Determinants of the capital structure of Chinese non-listed enterprises: Is TFP efficient?

This paper investigates the relationship between TFP (Total Factor Productivity) and leverage measures (total, short-term and long-term leverage) of Chinese non-listed firms during the period 1999–2007. First, TFP is significantly and positively associated with the three leverage measures of private and foreign owned enterprises, but insignificantly correlated with state-owned enterprises. Second, financial constraints, leverage costs, and the institutional environment can affect the relation between TFP and leverage; this relation tends to be much stronger when enterprises face stronger financial constraints, higher leverage costs, and an underdeveloped institutional environment. Third, we show that TFP also plays a significant and positive role on formal and informal leverage. Our research offers new evidence that TFP is an important determinant of capital structure choices.     

Effects of customer loyalty on customer entitlement and voiced complaints

The value of customer loyalty has been well documented by academicians and practitioners. Nevertheless, prior literature has paid little attention to the negative consequences of customer loyalty, for example, entitlement behaviors (e.g. requests for deeper discounts) and complaint behaviors (voicing dissatisfaction to the company). This research empirically examines the effects of customer loyalty on entitlement and voiced complaint behaviors in the context of Frequent Flyer programs in airline industry. Base on partial least squares-structural equation modeling, the results show that (1) customer loyalty has a positive effect on customer entitlement, which is the extent to which customers expect special treatment from the company; (2) the effect of customer loyalty on voiced complaints is fully mediated by customer entitlement; (3) perceived status of loyalty programs amplifies the entitlement behaviors of loyal customers, while tangible rewards of loyalty programs mitigate the entitlement behaviors of loyal customers. Theoretical and managerial implications are elaborated in the discussion section.     

“过渡点”与当代西方股份制

马克思在《资本论》中对股份制有过很多论述 ,这些论述对于现在的资本主义国家是否依然适用 ,本文通过对现在西方国家股份制情况的分析 ,提出了自己的看法。     

Impact of Sales Call Adaptiveness and Customer Willingness on Sales Call Length: A Cross-Country Study of India,China, Korea,and Philippines

ABSTRACT

In this empirical study across four countries (India, China, Korea, and Philippines), we examine the impact of sales call adaptiveness and customer willingness on sales call length (duration) of salespersons in these four countries. Sales call length as well as sales call quality—although important constructs in sales—are still underresearched in the domain of sales management. Our study in these four emerging markets sheds new light on enhancing sales force effectiveness. Using survey data from 847 salespersons in four countries, we analyze using multivariate analysis, and our results suggest that sales force effectiveness can be enhanced by giving them the autonomy to decide the sales call length based on the prospect quality. We also demonstrate that salespeople indulging in sales-oriented behaviors may be detrimental to the long-term relationship with customers. Emphasis on relational sales approaches would reduce sales practices such as pitching products or services to unwilling customers. Our study also highlights the interactive role of customer willingness and sales adaptiveness. We found several inter-country differences across sales practices in four countries, which have several meaningful managerial implications.     

Travel and Tourism Education in Thailand

SUMMARY

The main principles of the tourism policy as established by the Ministry of Tourism and Sports during 2003–2006 is to develop Thailand to be Tourism Capital of Asia within 3 years starting from 2004 to 2006. To achieve the ambitious government target, the success of any tourism development strategy will be determined to a large extent by human resources, which can deliver efficient, high quality services. The travel and tourism education in Thailand at an undergraduate level was offered in the Faculty of Commerce and Accountancy, Chulalongkorn University in 1955 under the Bachelor of Commerce Degree with a major field of study in “Travel Management.” Prince of Songkla University (PSU) brought the concept of community college from the U.S.A. to put into action by setting up Phuket Community College by offering 2-year diploma program in Hotel and Tourism Management to meet the staff requirement of tourism industry in Phuket in 1977. The findings of 'Baccalaureate and Graduate Degrees in Tourism and Hospitality Studies in Thailand: The Current Situations, Problems and Future Development' studied by Chaisawat (1997) and Chaisawat (2000) found that the situation of the universities/institutes that offered programs in hospitality and tourism had changed with a lot of quantity improvement in terms of institutions, number of staff, and number of input/output students as well as research projects. But the very important issues that relate directly to the quality of graduates, problems and constraints running in the hospitality/tourism programs still existed. The National Economic and Social Development Board (NESDB) (2004) did an in-depth study of the labour force situation among middle- and high-level personnel within the tourism industry in order to increase productivity and capability of the national competitiveness. Chaisawat and Boonchu (2005) did another study on Baccalaureate and Graduate Degrees in tourism and hospitality studies in Thailand in 2003. Both studies also found that the quantity of graduates from the educational institutions was sufficiently to serve the demand of the industry. However, there were problems in terms of quality since graduates' qualifications were not up to the standards required by the employers. Finally the paper recommended that Thailand should be positioned as a centre for hospitality and tourism studies and training, locating at major tourism destinations. In terms of strategic implementation of tourism development, tourism educations and training institutions should play the catalyst and coordinating roles with the stakeholders in each region or destination.     

Contingency variables for customer share of visits to full-service restaurant

This study sought to reveal the direct effect and/or moderating effects of contingency variables in relation to customer share of visits. The hypotheses of this study were tested based on responses from 277 general U.S. full-service restaurant customers, using a series of (moderated hierarchical) regression analyses. The direct effects of social switching costs, lost benefits costs, procedural costs, and intrinsic inertia were positive whereas that of intrinsic variety-seeking was negative on customer share of visits. Consumer involvement and perceived brand heterogeneity were found to enhance the effect of brand preference on customer share of visits.     

Barriers to investment in the informal venture capital sector

Much of the government intervention into the market ‘gap’ for start-up and early-stage equity finance in the UK is based on the belief that the problem is on the supply side. Based on an analysis of the informal venture capital market this paper argues that there is no shortage of finance available. A survey of business angels reveals that many are willing to allocate a higher proportion of their investment portfolio to investments in unquoted companies, with recent tax incentives having a positive effect on their willingness to invest. Over 90% are currently looking to make more investments. However, there are constraints on their ability to invest: they do not see enough deals that meet their investment criteria, the majority of the investment proposals that they receive are of poor quality, and they are often unable to negotiate acceptable investment terms and conditions with entrepreneurs. The implication is that there is a need for further interventions by policy-makers to remove these barriers so that more small firms can take advantage of the substantial pool of angel finance that is available.     

Institutional Demand-Side Discrimination Against Women and the Human Capital Model

Human capital theorists claim that the gender wage gap is due in large part to supply-side factors. They base this claim on empirical evidence. This paper challenges the interpretation of that empirical evidence. It argues that that interpretation is based on an assumption of a simplified production system that rules out any consideration of institutionally-based demand-side discrimination. It argues that insiders have an incentive to choose production techniques that benefit themselves, and that their choices will bias measures of human capital in their favor. The paper then considers a specific case study - the undergraduate U.S. academic market - where such institutionally-based demand-side discrimination exists, and offers an institutional change which could work to offset it.     

Do Retailers Benefit from Deploying Customer Analytics?

Prior research has documented a general positive relationship between the deployment of customer analytics and firm performance. In this research we focus on the retailing industry, an industry characterized by tight margins that lead to careful scrutiny of all business investments. Using survey data from 418 top managers based in the Americas, Europe Middle East and Africa (EMEA) and Asia, we show that of the eight industries in the study, firms in the retail industry have the most to gain from deploying customer analytics. However, we also find that not only do many retailers not perceive this potential gain, they do not invest in customer analytics at an economically appropriate level. Thus we identify a gap between perception and reality concerning the potential for customer analytics in the retail industry that has both theoretical and practical implications.     

Whether,when, and why functional company characteristics engender customer satisfaction and customer-company identification: The role of self-definitional needs

Beyond merely satisfying customers, companies are increasingly striving to build deeper and more meaningful customer relationships characterized by strong customer-company identification. However, whereas previous research has solely focused on symbolic drivers of identification, it remains unclear whether, when, and how managers can build on core functional company characteristics (i.e., quality, innovativeness, and price) to establish customer–company identification. The present study addresses these questions by developing a theoretical framework based on theoretical notions of social identity theory and the cue diagnosticity framework. Evidence from two field studies and one experimental study shows that functional company characteristics are not effective in creating customer–company identification per se, but that their influence depends on whether they match with a self-definitional need that is important to the customer (i.e., self-continuity, self-distinctiveness, or self-enhancement). The findings also reveal the underlying mechanism of this contingency by showing that a self-definitional need fosters customer–company identification because it strengthens the symbolic value of a matching functional characteristic. By identifying specific characteristic–need matches, this research offers novel insights into how managers can leverage functional company characteristics in their targeting and communication efforts to establish meaningful long-term relationships with customers.