from a sample of 100 hotel employees in Thessaloniki, Greece, show that relationship quality has a positive association with an individual's behavioral intention towards change. Additional results highlight the roles of job satisfaction and organizational commitment as mediating variables. Managerial implications relevant to the findings and pathways for further research are also discussed.     

STOCK‐BOND CO‐MOVEMENTS AND FLIGHT‐TO‐QUALITY IN G7 COUNTRIES: A TIME‐FREQUENCY ANALYSIS

This paper examines co‐movement between stock returns and changes in 10‐year government bond yields as well as flight‐to‐quality behaviour in G7 countries. We conduct the wavelet squared coherence analysis to explore the dynamics in both time and frequency domain. Our results provide evidence of positive co‐movements, which vary over time and across investment horizon. The higher co‐movement is found to be more concentrated in the lower frequency bands. We further analyse the dynamic nature of the scale‐dependent wavelet correlations and find that the correlations are highly volatile and significantly increase across different time scales during the episodes of equity market turbulence. The increase in correlations reflects flights from stocks to safer bond investments as a result of dramatic changes in investor sentiment and risk aversion at times of market stress.     

Corruption,market quality,and entry deterrence in emerging economies

In many emerging economies incumbent firms often use dubious means to deter entry of other firms. We analyze this scenario in a three‐stage game of entry deterrence. The incumbent has incomplete information about the entrant's costs but can increase this cost by resorting to unfair means (e.g. bribing a politician who harms the entrant). We completely characterize the optimal bribe and show that this depends on the “fairness index” and the “differentiation” parameter. We also show that zero bribes need not maximize welfare and market quality. Our results seem to be compatible with anecdotal evidence from emerging economies such as India.     

Unraveling the dynamic and contingency mechanism between service experience and customer engagement with luxury hotel brands

This study unravels the dynamic and contingency mechanism between service experience and customer engagement with luxury hotel brands by investigating a multi-step model linking these two variables, in which emotional attachment and relational quality constructs (i.e., brand satisfaction, brand trust, and brand commitment) act as a bridge, while customer involvement acts as a moderator. Based on a self-administered survey dataset of 249 international tourists who are customers of luxury hotel brands, partial least square structural equation modeling (PLS-SEM) is used to test the hypotheses. The results indicate that all proposed hypotheses are supported. As such, this study discovers and clarifies the nature and dynamic mechanism underpinning the co-creation and reciprocation process of customer engagement with luxury hotels. In particular, the positive service experience is found to contribute to customer engagement via emotional attachment and relational marketing. Furthermore, the moderating role of customer involvement in the luxury hotel setting is confirmed.     

复杂地质条件下高面板堆石坝工程质量控制措施阐述

在复杂地质条件下,需要加强高面板堆石坝工程质量管控工作,严格地按照国家出台的质量安全责任规章,提高建设质量。论文主要围绕高面板堆石坝工程、工程质量控制措施两个方面进行探讨,确保混凝土面板堆石坝的施工质量。     

环境检测报告质量的提升策略分析

环境检测工作对于环境保护具有重要影响,这要求全社会稳步提升对于环境检测工作的认识水平,积极地参与相关工作实践,为环境保护提供可靠的参考依据。论文重点分析了环境检测报告质量的提升策略,结合提升环境检测报告质量的意义,提出对应的方案,以期推动环境检测报告的质量提升至新的高度。