The effect of consumer food creation on the food consumption experience

Two experiments show that the role the consumer plays in the creation of their food can affect the consumption experience. When guilt is present in the consumption of the food item, namely an unhealthy food item, having someone else create the food item increases taste evaluations, attitudes, and behavioral intentions. However, when guilt is not present, as in the case for healthy foods, there is no difference in food evaluations when the end consumer or another creates the food. These results have important implications for food retailers, food service establishment, and food delivery companies.     

Bank business models and liquidity creation

Using a large panel of US bank holding companies from 2001 to 2015, this study investigates the association between functional diversification and bank liquidity creation. I document evidence of lower liquidity creation for higher diversification. The effect of moving into nontraditional activities on liquidity creation is more apparent with large banks and less pronounced with small banks. The impact of diversification on liquidity creation is less significant during the late stage of crisis and is more clearly observed in small and medium-sized banks. Low liquidity creation banks, leveraged by a higher share of non-interest income, are more likely to further decrease their liquidity creation. The study is of interest to regulators and policymakers who are concerned about bank business models.     

What have we learnt about board gender diversity as a business strategy? The appointment of board subcommittees

This paper explores whether a board's gender diversity influences the voluntary formation of its board subcommittees. Female board directorship may become a business strategy for firms if it affects the appointment of board subcommittees. We hypothesize that the voluntary creation of board subcommittees is affected by the presence of female directors on boards; the presence of independent, executive, and institutional female directors; and the proportion of shares held by female directors on boards. Board gender diversity has been measured as a proportion and with Blau's index. The results show that independent female directors are positively associated with the likelihood of voluntarily setting up all or some of the committees and a supervision and control committee. The presence of executive female directors negatively influences the probability of forming all or some of the committees, an executive committee and a supervision and control committee. The percentage of shares held by female directors has a positive effect on the voluntary creation of an executive committee. The findings also report that women directors and institutional female directors do not contribute to the voluntary creation of board subcommittees. Our evidence shows that female board directorship impacts the demand of internal control mechanisms such as board subcommittees, suggesting that firms should take it into account as a business strategy. The main implications derived from this research are relevant for Spanish policymakers and researchers because board gender diversity may play a significant role in the decision‐making processes of firms and may influence firms' outcomes.     

众创空间集聚的连续距离测度及影响因素分析

基于253家浙江省众创空间的微观数据，文章在运用连续距离的测度方法测算众创空间集聚水平的基础上，采用零膨胀负二项回归等方法实证分析众创空间集聚的影响机制。研究发现，众创空间的地理分布存在显著的区域差异，主要分布在杭州和宁波市辖区，选址具有明显的集聚特征。回归结果显示，区域创新能力和生态环境均对众创空间的地理集聚具有促进作用，但两者之间存在明显的替代效应；尽管不能直接促进众创空间的集聚，政策引导与创新能力之间具有较显著的互补效应。据此，文章从培育创新能力和优化创新激励等方面提出了政策建议。     

Are firms ready to use big data analytics to create value? The role of structural and psychological readiness

In this study, we leverage Information Technology (IT) readiness literature and resource-based view (RBV) to investigate the impact of firm structural and psychological readiness on firm value creation, as mediated by big data analytics usage. The proposed research model is empirically validated using survey data from 179 senior IT managers. The findings demonstrate the importance of both structural (i.e. IT infrastructure capability, tools functionality, employee analytical capability, and bigness of data) and psychological readiness (i.e. IT proactive climate) in enhancing firm value creation through big data analytics usage. These results provide interesting theoretical and practical insights.     

徐州市科技创新能力综合评价及应用研究

从科技创新投入、科技创新产出、科技创新环境支撑和科技促进可持续发展等4个方面,在26个备选具体指标的基础上,通过反复测试检验,最终选取14个具体指标,建立科技创新评价模型,对淮海经济区核心区城市和江苏省十三市的科技创新能力予以定量评价,并进行横向比较分析。最后从科技创新投入、成果转化等七个方面对徐州市提高科技创新能力给出了建设性建议。     

Cognitive ability and human behavior in experimental ultimatum games

Recent researches have shed light on the effect of cognitive ability on economic decision-making. By measuring cognitive ability applying Raven's progressive matrix test, we obtain two significant results that this effect affects decision-making in two types of experimental ultimatum games. First, the higher the cognitive ability, the larger the amount a sender offers when the offer is smaller than or equal to the half split. Second, the higher the responders’ cognitive ability, the smaller the offer they accept, when they accept it or not with the strategy method. This study not only finds new factors that affect decision-making in experimental ultimatum games, but also provides more evidences that cognitive ability influences economic decision-making.     

Does default point vary with firm size?

This article aims to improve the predictive ability of KMV model by distinguishing firm size. The evidence suggests that default point would vary with firm size. Using the method of particle swarm optimization, we obtain the optimal default point separately for large firms and small firms. Several statistical tests such as the model confidence set methodology show that our relatively tractable model is more likely to have the strongest predictive ability.     

Does managerial ability matter for cross-border M&As: Evidence from Chinese listed firms

With the deepening of economic globalization, cross-border mergers and acquisitions (CBMAs) are increasingly becoming an important choice of transnational investment, and more Chinese firms are becoming involved in them. However, the success rate of CBMAs for firms in China seems to be lower than that for firms in other countries. Using data on the CBMA deals initiated by Chinese A-share listed enterprises from 2003 to 2018, we examine the association between managerial ability and the likelihood of completing CBMAs. The empirical results show that the average impact of managerial ability on the likelihood of completing CBMAs is positive. Furthermore, by taking heterogeneity of the ownership structure into account, we find that the positive effect of managerial ability is significant only for non-state-owned enterprises. Moreover, the results from the mediation model show that relaxing financing constraints is a possible channel by which managerial ability affects the likelihood of completing CBMAs. Our results are robust to various model specifications.