纳税信用评级结果披露与研发投入

以纳税信用评级披露作为一个天然外生冲击,并基于2013—2016年1214家A股上市公司的微观数据构造准自然实验,使用双重差分法系统评估纳税信用评级结果披露对上市公司研发投入的影响。结果发现:纳税信用评级结果披露显著增加了上市公司的研发投入。基于PSM-DID方法的估计结果与上述结论无明显差异。稳健性检验也表明上述结论的正确性。机制检验表明,纳税信用评级结果披露通过降低企业的融资约束,进而促进企业增加研发投入。此外,分样本回归发现纳税信用评级结果披露只能对中小型企业和民营企业的研发投入产生促进作用。     

Understanding precedents for frontline employee turnover in luxury hotels: Emotional intelligence as a unifying factor

Current turnover research fails to serve the needs of an industry that is long plagued by employee turnover. Existing literature focuses more on evaluating bundles of human resource practices and fail to provide precise and clear guidance for practitioners. This study proposes that emotional intelligence (EI) unifies sufficient individual factors and organizational factors that affect employee turnover and serves as a single significant precedent for turnover. Data were collected from frontline employees at eight luxury hotels. The direct, indirect, and total impacts of employee EI on employee turnover were tested by structural equation modeling and bootstrap tests. The results suggest that EI has significant indirect impacts through the mediation of perceived organizational support, pay satisfaction and job burnout, and significant total impacts on turnover. Implication suggestions include integrating EI into the recruiting process for new employees and providing training opportunities for current employees to improve their EI.     

Determinants in the forecast of the gross national income of China and India from 1952 to 2015

In 2015, China and India's population represented approximately 35.74% of the total number of people living in the world. Due to the historical context and behavior of the most relevant indicators, this study proposes to utilize a wide variety of demographic, economic, and production indicators from 1952 to 2015 to assess their impact on the GNI in China and India. A comprehensive and new fangled modeling process with stepwise, regularization and distributed lag regression approaches is presented. Accordingly, theoretical results were corroborated through extensive diagnostic tests and an empirical check of the models' predictive capacity. The findings show that GNI in China is most influenced by variables such as reserves in foreign currency and the dependency ratio; whereas, variables of energy production and birth rate were generated for India. Therefore, it's the timing for China to relax the universal two-child policy. Due to the current value below the substitution rate, a gloomy outlook for China's future population and economy is predicted. Conversely, a positive outlook is forecasted for India, given the low price in the future of oil- India's primary raw material.     

Strategic decertification in venture capital

An early-round investment delivers information about the quality of a project before more funds are needed. To obtain the best early-round financing offer, the entrepreneur should then approach a venture capitalist with highest screening ability. Going for the most accurate venture capitalist can however backfire in a follow-on round of financing. He could extract advantageous terms by threatening not to reinvest: the more accurate the incumbent, the more the signal sent by his non-participation to alternative financiers would be negative. Then, the most attractive early-round venture capitalist has only intermediate screening ability. The threat of strategic decertification enhances credit rationing.     

Exploring the links among corporate social responsibility,reputation, and performance from a multi-dimensional perspective

This study examines the links among corporate social responsibility (CSR), reputation, and performance in hotel companies from a multidimensional perspective. Data were collected from 322 hotels in China and partial least squares equation modelling (PLS-SEM) was employed for a causal-predictive analysis. Study results reveal that CSR practices influence hotel reputation as seen from both international and local perspectives. CSR and reputation influence performance dimensions (accounting-based performance, market-based performance, and non-financial performance) differently. The research findings offer specific theoretical and practical implications for hotel managers.     

Exploring the mismatch between credit ratings and loss-given-default: A credit risk approach

It is commonly observed that high grade loans with better ratings are often associated with low recoveries if they default (i.e. with relatively high loss-given-default (LGD)). To address the mismatch problem, this paper proposes a credit risk approach by minimizing LGD for higher rated loans as a risk-rating matching standard in the sense that the decreasing LGD from creditors’ perspective is associated with higher credit rating for the borrower. This standard forces customers’ credit rating of each grade to be optimally determined in correspondence to its LGD, which means the LGD of high grade loans tends to be low. The approach is then tested using three credit datasets from China, i.e. credit data from 2044 farmers, 2157 small private businesses and 3111 SMEs. The empirical results show that the proposed approach indeed guides the way to solve the mismatch phenomenon between credit ratings and LGDs in the existing credit rating literature. By optimally determining credit ratings, the findings derived from this paper help provide a valuable reference for bankers, and bond investors to manage their credit risk.     

产军协同、政府科技支持与技术创新效率研究

运用空间数据分析方法，检验产军协同、政府科技支持与技术创新效率在我国省域间的分布格局。研究表明，三者均存在显著的正向空间相关性，即正向空间溢出效应，并且在不同地区形成局部空间集聚，存在高低非均衡的“俱乐部”现象。基于空间误差模型和空间滞后模型，实证检验产军协同、政府科技支持对技术创新效率的影响。结果发现，从全国和分地区看，产军协同、政府科技支持均能够显著促进技术创新效率提升，并且二者存在显著的交互作用，能够发挥彼此间的互补效应，进一步促进技术创新效率提升；不同地区产军协同、政府科技支持对技术创新效率的影响程度存在较大差异，西部地区产军协同、政府科技支持对技术创新效率的促进作用比东部和中部地区显著。     

“丝绸之路经济带”沿线国国家风险评级与对策研究

为了使中国企业在“走出去”的过程中合理识别和评估东道国的国家风险，提高国家间投资合作的效率，本文以中资企业对外投资中面临的国家风险为主要研究对象，构建了中国对外直接投资国家风险评价体系。从投入产出角度，运用超效率DEA模型与Malmquist指数相结合的分析方法，从静态与动态的时间角度对2014—2018年“丝绸之路经济带”沿线国家风险进行实证分析。研究发现：从静态层面看，中南亚区域呈现较高的国家风险，我国应加强与东道国联系，重点关注东道国投资环境的变化；欧洲地区特别是中东欧国家更适合中国企业对外投资，合作规模有待进一步扩大；西亚地区投资风险两极分化，我国应密切关注高风险国家投资风险的隐患，并建立相应的补偿机制。从动态层面看，通过Malmquist指数分析可知，研究年份间“丝绸之路经济带”沿线国家风险在逐步改善，国家管理的整体趋势向着良好的方向发展。基于分析结果，本文提出了相关的政策建议。     

Multinational enterprises’ risk mitigation strategies in emerging markets: A political coalition perspective

This paper contributes to the IB literature by investigating MNEs’ risk mitigation strategies in emerging markets. Drawing on institutional perspectives and March’s theoretical concept of forming a ‘political coalition’, we propose that risk mitigation cannot be limited to passive compliance and/or demonstrating good corporate behavior, but should extend to collective efforts by building a political coalition and working with key stakeholders to manage potential risk and obtain favorable outcomes in complex institutional environments. In considering MNEs in contemporary China and India, we offer different types of risk mitigation strategies under various institutional contexts and a framework for future research.     

Understanding the drivers of organic foods purchasing of millennials: Evidence from Brazil and Spain

This paper examines the antecedents of millennials' organic food purchasing. A conceptual framework, based on product characteristics, and consumers' concerns and consciousness, is proposed. Data collection was conducted through a survey in two culturally and socioeconomically distinct countries (Brazil vs. Spain) to increase the robustness and generalizability of the results. The results show that product characteristics and consumer concerns improve millennials’ health consciousness and increase their social consciousness, which, in turn, increase their willingness to pay a price premium and their purchase frequency of organic foods. The findings show that the proposed model has high validity, with only one significant difference between the two countries. Theoretical contributions and managerial implications are discussed.