Eco-efficiency and firm value

Eco-efficiency refers to a process that seeks to maximize the effectiveness of business processes while minimizing their impacts on the environment. Fundamental to eco-efficiency is adoption of a management philosophy that stimulates the search for environmental improvements that yield parallel economic benefits [President’s Council on Sustainable Development, 1996a. Sustainable America: A New Consensus for Prosperity, Opportunity, and a Healthy Environment. Government Printing Office, Washington DC; President’s Council on Sustainable Development, 1996b. Eco-efficiency: Task Force Report. Government Printing Office, Washington DC; World Business Council for Sustainable Development (WBCSD), 2000. Eco-efficiency: Creating More Value with Less Input. Geneva]. Eco-efficiency is increased by activities that create economic value while continuously reducing ecological impacts and the use of natural resources [DeSimone, L., Popoff, F., 1997. Eco-efficiency: The Business Link To Sustainable Development. MIT Press, Cambridge, MA]. This study empirically examines the proposition that implementation of eco-efficient business strategies is associated with higher firm value. We posit that, firms which adopt eco-efficient business strategies and, as a consequence, achieve reduced costs and increased profits should be more highly valued by the market than similar firms that do not adopt eco-efficient business strategies. Our empirical testing supports this proposition.     

浅谈企业提高竞争力的新策略

随着国内市场的不断开放，尤其是中国“入世”后，企业更需要从国际竞争的角度来考虑和确定企业的竞争战略。     

The effect of airline service quality on passengers’ behavioural intentions: a Korean case study

This paper seeks to improving our understanding of air passengers’ decision-making processes by testing a conceptual model that considers service expectation, service perception, service value, passenger satisfaction, airline image, and behavioural intentions simultaneously. For this testing, path analysis via maximum likelihood estimator is applied to data collected from Korean international air passengers. Service value, passenger satisfaction, and airline image are each found to have a direct effect on air passengers’ decision-making processes.     

略论《资本论》中商品货币理论的价值--基于中国特色社会主义市场经济的审视

从经济哲学角度分析了《资本论》,并简要介绍了其中的商品货币理论。通过分析中国特色社会主义市场经济和其历史变迁及商品货币理论中价值规律、劳动二重性、劳动分工等理论,从企业管理、政府干预、经济均衡三个角度,分析了商品货币理论对中国特色社会主义市场经济的借鉴意义;从进步性、局限性、与时俱进性评价了商品货币理论。     

全球价值链中的最优生产组织决策模型研究

为探寻跨国公司对全球价值链实现协调与控制的最优生产组织安排,在不完全契约理论框架下,扩展并构建了基于全球价值链的生产组织决策模型,其中重点考查了跨国公司与产业链上下游企业之间的议价能力及股权决定。研究表明跨国公司在每一生产阶段的最优组织模式选择与其在价值链上所处的生产阶段密切相关,并受到投入品替代弹性、最终产品替代弹性以及总部服务密集度等因素的影响。     

关系利益影响顾客满意和忠诚的机制研究--中介与调节效应检验

文章通过检验感知价值的中介效应和转移成本的调节效应,分析了关系利益影响顾客满意和忠诚的作用机制,结论如下：信任利益和社会利益两个维度显著正向影响顾客满意和忠诚,但特殊待遇利益维度对顾客满意和忠诚的影响不显著;感知价值在信任利益维度对顾客满意的影响以及社会利益维度对顾客满意和忠诚的影响中起到部分中介作用,在信任利益维度对顾客忠诚的影响中起到完全中介作用;转移成本正向调节信任利益维度对顾客满意和忠诚的影响以及社会利益维度对顾客忠诚的影响。即当顾客感知到较高的转移成本时,他们更倾向于对现有的关系状况感到满意,也更倾向于继续与企业维系现有关系,对企业更加忠诚。     

基于TiVA数据库的中国出口贸易增加值研究

利用世界投入产出表和Ti VA数据库,发现1995-2009年中国出口产品的国内增加值在下降,国外增加值在提高,但近年来国内增加值有回升态势。对中国出口产品所蕴含的国内部门的直接增加值、国内部门的间接增加值、进口投入品中的国内增加值以及国外部门的增加值进行了分解,并以中国电气和光学设备制造业为例,对其全球价值链进行解构分析,发现国内外很多部门都对中国电气和光学设备的出口贡献了增加值,服务业部门的贡献率不容忽视。中国制造业应当加强自主研发,不断提高出口产品的国内增加值,大力推动国内服务业的发展,更好地支持制造业参与全球价值链分工。     

Value Relevance of Fair Values—Empirical Evidence of the Impact of Market Volatility

This study examines empirically the effects of market volatility on the value relevance of fair values. Using the modified Ohlson model ( 1995 ) and a sample of U.S. financial companies for the period of 2008 to 2013, this study shows that fair values are priced at a significant discount when market volatility is high. Song ( 2013 ) shows analytically that the effectiveness of fair value accounting is negatively affected by market volatility. Findings of the current study suggest that investors understand the effects of market volatility on fair values and price them accordingly. The study extends the research on the determinants of the usefulness of fair values by looking beyond factors associated with the reliability of estimated fair values (Level 2 and Level 3 fair values). This study has practical implications: current accounting standards for fair value measurement acknowledge the limitations of the market as a source of fair values by offering a three‐level fair value hierarchy with provisions for fair values to deviate from market prices. Findings of this study shed light on a previously little studied factor, that is, market volatility, on the usefulness of fair values.     

The effects of corporate reputation perceptions of the general public on shareholder value

Superior corporate reputations can have strategic value for firms. Of the “multiple reputations” associated with each firm, we focus on the perceptions of the general public. The public represents the most widely defined stakeholder group but has attracted the least amount of research interest to date. Drawing on data for German firms, this study demonstrates that superior reputation perceptions issued by the general public increase shareholder value, as measured by future stock returns. This study provides a more nuanced understanding for this novel finding. Applying a conceptualization of reputation that balances both its affective and cognitive components, we find that reputation perceptions that are driven by nonfinancial aspects are more value relevant in the future than reputation perceptions that are driven by previous financial performance. Copyright © 2014 John Wiley & Sons, Ltd.     

产业链 RVO 分析范式研究

产业链是一个融合了产业关联和产业组织的产业经济学概念。从产生过程上看,其概念与产业关联理论———投入产出经济学有着深厚的理论渊源关系。而在现实研究中,产业链理论又运用了价值链理论和产业组织理论的大量概念和方法,主要揭示了企业之间3个层次的经济联系：中间产品投入关系、价值增值与利润分配关系和纵向关系。基于此构建一个产业关联分析———价值分布分析———产业组织分析的产业链分析范式,即RVO分析范式,可以体现产业关联分析和产业组织分析的相互融合。