The changing place of fraud in seventeenth-century public debates about international trading corporations

Abstract

This article surveys the changing role of fraud (dishonest and immoral commercial practices) in public justifications for corporate management of overseas trade in England across the seventeenth century. It argues that the perceived likelihood of fraud in international commercial settings played a critical role in public justifications for trading corporations at the beginning of the seventeenth century. The article suggests that these justifications were challenged from the 1690s. It explores three aspects of this challenge: first, the ways in which agents of the East India Company convinced the Company to liberate private trade (an activity previously defined as fraudulent by the Company and the Courts); second, the arguments from the 1680s that depicted the joint-stock corporation as an unaccountable, soulless entity whose claim to public trust looked less credible; third, how decades of accumulated experience of international trading contexts (and interactions with non-European merchants) prompted pamphleteers to promote the possibility (and reality) of unregulated trade in those settings. All three helped to erode the former association between private individual trade in international contexts as likely to encourage dishonesty, immorality, and fraud. This change therefore led to the corporate body itself becoming a possible vehicle for fraud rather than the individual international merchant (who the corporation was meant originally to regulate). The article analyses public deliberations about fraud and corporations to make interventions in the history of economic thought, the history of trading companies, and the history of economic crime (and especially its rhetorical role in debates about the regulation of trade).     

企业应收账款管理研究

我国经济已由高速增长阶段转向高质量发展阶段,“提升治理能力,实现高质量发展”是我国面对新变化、新趋势再一次作出的明确路径选择。如何加强应收账款的管理,已经成为现代企业管理中不容回避的问题。论文通过对LD公司应收账款管理的研究,提出改进方案和实施保障措施,有助于解决LD公司应收账款管理的实际问题,顺应企业高质量发展需求,提高应收账款管理能力,推动企业朝着更高质量、更可持续的方向发展。     

父母陪伴对青少年非认知能力的影响 ——基于亲子共餐视角的准实验研究

采用"中国教育追踪调查(CEPS)"两期面板数据,利用双重差分倾向得分匹配法(PSM-DID),从亲子共餐这一微观视角来探究父母陪伴对青少年非认知能力的影响。结果显示,亲子共餐频率的降低对青少年的非认知能力总水平及其分维度情绪稳定性、宜人性和尽责性均有显著的负向影响,反之,亲子共餐频率的提高对青少年的非认知能力总水平有显著的正向影响,但具体从各维度来看,亲子共餐频率的提高仅对青少年的宜人性产生显著的正向影响,而对情绪稳定性和尽责性均无显著影响。     

TrAffic LIght system for systemic Stress: TALIS3

For the purposes of financial stability, identifying financial institutions that, when in distress, could have a significant adverse impact on financial markets is important. A TrAffic LIght System for Systemic Stress (TALIS-cube) is proposed that provides a comprehensive color-based classification for grouping companies according to both the stress reaction level of the system when the company is in distress and the company’s stress level. TALIS³ can integrate multiple signals from the interaction between different risk metrics. Starting from specific risk indicators, companies are classified by combining two loss functions—one for the system and one for each company—evaluated over time and as a cross section. An aggregated index is also obtained from the color-based classification of companies. TALIS³ can be used to enhance the performance and robustness of existing systemic risk measures. An empirical analysis of the U.S. market is also provided.     

专利执行保险与上市公司创新行为研究

专利制度的本质是对知识资源产权归属进行确权。基于我国第一批和第二批专利执行保险试点这一准自然试验,借助沪深上市公司2008-2017年数据,通过双重差分法（DID）实证检验了专利执行保险对上市公司创新行为的影响。研究发现：专利执行保险加强了知识产权保护,能显著提升上市公司创新积极性和创新投入力度;专利执行保险显著增加了上市公司专利申请数量及专利授权数量等创新产出。进一步研究发现,国有控股、市场化进程、法制化完备程度均能显著促进专利执行保险对上市公司的创新激励效应。利用敏感性检验和工具变量法对内生性进行控制后,上述结论仍然成立。因此,加强专利保护制度建设对促进上市公司创新具有重要意义。     

Influence of country and company characteristics on international business decisions: A review,conceptual model,and propositions

This research advances four propositions and a conceptual model of country and company characteristics influencing key International Business Decisions (IBDs). The IBDs in this study are country selection and evaluation, entry mode, segmentation-targeting-positioning, and the marketing mix – the first two in the international business domain, and the latter two in the international marketing field. The conceptual model and related four propositions are advanced, based on an extensive literature review and subsequent in-depth review of 169 published research papers on major IBDs and their determinants, namely, country characteristics, including opportunities, risks, and various distances between the host country and home country, and company characteristics, which include international business experience, assets/resources, and expansion/growth strategies. Managerial implications and directions for future research are discussed.     

母公司控股、融资约束与企业创新投入

利用2012－2017年我国A股上市公司数据，检验母公司控股对企业创新投入的作用。结果发现：子公司创新投入意愿明显不足。进一步分析发现，融资约束弱化了母公司控股与企业创新投入意愿之间的关系。运用变换模型估计和变量处理方法检验后，结论仍然十分稳健。结论为法学和经济学的有限责任理论、管理学的前景理论与威胁刚性模型提供了经验证据，从而丰富了上述领域文献。同时，对我国集团型公司治理中的创新管理具有一定借鉴意义。     

供应商集中、公司治理与企业价值 ——基于我国A股制造业上市公司数据

本文通过选取2010—2017年我国A股制造业上市公司的数据,先研究公司供应商集中对于公司价值的直接影响,结论显示公司供应商集中对于企业价值有着负面的影响;然后在进一步研究中,探究了公司治理相关因素以及面临的融资约束情况对于公司供应商集中与公司价值关系的调节作用。实证结果显示,产权性质以及董事会独立性会对两者的关系产生影响;股东间的相互关联以及对于高管薪酬激励都对公司供应商集中与公司价值的关系有着负向的调节作用。与此同时公司面临的融资约束越小,公司供应商集中对于公司价值的负面效应越弱;最后利用多重中介效应模型探究了供应商集中的作用机制。     

To Trust or Not to Trust? Consumer Responses to Cause-Related Marketing

Abstract

The purpose of this study is to understand if company trustworthiness and the type of cause-related marketing (CRM) campaigns (strategic vs. tactical) affect purchase intention and company image of a yogurt producer, under the control of socially responsible consumer behavior, general trust, income, attitude toward the CRM campaign, and initial company image. The study applies a quantitative (experimentation) research to test the proposed model. MANCOVA was applied with data obtained from 600 respondents who were selected by a two-stage cluster sampling method. The research model is partially supported. Company trustworthiness and CRM type are found to affect only company image and without any interaction effect. Being a highly trustworthy company applying a CRM campaign has more positive influence on company image than a less trustworthy one. Additionally, a strategic CRM campaign creates more positive influence on company image than a tactical one. The findings are further deliberated with the managers of the two selected companies with focus group discussions.     

Understanding resource investments

The Millennium Boom of 2003–2011 made the resources industry highly profitable and led to a surge in new projects around the world. This had major implications for the Australian economy: Resource investment accounted for almost half of all business investment at the peak and the buoyancy of the sector helped Australia to avoid the worst of the global financial crisis. Using the event-study approach, this article examines the wealth-creating effects of new resource projects at the individual company level. The results indicate substantial increases in shareholder returns occur around the time of announcements of government approval for projects, the finalization of feasibility studies and changes in the status of projects such as when a company decides to finally commit to invest in a project. Government approval is the most important milestone in the life cycle of a project, where abnormal returns around 4% are realized on announcement day.