The role of stock ownership by US members of Congress on the market for political favors

I examine whether stock ownership by politicians helps to enforce noncontractible quid pro quo relations with firms. The ownership by US Congress members in firms contributing to their election campaigns is higher than in noncontributors. This bias toward contributors depends on the financial incentives of politicians and the relation's value. Firms with a stronger ownership–contribution association receive more government contracts. The financial gains from these contracts are economically large. When politicians divest stocks, firms discontinue contributions to the politicians, lose future contracts, and perform poorly. Politicians divest the stocks in contributors, but not in noncontributors, in anticipation of retirement.     

The ties that bind: Bank relationships and small business lending

The importance of bank relationships for small firms’ ability to raise external finance is well-documented, yet the mechanism through which relationships improve access to capital markets has received little empirical attention. This paper uses hand-collected, proprietary data from a mid-sized bank in the United States to identify the channels that strengthen the relationship between a small business and its bank. In contrast to earlier work that focuses on the role of relationships in alleviating information and incentive problems in lending, I find that the source of value in relationship banking is not limited to enhanced monitoring. Exploiting a unique feature of this dataset, I examine two channels of relationship strength that directly measure the stream of non-lending profits generated from (1) the non-credit services cross-sold to the borrower, and (2) the additional bank clients referred by the borrower. I document that non-lending profitability empirically determines the risk-adjusted terms of lending. In models of loan price that already include both the bank’s proprietary risk rating and traditional risk proxies, non-lending profits significantly improve explanatory power and account for up to half of the total explained variation. Conditional on risk profile, a one-standard deviation increase in aggregate non-lending profits lowers the loan interest rate by 32 basis points and increases access to credit by 26%.     

Business Cycles Around the Globe: Some Key Facts

We document massive heterogeneity in basic cyclical patterns within groups of developed and emerging market economies. While we detect marked differences between developed and emerging countries as well, the distributions of key business cycle statistics tend to overlap across different country groups.     

基于物联网技术的“中国邮政”速递物流业务流程优化研究综述

首先对中国邮政速递物流公司的研究现状进行了研究,接着探讨了业务流程优化和重组的相关理论和方法,最后对物联网技术在业务流程优化和重组中的应用进行了研究。为基于物联网技术的"中国邮政"速递物流业务流程优化研究提供了理论和方法基础。     

Validity and Reliability of Satisfaction as a Mediator between Quality Constructs in Manufacturer–Supplier Relationships Through Time and Across Contexts

Purpose: The main objective is to test and assess a research model through time and across contexts in which satisfaction is a mediator between quality constructs in manufacturer–supplier relationships. Satisfaction is positioned as a mediator between trust and commitment (i.e., causes) on the one hand, and cooperation, coordination and continuity expectancy (i.e., outcomes) on the other. The objective is also to provide a substantiation and contribution through time and across contexts, to business theory of supplier-manufacturer relationships

Methodology/approach: One out of eight samples selected for additional empirical substantiation for this study comprises a total of 600 small and medium-sized Spanish enterprises from various industrial sectors. A total of 259 usable questionnaires were returned, generating a response rate of 43.2%. The study is positioned (and compared) in relation to seven other samples that have been tested within the same research model in Canada, Finland, Norway (twice), South Africa, Sweden, and Taiwan. The total number of useable questionnaires is 1641, the average number of useable questionnaires per study is 205 and the average response rate is 37.4% in the studies assessed of this article.

Findings: The research model tested and assessed in the eight studies meets the requirements for satisfactory convergent, discriminant and nomological validity, as well as for construct reliability. The measurement and structural metrics support validity and reliability over time and across contexts, which is rare in marketing research.

Research implications: The theoretical framework contributes, through time and across contexts, to the business theory of supplier–manufacturer relationships. The tested research model demonstrates properties of validity and reliability across countries and company sizes. Implications and suggestions for further research are provided.

Practical implications: The empirical findings indicate key factors that contribute to satisfaction in manufacturer–supplier relationships in different countries and companies.

Originality/value: The article makes a contribution to theory relating to supplier–manufacturer relationships, providing evidence that the tested, hypothesized relationships are generally applicable. The validation or falsification of empirical findings in previous research is crucial in building valid and reliable theory over time and across contexts. Otherwise, theory becomes fragmented and undermines the credibility of marketing research.     

成品油销售综合经营指标三级预警机制探索--中国石油陕西销售公司的经营实践

2018年以来,中国石油陕西销售公司采用"红橙黄"经营指标三级预警机制,把复杂的量价关系、促销经营和费用成本管控,通过指标量化。一是以经营活动分析为基础,围绕业务指标、财务指标及支撑体系,建立了综合经营指标长效预警机制。二是通过大数据平台,形成业务运行数据每日监控,实现对月度指标的跟踪预警。中国石油陕西销售公司以"红橙黄"经营指标三级预警为抓手,将综合指标评价理念贯穿到经营全过程中,为生产经营活动提供了直观的决策依据,实现了提质增效的目标。     

成品油内贸销售业务内部审计关注点分析与实践

作为大宗商品的代表,成品油贸易销售业务独具特点。文章结合内部审计实践,通过专项审计案例,对成品油内贸销售业务的内部审计关注点进行分析探讨,从风险导向出发,阐述了审计实施要点、主要审计方法、审计发现的问题及审计成果运用,总结了专项审计中的经验和感悟。     

基于博弈论的云环境下跨组织知识共享研究

计算技术不仅大大促进了经济的发展,而且在知识管理领域也产生了深刻的影响。基于知识共享行为的动态特征,构建云环境下组织间知识共享的动态博弈模型。研究表明,只有建设有效的搭便车防范措施,才有可能构建积极的知识共享环境,并且知识共享双方云能力的提高有助于促进积极知识共享环境的形成。     

中央商务区管理模式创新探析

本文通过分析中国CBD现行管理体制的主要模式、发展现状和存在问题,比较国际、国内CBD不同管理模式的优劣,结合中国的法律政策和制度条件,借鉴国内外相关功能区、商务区管理体制改革和创新的成功经验,提出中国CBD管理体制与模式创新的政策建议。     

商业银行应对新型城镇化的策略选择

我国城镇化发展方兴未艾,而新型城镇化离不开商业银行的大力支持。随着新型城镇化的不断推进,产业城镇化、基础设施建设、房地产市场、社会保障和消费等方面将给商业银行带来巨大的发展机遇。商业银行应科学合理地选择经营策略,加强与政府合作,防范各类风险。