政策不确定性对公司投融资行为的影响研究

本文以2003-2013年中国A股上市公司的财务数据和31个省市自治区地方官员的变动数据为样本,采用地方官员变动率作为地方政策不确定性的代理变量,研究了政策不确定性对企业投融资的影响。研究发现,政策不确定性显著降低企业的债权融资,但是对股权融资影响不显著。政策不确定性对企业投资的影响存在两种渠道,一是通过降低企业融资来影响投资,二是通过企业资本运作降低融资对投资的影响系数,即政策不确定性越高,企业债权和股权融资对投资的正向作用会越小,这种作用机制在国有企业、大企业等与政策联系紧密的企业中作用更为显著。融资可获得性是政策不确定性影响投资的重要前提之一,融资可获得性较小时,政策不确定性显著降低了企业投资;在融资可获得性较大时,政策不确定性影响不显著。加强长期制度建设,降低政策不确定性,对于稳增长具有重要意义。     

Supplier Development Practices for Sustainability: A Multi‐Stakeholder Perspective

Supplier development for sustainability is a critical element of sustainable supply chain management and requires extensive multi‐stakeholder collaboration. This article establishes a conceptual four‐stage framework to analyse the collaborative mechanisms of supplier development practices, and presents an exploratory, qualitative analysis to identify the major contributors of sustainable supplier development practices, such as NGOs, industrial associations, consulting firms etc. Based on semi‐structured interviews about 63 organizations from different regions and industries, this article identifies three types of contributor: drivers, facilitators and inspectors. Instead of traditional stakeholder engagement processes, these contributors actively collaborate with buying firms and suppliers to design, implement and evaluate sustainable supplier development programs. The article then provides a matrix to describe the supply chain coverage and supplier performance of supplier development practices, given the absence or positive involvement of facilitators and inspectors. We conclude our study by suggesting future research directions as well as discussing managerial implications. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Acquiescence and conflict in exchanges between inbound tour operators and their overseas outbound partners: A case study on Tanzania

Achieving partner acquiescence is critical in interfirm exchanges because it allows the focal firm to achieve its desired outcomes. Using a case study on dyadic relationships between inbound tour operators in Tanzania and their overseas outbound partners, this paper investigates the effect of partner irreplaceability and distributive fairness on acquiescence, and the subsequent effect that acquiescence has on conflict. The case study uses partial least squares structural equation modeling on data collected from 129 dyadic relationships. Results show that partner irreplaceability and distributive fairness are positively associated with acquiescence, which in turn reduces conflict. The effect of distributive fairness on acquiescence was found to be larger than that of irreplaceability. In addition, the direct effect of distributive fairness on conflict, although not hypothesised, was found to be significant. This emphasises the importance of distributive fairness, and its role as a possible buffer to conflict in less acquiescent exchanges.     

Does the US EXIM Bank really promote US exports?

This paper investigates the impact of US Export‐Import Bank (EXIM ) on US exports particularly in the wake of international competition from foreign national export credit agencies (ECA s). We employ a gravity framework on a country‐industry‐year‐level panel data set that matches EXIM authorisations with US bilateral exports. Our results depict the general ineffectiveness of the Bank in promoting exports within and across industries. Some heterogeneities behind the general finding are also uncovered: industries other than aerospace parts and products are more likely to benefit from EXIM authorisations, and EXIM authorisations to larger businesses seem to be more effective in encouraging exports. Furthermore, we find no evidence that EXIM encourages US exports by offsetting foreign ECA competition. These results are neither affected by competing countries’ membership to the OECD Arrangement nor by the size of American firms that received EXIM support. Our results cast doubt on the ubiquitously positive claims made by the Bank and its supporters, yet also provide policy lessons for countries that are either in the inception stages of establishing their own ECA s or are now placing greater importance on ECA financing in encouraging exports.     

The Role of Green Collaborative Strategies in Improving Environmental Sustainability in Supply Chains: Insights from a Case Study

This article aims to quantify to what extent collaborative strategies are more effective than internal or organization‐level actions to green supply chains. In this regard, the impact of decisions made at different stages of a supply chain in a product's carbon footprint is quantified. Organizational and product carbon footprints are calculated using the Compound Method Based on Financial Accounts (MC3). The results underline that concentrating reduction efforts in some stages of the supply chain is more effective than implementing individual actions by the participants. Collaboration among the participants is needed to decide what practices are implemented, at what stage they are needed and how they are to be implemented. This article adds to the literature on supply chains and sustainability. Previous research suggests that collaborative strategies have great potential for reducing the carbon footprint of products, while indicating the need for empirical research to support this statement. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Empirical study on Chinese tourists’ perceived trust and intention to use biometric technology

This paper presents a theoretical model based on the Technology Acceptance Model combined with a perceived trust model. SPSS 23 and Amos 22 were used to analyze Chinese tourists’ responses regarding use of biometric technology in hotels and to assess whether their perception of trust – measured through five potential factors – affected their intention to use it. Chinese tourists traveling in Macau were recruited, and three types of biological identification technology were discussed. A total of 600 questionnaires were sent out, and 583 effective questionnaires were recovered. The results that in addition to perceived ease of use, other factors affected visitors’ perceptions of trust. The degrees of effectiveness, however, differed between the three biological identification technologies. Fingerprint technology was revealed to be the most trusted and accepted biometric technology.     

Quantitative Easing Forever? Financialisation and the Institutional Legitimacy of the Federal Reserve’s Unconventional Monetary Policy

Scholars of financialisation have argued that the emergence of finance-led grow regimes requires new instruments for effective conduct of economic policy. In this scholarship, central banks have been seen as the most promising actors to utilise one of the most synergetic policies, the maintenance of high and stable prices of financial assets. Since the financial crisis of 2007–8, central banks of the developed world have adopted various unconventional monetary policy measures that serve this function. But will these unconventional measures become institutionally legitimate and institutionalised as conventional practice, as suggested necessary by scholars of financialisation? In this paper, we answer to this question by studying the institutional legitimation of the Federal Reserve’s Quantiative Easing (QE) programmes. We argue that the QE programmes have been legitimated successfully but with institutional legitimation strategies, which cause institutional pressures that question the potential of QE from becoming a regular policy instrument and practice.     

Hotel Efficiency Analysis from the Customer’s Point of View in Romania: A Stochastic Production Frontier Approach

The purpose of this article is to measure the efficiency of hotel units in Romania from the customers’ point of view and to identify factors that explain the differences in efficiency between hotel units. A stochastic production frontier is estimated together with a technical inefficiency model using cross-sectional data from 622 hotel units in Romania. The results show that the average efficiency is high. However, there are significant differences between hotels in different regions and with different star ratings. The most influential factor affecting efficiency is the online visibility of a hotel unit on social media platforms and on travel planning sites. The study’s results offer insight for hotel decision-makers to be able to improve the perception of hotel efficiency by taking appropriate action to meet customer needs.