I Feel Your Pain: The Effect of Regulator as a Minority Shareholder on Merger and Acquisition Performance

We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions.     

高质量发展下中国产业转型升级方向研究

产业不断转型升级是实现经济高质量发展的关键，从数量和质量两个维度可以总结出其具体路径。选取1985-2017年中国年度数据和1960-2017年美国年度数据，运用向量自回归模型对广义和狭义产业结构以及经济增长间的动态关系进行分析。结果表明，中美之间产业转型升级对经济发展的影响存在差异，据此可以得出高质量发展下中国产业转型升级方向，即拓展并细化产业转型升级维度;注重不同产业间的配比，尤其是生产性服务业和制造业配比;重视并确立制造业的根本地位;提升我国经济外向型程度。     

AI-chatbots on the services frontline addressing the challenges and opportunities of agency

AI-chatbots as frontline agents promise innovative opportunities for shaping service offerings that benefit customers and retailers. Examining current practice through the lens of agency, as defined by Social Cognitive Theory, we present a 3-level classification of AI-chatbot design (anthropomorphic role, appearance and interactivity) and examine how the combination of these three aspects of chatbot design impacts on the complementarities of agency. Recognizing current implementation challenges, we advance that the complementarities of agency at each level are the lynchpin mechanism that translates AI-chatbot design into service relevant outcomes. We develop a research agenda focused on the emotion interface, resolution of the proxy agency dilemma and development of collective agency to support the implementation of AI-chatbots as frontline service agents.     

Effects of broadband availability on total factor productivity in service sector firms: Evidence from Ireland

While broadband is widely believed to augment productivity, there is little firm-level evidence of a generalised causal effect. In this paper we examine whether the introduction of digital subscriber line (DSL) broadband services increased firms' productivity in nine sub-sectors within the services and distribution sector in Ireland from 2006 to 2012. Firm-level panel data on firms' characteristics are linked to spatial information on the rollout of DSL. While we do not find significant productivity effects in the services sectors taken together, we do find positive and significant effects on firm's total factor productivity in Information & Communication and Administrative & Support Services.     

Beyond close vs. distant ties: Understanding post-service sharing of information with close,exchange, and hybrid ties

Customers' post-service sharing of information (PSSI) occurs with a range of social ties typically conceptualized in terms of closeness/tie strength. We extend this research by orthogonally crossing the dimension of closeness with exchange to define close, exchange, and hybrid ties. Study 1, a survey of actual PSSI behavior, supports our conceptualization regarding the dimensions of closeness and exchange defining audiences for PSSI. Study 2, a survey of PSSI intentions, further supports the significance of this extended conceptualization by showing that a model with close, exchange, and hybrid ties has a significantly better fit than a model with only close ties. We provide further evidence of the significance of these three ties by showing that service outcome and process have distinct effects on PSSI to each social tie. Satisfaction has a non-linear effect on PSSI to close ties, and positive and negative linear effects on exchange and hybrid ties respectively. Further, satisfaction is the sole predictor of PSSI to close ties, whereas satisfaction, provider status and customer power interactively drive PSSI to exchange and hybrid ties. Thus, considering close, exchange, and hybrid ties enables a more comprehensive understanding of PSSI.     

An intra-organizational perspective on supply management involvement in contracting services

The relationship between an agent (supply management) and a principal (client functional user) can be studied by using agency theory as a theoretical background. In this study, perceptions of conflict, information asymmetry and risk were examined in relation to perceptions of internal outcomes of supply management’s involvement in services contracting in an intra-organizational dyadic context. Structural equation modeling and regression analysis were used to analyze the nature of the relationships. The contribution is integrating a structured view of internal outcomes with three concepts from agency theory to help build a more comprehensive theory of intra-organizational relationships in the context of services contracting.     

Determinants of customers’ intentions towards environmentally sustainable banking: Testing the structural model

The increasing urbanization and changing consumption patterns are putting great strain on environmental sustainability. The consumption patterns need to be reformed due to the great contribution to rising carbon emissions. The customers are also becoming aware of the various environmental issues. The current research developed and tested a conceptual framework to scrutinize the antecedents of customers' intentions to adopt environmentally sustainable banking services and activities. Following the theory of planned behaviour (TPB), this paper incorporated the constructs namely trust, environmental consciousness, and perceived behavioural outcomes in addition to its basic variables. The data were gathered from a cross-sectional sample of 440 Indian bank customers using a survey method. PLS-based structural equation modelling technique was employed to test the research model. The results indicated that TPB constructs exert significant influence on customers’ behavioural intention. The environmental consciousness was marked as a highly significant predictor of perceived behavioural outcomes which in turn was found to be a significant determinant of trust as well as behavioural intention. Moreover, the attitude was found to be a significant outcome of trust and environmental consciousness. This research puts forth the theoretical as well as managerial implications and provides directions for further research in the concerned thrust area.     

如何降低科技行政审批腐败发生率——模型、机理与实现路径

科技行政审批在缺乏有效的制度约束下，极易引发腐败行为。通过构建科技行政审批与腐败发生率关联机理模型，经过相关性分析、内在一致性与EFA检验以及二阶验证性因素分析，拟合出结构方程模型路径系数。结果显示，市场激励型科技行政审批能够直接影响腐败发生率，命令控制型科技行政审批与市场激励型科技行政审批都可以通过科技行政审批人员滋生消极腐败的公共服务动机进而产生腐败行为，市场化程度提升带来的外在影响相对于内在公共服务动机变异对于腐败发生率增加的影响表现得更加显著。因此，针对不同类型科技行政审批，可实施差异化腐败预防控制机制，转变审批人员公共服务动机，阻断腐败发生的中介，深化科技行政审批制度改革，推进审批制度化、标准化、规范化建设，精简优化科技行政审批流程，提高审批集约化程度，以效能提升倒逼腐败发生率下降。     

Experiencing forest products – An innovation trend by rural entrepreneurs

There is increasing emphasis on innovation as a driver of continued prosperity in the rural economy. Globalisation poses challenges to rural areas given technological advances and intensified competition in agricultural markets, ageing rural populations and expansion of urban areas. However, in recent years, the conception of rural areas has shifted from places of production to places of consumption. In line with an increasing urban demand for consumption of products and services close to nature within the rural landscape, we observe the emergence of experiential offers based around non-wood forest products (NWFP) where the consumer is closely connected to the harvesting and use of the products. In this paper, we examine how such intersecting demands have created new forms of market for NWFP, by analysing in-depth four innovative examples in Austria and the United Kingdom. Semi-structured interviews were conducted with the managers of these businesses, and cases were analysed through application of both the experience economy and the innovation systems approach. We found that all four businesses were on the one hand derived from traditional, regional cultural skills and values and, on the other hand, directly connected to new consumers’ demands. The apparent success of these emerging business models lies in the accretion of new social values onto traditional products. Thus creative approaches blending offers designed to enhance cosumers’ experiences into traditional sectors, such as forestry, would have potential in the future. However, our results indicate that there is a lack of institutional support for the development of such businesses in both countries. Better suited innovation policies and support structures would be important for mainstreaming or encouraging the development of similar businesses, innovations and knowledge.     

生产性服务业外资企业投资分布演化——基于江苏省的实证研究

随着全球生产制造活动向我国的大规模转移,近年来服务业外国直接投资也表现出了快速增长的势头。本文以制造业外国直接投资较为集中的江苏省为研究对象,重点从集聚的"路径依赖"效果和产业关联作用两个角度考察了生产性服务业外资企业的投资分布状况及其空间演化。结果表明,短期内,路径依赖效果和产业关联作用都产生了显著影响,但长期影响效果还不是很明显。