Adoption des Politiques de Protection de l'Environnement et performance des Entreprises Camerounaises

The objective of this paper is to evaluate the effect of the environmental protection policies of by Cameroonian firms on their performance. It uses the endogenous switching regression technique and propensity scores applied to micro-data from 639 firms in Cameroon. The results show that only 17% of firms adopt these measures, while on average 85% of firms produce solid, gaseous or liquid waste. The results also indicate that the adoption of these environmental protection policies increases operating costs while significantly improving the turnover and the performance of the productive capacity of the company. These increases are 39.11%, 58.6%, and 38.63% for operating costs, turnover and return on productive capacity of the company, respectively. However, firms can also suffer significant losses resulting from the non-adoption of environmental policies. In fact, firms that do not adopt environmental protection policies have their performance reduced by an average of 1.625 percentage points.     

The antecedents of digital collaboration through an enhanced digital platform for destination management: A micro-DMO perspective

While the tourism sector shifts towards digital transformation, Destination Management Organisations (DMOs) often struggle to adapt to their changing technological environment. This study explores the antecedents of digital collaboration and develops a framework for micro-DMOs to enhance effective destination management through digital technologies. An integrated sequential qualitative approach was adopted by conducting multi-phase interviews, in addition to designing and trialling a real-world trial digital platform. The research provides empirical evidence that digital collaboration is essential for micro-DMOs, necessitating them to transform their current “websites” into digital platforms which act as a hub for business stakeholders to actively be involved in. Antecedents of successful digital collaboration include mutuality, trust, control, and leadership which may be manifested differently from non-digital collaboration. Additionally, the study identifies three aspects for digital collaboration; marketing, networking and knowledge sharing that demands specific attention. Our results have theoretical, methodological, and practical implications for academia, industry and policymakers.     

新基建发展对产业升级的影响机制研究

新基建作为现代化基础设施体系的重要组成部分，已经成为中国经济高质量发展的重要支撑。基于2015—2021年中国71个城市的面板数据，构建双向固定效应、中介效应和调节效应三种回归模型，实证检验新基建发展对城市产业结构水平的影响及内在机制。研究发现：新基建发展能促进产业高级化水平，改善不合理的产业结构状态，提升产业合理化水平；新基建通过发展物联网和激励城市研发创新两种间接路径对产业结构转型升级产生积极影响；新基建对产业结构水平的影响受到地方政府干预行为的调节作用，在地方政府合理的行政管理下，新基建对产业转型升级的积极作用更为明显；新基建发展对产业结构水平的提升作用具有区域异质性和城市规模异质性，在中西部地区和大城市地区的作用效果更为明显。     

Complements or substitutes? A meta-analysis of the role of integration mechanisms for knowledge transfer in the MNE network

The MNE integration literature lacks coherence in the use and effectiveness of different integration mechanisms. In this study, we use meta-analytic techniques to quantitatively synthesize and evaluate the impact of centralization, formalization and socialization on knowledge transfer. Our analysis of 89 independent samples, including 15,506 subsidiaries, shows that socialization facilitates knowledge transfer more strongly than centralization and formalization. Socialization substitutes for formalization’s positive impact, and mitigates centralization’s negative impact on knowledge transfer. We further identify that directionality of knowledge flows is key in explaining the impact of centralization mechanisms. Finally, we point out important systemic problems in current empirical research.     

Endogeneity in survey research

Endogeneity is a crucial problem in survey-based empirical research on marketing strategy (MS) and inter-organizational relationships (IORs); if not addressed, it can cause researchers to arrive at flawed conclusions and to offer poor advice to practitioners. Although the field is increasingly cognizant of endogeneity-related issues, many authors fail to properly address it, particularly in survey-based research. Emphasizing the role of essential heterogeneity, this article develops an overarching framework to help improve the understanding of endogeneity problems and how to tackle them when researchers use cross-sectional survey-based data. The authors provide explanations of and advice for how MS and IOR researchers can address six “painful” and sometimes hidden decisions: 1) Do you have an endogeneity problem? 2) What technique/estimator is appropriate? 3) What instrumental variables (IVs) should be chosen? 4) How should IVs be evaluated empirically? 5) How should the results be interpreted and evaluated? and 6) What results should you report? The authors provide a practical flowchart to guide researchers in their efforts to address endogeneity-related concerns.     

国有资本经营预算能够提高地方国有企业投资效率吗？

以A股地方国有上市公司为研究对象，从投资效率的角度考察国有资本经营预算制度的实施效果，并进一步检验其对企业价值的影响。研究发现，国有资本经营预算能够显著抑制地方国有企业的非效率投资，尤其是抑制过度投资行为,并且这种影响对处于市场化程度较低地区的地方国有企业更加显著。进一步研究发现，国有资本经营预算能够通过抑制非效率投资来促进地方国有企业价值的提升。     

Strategic entry or strategic exit? International presence by emerging economy enterprises

By proposing an integrated strategic choice framework, we theorize the distinctive dynamics of international expansion by emerging economy enterprises. Specifically, we explicate how these firms build international presence based on combined strategic entry (i.e., prompted by internal capabilities such as innovation and diversification) and strategic exit (i.e., pushed out by external handicaps at home such as institutional obstacles and market competition). Further, a firm’s cooperative ties with foreign multinationals in the former’s home country fortify the strategic entry intent, while ties with home government institutions weaken the strategic exit intent. We also demonstrate that building international presence helps bolster firm performance, highlighting the economic catch-up consequence of international expansion. Analyses of a two-year imbalanced panel data of 2136 firms statistically support our hypotheses.     

Market response to syndicated loan announcements from high-profile failed and acquiring banks during the global financial crisis

Previous studies that have examined the impact of the 2008 financial crisis on syndicated loans have ignored potential differences between lending banks by explicitly or implicitly aggregating all lenders together and focusing on borrower characteristics. One must jointly consider both borrower and lender to fully understand the complex role of the syndicate during this period. We consider the identity of the lender, with a focus on five major US banks that failed and their five corresponding acquirers. Our results highlight the distinct roles of investment and commercial banks and facilitate an understanding of relationship and transactional-based lending.     

Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex-dividend day: the case of Australia

Using a sample of Australian stocks during the 1996–2014 period, this study examines how tax heterogeneity between domestic and foreign investors affects trading behaviour and stock prices around the ex-dividend day. Domestic investors prefer dividends and tend to buy stocks cum-dividend and sell them ex-dividend whereas foreign investors tend to trade in the opposite direction. Abnormal trading turnover increases with tax heterogeneity. Moreover, stocks with a larger domestic investor base are associated with a higher price drop-off ratio on the ex-dividend day and higher market value of franking credits. Overall, our findings support the dynamic dividend clientele hypothesis.     

对当前背景下国企工会职能的转变及服务创新的研究

在当前的社会背景下,工会在国企的发展过程中发挥着重要的作用,它在维护员工利益以及推动企业与员工的沟通与联系等方面作出了突出的贡献。随着国有企业的不断改革与创新,时代环境对工会的工作也提出了更高的要求,工会需要进行职能转变以及服务创新。