What Makes Firms Competitive? States,Markets, and Organisational Embeddedness in Competitive Firm Restructuring in Postsocialist Economies

The prevailing transitions literature suggests that dynamic firms in postsocialist economies are the result of macroinstitutional reforms leading to the making of markets. This article builds on work in comparative political economy and economic sociology to show that the degree of competitive behaviour of postsocialist firms is determined not by the existence of general market institutions alone but by the kinds of organisational allies firms possess and the kinds of markets they compete in. Using firm survey data across 28 postsocialist economies, the article examines the determinants of competitive restructuring by firms, including product innovation, standards upgrade, financial transparency, and investments in research and development. The article confirms insights from comparative political economy which suggest that dynamic enterprise sectors emerge when governance is effective. However, at the firm level, the article finds that transnational ties and supportive policy environments are most significant in the making of dynamic postsocialist enterprises. The article also highlights important regional variation in firm behaviour and discusses the relationship between institutional frameworks, organisational embeddedness, and firm restructuring in postsocialist economies.     

Demystifying residents' walking behaviors: Active transport in South East Queensland,Australia

This study investigates the correlates of a resident's walking behaviors and aims to shed light on mechanisms through which walking may be encouraged. The results of this investigation paint a complex and nuanced picture of the residents’ walking behaviors in South East Queensland, Australia. The results suggest that sociodemographic characteristics separately may contribute greatly to whether or not one engages in walking behaviors. Further, cumulatively these differences might be greater for some groups of residents compared to others. One of the most prominent findings of the study is that the purpose, the characteristics of the origin, and the characteristics of the destination of a trip tended to be similar in the heterogeneity they exhibit over the distribution of time spent walking. For example, pick something up, undertake work, or engage in personal business, move to or from a workplace, shop, or social place are activities that tend to be associated with walking as a main mode of transport and a higher number of walking episodes. However, these trips tended to be short.     

普惠金融与县域资金外流：减贫还是致贫*——基于中国592个国家级贫困县的研究

本文利用全国592个国家级贫困县的数据，采用空间计量模型实证分析了普惠金融对县域资金外流的影响，并验证了贫困县资金外流是否会产生致贫效应。本文研究发现：如果普惠金融只注重解决贫困地区对金融机构的接触性排斥，会进一步加剧资金外流，对减贫产生负向影响，即存在显著的致贫效应。这种致贫效应具有明显的空间外溢性，邻近县域的贫困状况在很大程度上会彼此“传染”，并具有空间衰减特征的地理边界。因而需要客观认识普惠金融的本质，有针对性地选择恰当有效的实施载体，解决好对信贷产品等关键金融服务的使用性排斥问题。     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

颠覆性创新四阶段扩散过程模型

基于颠覆性创新、创新扩散、创新模糊前端等相关理论，从全流程角度创新性地构建了颠覆性创新四阶段扩散过程模型，包括颠覆性创意产生、颠覆性创新产品开发、侵蚀非主流市场、占据主流市场4个阶段，各阶段之间相互关联、循环往复，并受到技术、市场、政策、竞争等外部环境因素影响。选取液晶电视机和山寨手机作为高端和低端两个颠覆性创新典型案例，通过对其进行验证性分析，构建具体的高端与低端颠覆性创新四阶段扩散过程模型。     

High accruals momentum

We examine the information content of high accruals momentum defined as a string of high discretionary accruals for four consecutive years. We find that firms that consistently report high levels of discretionary accruals experience low subsequent returns. The results are robust after we control for annual levels of discretionary accruals for the estimation period of high accruals momentum. Furthermore, the predictive power of the high accruals momentum for future returns is strongly persistent even after the existing accruals anomaly disappears. Our results also show that the high accruals momentum impact is more pronounced for low growth firms, suggesting that the overpricing of stocks with high accruals momentum is driven by managerial discretion to manage earnings.     

Does increased hedging lead to decreased price efficiency? The case of VIX ETPs and VIX futures

We examine the impact of the introduction of VIX exchange‐traded products (ETPs) on the information content and pricing efficiency of VIX futures. We document that trades in VIX futures have become less informative and that pricing errors exhibit more persistence after the introduction of VIX ETPs. In addition, we observe that the price process of the VIX futures has become noisier over time. These findings suggest that the introduction of the VIX ETPs had a prominent effect on the properties and dynamics of the VIX futures.     

Consumers’ luxury restaurant reservation session abandonment behavior during the COVID-19 pandemic: The influence of luxury restaurant attachment,emotional ambivalence,and luxury consumption goals

The purpose of this research is to examine how consumers’ attachment to luxury restaurants and their emotional ambivalence contribute to their reservation session abandonment during the coronavirus disease 2019 (COVID-19) pandemic. In addition, the moderating effect of luxury consumption goals (e.g., self-presentation motives, status consumption, and need for uniqueness) is examined. A total of 408 participants completed questionnaires, and the results reveal that luxury restaurant attachment significantly influences consumers’ emotional ambivalence, which in turn causes them to not complete their reservation sessions. Furthermore, the moderating effects of status consumption and need for uniqueness are supported.     

To look tasty,let's show the ingredients! Effects of ingredient images on implicit tasty–healthy associations for packaged products

This study investigates the effect of ingredient images on implicit tasty–healthy associations for packaged products. An implicit association test (IAT) with 106 respondents reveals the impact of repeating ingredient images on the implicit healthy = tasty intuition; fewer ingredient images are linked to a stronger intuition. This study also considers explicit product packaging preferences and the number of ingredient images depicted. The implicit intuitions affect explicit preferences, such that packages depicting few ingredient images are preferred over those depicting many ingredient images for healthy products, but no significant effects emerge for unhealthy products.     

基于跨国并购的创新网络嵌入、网络异质性与创新质量研究

区别于现有研究通常将跨国并购视为一个“事件”研究其对并购企业技术创新的影响，基于创新网络视角，文章采用中国上市公司数据，通过关系嵌入和结构嵌入两个维度探讨基于跨国并购的国外创新网络对创新质量的影响机制。研究发现，通过跨国并购嵌入创新网络的直接联系促进了创新质量提升，间接联系和结构洞对创新质量产生了显著的抑制效应。网络异质性对基于跨国并购的创新网络嵌入与创新质量具有倒U型调节作用，在网络异质适度阶段，网络异质性正向调节基于跨国并购的创新网络嵌入的创新质量效应，在网络异质过度阶段，网络异质性具有负向调节效应。研究发现为新兴经济体企业实施跨国并购，有效嵌入国外创新网络，配置创新资源，提升创新质量，提供了有价值的参考。