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This paper studies the economic incentives of participative budgeting through the design of incentive schemes within the agency theory framework. In particular, a piecewise linear incentive scheme (PLIS), an optimal version of Weitzman's New Soviet Incentive Scheme (NSIS), is derived. The characteristics of PLIS are: first, unlike NSIS, the bonus (penalty) rates of the optimal PLIS vary according to the agent's type in order to improve the principal's welfare, second, a penalty may be imposed on the overfulfillment of the agent's performance in order to maintain incentive compatibility, and finally, it is shown that if the coefficients are constant as in NSIS, there is no need for participative budgeting. Also, PLIS is compared with a quadratic incentive scheme. Both incentive schemes achieve the optimal solution, but each incentive scheme has its own advantage over the other depending on the situation.  相似文献   
2.
Applying previous idea screening approaches to large amounts of early stage ideas is recognised as challenging since they rely heavily on manual tasks and human judgments. Considering that technological factors are more important than others in early phases of technology development processes, we propose a machine learning approach to screening ideas by linking the contents of ideas implied in patented inventions and the technological value of the ideas. At the heart of the proposed approach are the text mining technique, to construct keyword vectors from patents, and the k-nearest neighbours algorithm, to capture the relationships between the keyword vectors and the numbers of forward citations of the patents. Integration of these methods makes it possible to assess large amounts of early stage ideas in terms of their potential technological value. A case study of pharmaceutical technology shows that our approach is useful for filtering out ideas of little technological value.  相似文献   
3.
This paper examines the nature of the relationship between corporate intangible assets and the multinational network structure of the firm. Specifically, the question addressed in this paper is whether the nature of corporate intangible assets determines the mode of geographic expansion of the MNC. The interactive effects between the level and type of corporate intangibles and the foreign expansion path of MNCs are also examined. Based on the analysis of 362 MNCs, representing 88 three-digit SIC industries, the results of this study show that R&D-intensive MNCs maintain substantially more geographically diversified and less geographically focused operating networks than advertising-intensive MNCs. Furthermore, R&D-intensive MNCs' foreign investments create more value through geographic diversification, while non-R&D-intensive MNCs benefit the most by increasing the geographic focus of their foreign investment activities. We also document that MNCs without significant levels of technology know-how and marketing based intangible assets can benefit the most from geographic-focused rather than geographic-diversified foreign business operations.  相似文献   
4.
This paper provides further evidence on the link between the firm's performance and the distribution of the common shares between insiders, blockholders and institutions. We endogenize the functional form of the market valuecommon equity structure relationship by using a switching regression methodology. This allows us to observe four distinct ownership structure types that constitute different agency conflict regimes. We provide evidence that supports the notion that investors recognize the existence of such regimes and assess market values differently depending on the type of agency regime the firm operates in. We find that firms with low insider stakes and low blockholder stakes and firms with high insider stakes and high blockholder stakes have the highest agency costs of free cash flow. We also find that the effect of the ownership variables on market values differs across regimes and that there are differences in the monitoring effectiveness of institutional holders and blockholders.  相似文献   
5.
In this paper we examine the effect of interest rate swaps on the firm, and identify characteristics of firms that use interest rate swaps, reporting findings consistent with interest rate swaps being used as a risk-reducing instrument. Relative to nonswappers, firms using swaps are more likely to experience decreased cash flow variance in the five-year period subsequent to swap initiation. In addition, firms that engage in swaps are found to be larger and more highly levered than a control sample of nonswappers. Dividing our sample based upon type of swap, we find different characteristics explain different types of swap. In particular we find evidence consistent with swaps from variable to fixed interest rates being engaged in for risk reduction, i.e., hedging purposes.  相似文献   
6.
The Role of Transfer Price for Coordination and Control within a Firm   总被引:35,自引:0,他引:35  
This paper explores the role of transfer prices as coordinating mechanisms within a firm. Three cases (full information; pure adverse selection; adverse selection and moral hazard) are analyzed and compared to show how quantity and effort are affected as assumptions on observability are progrssively relaxed. The analysis of the second case, having two observable variables, identifies the necessary and sufficient condition under which the local approach can be applied. The third case is reinterpreted as transfer prices in a direct delegation setting. The main results are: First, the optimal transfer price is standard average cost plus. Second, it is not necessarily decreasing in quantity unlike the downward sloping demand function.  相似文献   
7.
We estimate the short‐run stock price response to unanticipated capital expenditures. We use association study methodology to avoid the self‐selection bias in event studies and to facilitate construction of a large sample of firm‐years likely to exhibit agency problems. We find that the average price response to routine capital expenditures is negative, and that commonly used agency cost measures explain fully the negative response. Subsample results support the conclusion that the market is skeptical of cash flow financed spending by low‐q firms and even capital spending by high‐q firms when the firm is large and q is only marginally high.  相似文献   
8.
The Internet has become a major channel for selling a myriad of products and services. To make the on-line shopping experience more vivid, retailers and service providers frequently portray product images and video clips on their Websites. Although the dimensions of e-Service Quality have been studied in various on-line contexts, research focusing on video clips in the context of hotel Websites is limited. The purpose of this exploratory study is to examine how consumers evaluate video clips portraying experiential services such as hotels. Our results indicate that consumers evaluate video clips based on six distinct dimensions: user interface, aesthetics, customization/personalization, assurance/trust, flexibility and virtual human interaction.  相似文献   
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