管理层权力制衡强度、债务约束与企业创新投资

企业创新是国家经济可持续增长的关键，受到管理层意愿的影响，因而需要对内部经营者的权力进行制衡。以2010-2018年我国A股上市公司为研究样本，实证检验管理层权力制衡强度对企业创新投资的影响，以及不同债务约束情境下高商业信用配置、高负债水平的调节效应，此外，还考察了产权性质的差异化影响。研究表明，管理层权力制衡强度越大，企业创新投资水平越高；高商业信用强化了该促进作用，而高负债水平弱化了该促进作用。进一步研究发现，管理层权力制衡强度与企业创新投资的关系在民企中更显著；国企能够更好地获得和运用商业信用，使其高商业信用对该关系的强化效应更显著；民企具有更强的债务约束，其高负债水平对该关系的弱化效应更明显。     

债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

Building A Sustainable Shelf: The Role of Firm Sustainability Reputation

The reputation of firms for being environmentally friendly and socially responsible is a key purchase driver for sustainable products. However, the commitment of firms to sustainability varies – some firms are founded on strong environmental and social principles; other more traditional firms are built on strong product/brand focus and are not known for sustainability. In response to market trends, many traditional firms are introducing sustainable products to their portfolios. We argue that the firm’s sustainability reputation (FSR) will influence consumer purchase with respect to equally sustainable products from different firms. Two choice studies demonstrate that FSR favors sustainable product choice when the consumer decides between equally sustainable products. However, FSR affects the choice only for sustainable products and not regular products and does so only for consumers that construe sustainability at a high (abstract) level. Retailers should pay attention to the role that FSR plays in consumer response when they select sustainable products to sell.     

The socio-economic determinants of COVID-19: A spatial analysis of German county level data

The study explores the association of socioeconomic, demographic, and health-related variables at the regional level with COVID-19 related cases and deaths in Germany during the so-called first wave through mid-June 2020. Multivariate spatial models include the 401 counties in Germany to account for regional interrelations and possible spillover effects. The case and death numbers are, for example, significantly positively associated with early cases from the beginning of the epidemic, the average age, the population density and the share of people employed in elderly care. By contrast, they are significantly negatively associated with the share of schoolchildren and children in day care as well as physician density. In addition, significant spillover effects on the case numbers of neighbouring regions were identified for certain variables, with a different sign than the overall effects, giving rise to further future analyses of the regional mechanisms of action of COVID-19 infection. The results complement the knowledge about COVID-19 infection beyond the clinical risk factors discussed so far by a socio-economic perspective at the ecological level.     

A truly global crisis? Evidence from contagion dependence across international REIT markets

This study examines the global nature of the recent crisis under bivariate Markov-switching models for pre- and post-crisis periods using the breakpoint of August 9, 2007. It quantifies international synchronization of boom-bust regime switches to investigate contagion-type dynamic comovements of Real Estate Investment Trusts (REITs). Global REIT markets display persistent bust regimes from September 2008 to May 2009, whereas the regime-switching patterns are not significant in the pre-crisis period. The results provide new evidence for global REIT contagion phenomena and suggest greater difficulties in diversifying risks across global REIT markets during the post-crisis period.     

海南城乡居民消费水平差异性分析和预测

从1985-2018年海南城乡居民收入、消费数据出发，分别建立消费关于收入、消费差距关于收入差距的自回归模型，结果表明农村居民当期消费更易受近期收入和消费水平的影响，具有不稳定性。再利用GM(1,1)模型预测城乡居民收入差距，结合自回归模型，完成未来10年海南城乡消费差距的预测：收入差距和消费差距将呈直线递增趋势，收入差距的增幅高于消费差距增幅。缩小海南城乡居民消费差距的根本途径在于缩小收入差距，应因地制宜，切实提高农民收入水平。     

Social media affordances in entry‐level employees’ socialization: employee agency in the management of their professional impressions and vulnerability during early stages of socialization

This study examined how entry‐level employees interacted with social media during three stages of organizational socialization. They navigated between four different media affordances (persistence, editability, visibility, and association) while experiencing them as both enabling and constraining in different socialization stages. Qualitative interview data analysis revealed during anticipatory socialization, job applicants realized visibility and persistence in relation to institutional and individualized socialization. During encounter, new employees managed personal and professional life boundaries carefully against the association and visibility affordances. Although some participants used both public and enterprise social media for obtaining job‐related information and understanding coworkers and company culture, during metamorphosis, most interviewees adopted passive information seeking strategies and experienced a paradoxical tension between the enabling and constraining affordances of social media. Findings are discussed with regards to employees’ exertion of agency in managing their professional impressions and coping with high levels of uncertainty and vulnerability during early stages of socialization.     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

甘孜州农牧区县域发展水平综合评价与特征分析

[目的]对甘孜州各县市的发展状况进行研究探讨,为区域可持续发展策略的制定实施提供科学依据,对提升县域发展水平和发展质量具有重要意义。[方法]建立涵盖经济、社会、资源环境三大模块共计24项指标的评价体系,选取发展较快的2007—2014年为研究时段,运用极差法、改进熵值法、耦合协调度模型与GIS工具,对甘孜州各县市的发展水平进行综合评价与分析。[结果](1)全州综合发展水平指数平均值为0. 500 8,发展水平整体较低,其中康定市得分最高,石渠县最低,县市之间呈现两级分化。(2) 2007—2014年全州综合发展指数平均增幅0. 262 6,年均增速13. 77%,所有县市均处于上升过程,但县市之间增速不一,发展差距逐步扩大。(3)全州发展协调度平均值为0. 390 5,协调度较低,各县市均处于轻度失调或濒临失调水平。(4)发展水平、活力、协调度较高县市均集聚于州东部和南部,尤以东路片区最为典型。[结论]下一阶段需依据各县市实际,立足优势,制定实施合理的发展规划,缩小区域差异,提升综合发展水平。     

考虑供给与需求波动性的安全库存定量研究

本文以商业企业和MTS模式下生产企业的安全库存为研究对象,将供给与需求的变动程度作为两个动态指标研究四种不同战略与运营环境下的安全库存模型,并进一步分析了降低安全库存所需的管理杠杆.