Performance management 40 years on: a review. Some key decisions and consequences

This paper reviews the past four decades of experience of performance management (PM). Beginning with a brief history of its international spread and development, a short section on conceptual issues is followed by a strategic analysis of the research thus far. From this analysis is extracted a set of key decisions which must be made for any PM system. Each decision has significant consequences, and none are purely technical (though they may occasionally be represented as such). In many cases difficult trade-offs are inevitable.     

农村集体经营性建设用地流转模式再审视：基于产权让渡与市场化的视角

研究目的:厘清集体经营性建设用地流转模式,推进集体建设用地入市改革。研究方法:以产权让渡及市场化为视角,采用矩阵分类法划分集体经营性建设用地流转模式,剖析不同流转模式特征与演进路径。研究结果:基于本研究视角可将集体经营性建设用地流转划分为6种模式,不同模式具有不同特征、运行条件、优缺点及收益分配格局,且其存在关联并遵循一定的演进规律。研究结论:规范市场下农地发展权及使用权流转模式将是当前改革的方向,需从法律法规上明确农地发展权相关规定;不同地区需因地制宜地选择流转模式及类型,探索具体实施办法,循序渐进推进流转改革与创新。     

The Differential Impact of IFRS Adoption on Aspects of Seasoned Equity Offerings in the UK and France

We examine the potential for IFRS to influence the market for SEOs in the UK and France. The divergence between the UK domestic accounting standards and IFRS is minor (low-divergence firms) whereas domestic accounting standards in France differ materially from IFRS (high-divergence firms); however, both countries have similar legal enforcement and institutional settings that might confound the effect of IFRS adoption. We argue that IFRS adoption serves to mitigate information asymmetry and improve accounting quality. Accordingly, we find that, following IFRS adoption, earnings management activities decrease among high-divergence firms prior to issuing SEOs. As a result of the lower levels of earnings management and information asymmetry, we predict and find that the market reaction to issuing SEOs improves significantly for high-divergence firms following IFRS. Given that equity financing becomes less costly, we find that the propensity to issue new SEOs increases among high-divergence firms after IFRS adoption. We find no similar changes among low-divergence firms. The results persist after running a matched-sample analysis and controlling for potential self-selection bias.     

A Historical Review of Postponement Research

This historical review traces the development of postponement research starting in the fifties. The focus is on seven related themes: connecting form and time postponement, conceptual extensions to postponement, decoupling points, design for postponement, customization and mass customization, factors favoring postponement implementation, and postponement in global settings. Within these themes, the review includes concepts such as postponement costs, decoupling points, part commonality, and the impact of demand correlations on the benefits of postponement. The review suggests that substantial progress has been made in postponement research.     

Prioritising alternatives for sustainable end-of-life vehicle disassembly in China using AHP methodology

The projection on Chinese increasing end-of-life vehicle (ELV) volumes indicates that the volume in 2020 will be about threefold that in 2015. The issue of scrapping vehicle upsurge relative to capacity crunches and environmental impacts perplexes Chinese dismantlers and it is intractable and urgent to choose an appropriate dismantling mode. The purpose of this study is to prioritise four potential dismantling modes and provide decision-making reference for dismantlers with a view to such criteria as environmentally sustainable considering constraints involving economy, technique, ecology and flexibility over changing condition. The conducted evaluation by the analytical hierarchy process (AHP) methodology takes sensitive and problematic aspects into account through questionnaires. The whole evaluation process supported by expert preferences, provides a simple and intuitive knowledge to construct arguments for ELV decision-making process. Results show that disassembly line involves the highest global weight of 0.363 and is concluded to be the best compromised ecological alternative.     

Strategic networks and new product performance: the mediating role of ambidextrous innovation

In this study we examine the relationship between strategic networks and new product performance from the perspective of ambidextrous innovation (i.e. combining exploratory innovation and exploitative innovation) using a sample of 323 manufacturing firms in the transitional economy of China. Our empirical analyses present several interesting findings: (a) strategic networks are positively related to firms’ new product performance; (b) ambidextrous innovation has a positive effect on firms’ new product performance – that is, the combination of exploratory innovation and exploitative innovation positively affects the firm's new product performance, while the lack of balance between exploratory innovation and exploitative innovation negatively affects the firm's new product performance; and (c) ambidextrous innovation mediates the relationship between strategic networks and new product performance. Our findings provide scholars and managers with a better understanding of the key role played by the simultaneous adoption of exploratory and exploitative innovation in the relationship between strategic networks and new product performance.     

基于农业发展方式转变的江苏省农业产业升级发展研究

[目的]从定量方面对江苏省农业发展方式转变对农业产业升级贡献结果进行研究,以准确把握江苏省农业发展方式转变进程。[方法]构建基于农业发展方式转变的江苏省农业产业升级评价指标体系,以2007—2016年江苏省10年的年度数据为研究对象,采用熵值法计算各年度每个指标权重以及各准则层和农业发展方式转变综合得分值。[结果](1) 2007—2016年江苏省农业产业方式转变取得了一定成效,处于良好的发展势头;(2) 2012和2014年江苏省基于农业发展方式转变的农业产业升级增长最快,2016年出现大幅下跌,导致该下跌的原因是同时期农业集约型效益的大幅下降;(3)集约型升级和高效型升级对基于农业发展方式转变的江苏省农业产业升级带动作用最大;结构合理型升级发展滞后。[结论]江苏省基于农业发展方式转变的农业产业升级还处于不断探索阶段,加速农业产业结构升级对于江苏省加快转变农业发展方式尤为重要。     

长江经济带中三角地区农业结构的分析与优化对策

[目的]从宏观、中观和微观3个层面深入分析长江经济带中三角地区湖北、湖南和江西3省的农业产业结构及其各产业差异性和相对优势及其竞争力。[方法]在宏观层面运用了传统的基尼系数分析3个省份历史发展上的地区经济水平差异,判断3个地区经济发展是否存在虹吸效应;从中观层面运用区位熵指数分析法分析区域农业产业结构,从农畜林渔等方面判断各区域产业专业化水平程度;从微观层面运用偏离—份额分析法(SSM)分离出3个地区的各部门产业的优势及其竞争力。[结果]区域内的经济差异变化呈不断增大的趋势,基尼系数不断扩大;湖北的种植业、渔业和农林牧渔服务业,湖南的种植业、林业、畜牧业和农林牧渔服务业,江西的林业、渔业都较中三角地区对应的子产业的区位熵指数高;江西木材和竹加工业和烟草业具有较大的产业竞争优势,湖北的茶叶、水产和瓜果疏菜产业优势明显,湖南地区农业产业综合优势主要在于烟草、水果、肉类以及木材和竹类加工业。[结论]通过比较地区农业产业竞争优势,提出发展地区产业特色,合理布局全域农业产业,提高农产品附加收益,稳固对结构优化的资金支持等对策建议。     

我国丘陵山区农机化水平影响因素及区划研究*——基于全国丘陵山区238个县（市）的调研数据

[目的]通过对全国丘陵山区县(市)与农机化有关的社会、经济和自然条件等因素进行调研所获取的238个有效样本进行分析,研究影响我国丘陵山区农机化水平的因素及其贡献,进而对我国丘陵山区进行区域划分。[方法]运用线性回归法对影响丘陵山区农机化水平的影响因素进行分析,进而对农机化水平产生显著影响的因素进行聚类分析。[结果]国内生产总值、农业劳动力数量对农机化水平产生极显著影响,耕地禀赋条件、务工工资、耕地规模、农机合作社数量和农机推广人员数量对农机化水平产生显著影响。对我国丘陵山区农机化水平呈正相关关系的因素有国内生产总值、务工工资、耕地规模、农机合作社数量,呈负相关的因素有耕地禀赋条件、农业劳动力数量、农机推广人员数量和农机化水平。[结论]我国可丘陵山区划分为中西、东南部地区,北部地区和东部沿海地区3大类地区。     

Equally Weighted Strategic Allocation and Balanced Funds in Brazil

This article analyzes equally weighted strategic asset allocation portfolios in Brazil between 2004 and 2016 and shows that their average returns are not always statistically greater than those of balanced funds, with significance changing in sub-periods. Fixed-income portfolios frequently outperform balanced funds, whose active management underperforms their declared benchmark portfolios. Balanced funds underperformed probably because they deviated from their investment policy. Transaction costs and other rebalancing frequencies do not change the conclusions. Robustness tests indicate that this evidence is valid out-of-the-sample. Investors can mimic balanced-fund policy and possibly do better by means of indexing according to this policy.