Demographic Factors,Corporate Social Responsibility,Employee Engagement and Corporate Reputation： A Perspective From Hotel Industries In Indonesia

Hotel as a hospitality industry should manage its reputation as a valuable asset for the business continuity. The hotel＇s reputation is built up by the employee＇s perceptions of treatment and sense of belonging and engagement of the hotel. The purpose of this study is to analyze employee＇s perceptions of corporate social responsibility （CSR） activities, employee engagement, and corporate reputation that have been undertaken by the hotel industry in Jakarta and how demographic factors influence these perceptions. The structure equation model （SEM） was implemented to find each variable influence. Samples were taken from hotel employees who work in five-star hotels in Jakarta with 221 respondents （response rate 78.9%）. The results indicate that CSR activities significantly influence employee engagement and corporate reputation, and at the same time, employee engagement significantly influences cor0orate reputation.     

Abstract

This paper analyzes central banks＇ balance sheets of China, America, Japan and European Union and discloses their characteristics of structures of liability and asset. It points out the default of liability structure and asset structure respectively, which results in constantly decline of central bank＇s regulation capacity. To avoid further worsening of relations between debts and assets, the People＇s Bank of China must adjust its balance sheet. The measures include： to raise the ratio of ＂issuing currency＂ among ＂Reserve money＂ and total liabilities gradually; to decrease the ration of ＂financial corporate deposits＂ and ＂issuing bonds＂; to specialize ＂the other liabilities＂; to add to the subject of ＂monetary assets＂; to decrease the amount of ＂foreign exchange assets＂ and its ratio to the total assets; to specialize ＂claims on the depositing companies＂ and ＂claims on the other financial companies＂ and increase the quantity of assets allocations to these subjects.     

英文摘要

A Study on the Relation between Governance and Performance of China＇s Largest Listed Companies
Abstract： In this paper we designed a corporate governance evaluation system and evaluated the 100 largest China＇s listed companies of 2008, in order to provide a new proof of the relationship between governance and performance. The results showed that polarization of corporate governance is significant. Financial listed companies have higher governance level than non-financial companies, and state-owned companies have lower governance level than other types of companies. Empirical analysis showed that corporate governance has a positive impact on corporate performance. The indices of shareholder rights, information disclosure and transparency, and equal treatment of shareholders have significant impact on corporate performance. The results of two stage least squares showed that the endogenous of corporate governance is small;The impact of corporate performance on corporate governance is not significant.     

Review on the Study of the Allocation of Corporate Control in Enterprise Theory

With the establishment of a modem corporate system, the separation of ownership and management appears in the company. The rational allocation of corporate control between different behavioral agents has attracted more and more attention. This paper points out that scholars have studied the allocation of corporate control from the angles of the agency cost theory, property rights theory, corporate finance theory, and the theory of corporate governance, which has great value. However, the existing theories also have some flaws on the allocation of corporate control. First, people still have different understandings and views over the meaning of corporate control. Secondly, the existing research theoretically only observes and studies an arrangement of sheer level control, the allocation between final control and real control. This paper argues to build the two-tier allocation of corporate control： The first tier relation is between ultimate control rights and actual control rights, the second tier relation is between indirect control rights and direct control rights which are in actual control rights. This study can explain the resource allocation effects of corporate control, promote the development and improvement of the theory of the firm.     

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.     

FDI and Technology Spillover in China

Foreign-invested enterprises＇ influence on China＇s enterprises＇ technology is one of the most important issues. We use the panel data of China＇s state-owned enterprises to analyze this influence. The result shows that the foreign-invested enterprises have a significant influence on the native enterprises. We find that the extent of the technology spillover is positively related to the technological level of the foreign-invested enterprises, while their caoital and asset scales have rather comnlicated influences.     

Entrepreneurship corporate social responsibility and flexible innovation networks： On the interaction between TNCs＇ R＆D activities and local development

Entrepreneurship corporate social responsibility is concerned with obligations that should be undertaken by an enterprise or ＂enterprise citizen＂ to the society including interrelationship between enterprise and some related interest dependents. And it is a sense of value, discipline and respect to the people, community and environment-related policies of the enterprise. Obviously, the core of the notion refers to a commitment of the enterprise in order to improve living standard of related interest counterparts. Nowadays, entrepreneurship corporate social responsibility has been not only an ethical call, but also an institutional constraint. The consensus is that in operation process an enterprise should take into account of its economic, social and ethical effects on consumers, staffs, shareholders, communities, local governments and environment and make a better prospect to them. Based on this point of view, by field work and questionnaire method, this paper discusses specifically the interaction between TNCs＇ R＆D activities and local development of the Pudong New Area, a China＇s largest special economic zone in Shanghai to explore dynamics of the TNCs＇ R＆D activities, growth of the local economy and their roles in promoting flexible innovation networks for sustainable futures. This involves： a. notion of the entrepreneurship corporate social responsibility; b. current state and trend of TNCs＇ R＆D activities; c. mode and linkage tightness between TNCs＇ R＆D activities and the local economy; d. main problems of the TNCs＇ R＆D activities in Pudong; e. the context of flexible innovation networks; and f. manner and ways in creation of flexible innovation networks.     

An Empirical Analysis of the Growth of IT Enterprises in China

The paper makes an empirical analysis on the main factors affecting IT corporate growth-human resource and R＆D. By using data of China＇s listed IT companies, we focus on the relationship among corporate value （net return of equity, ROE） or development of COl＇porate value （Tobin＇s Q） and manager＇s salary, R＆D fee, R＆D employee etc. The conclusion shows that development of corporate value （Tobin＇s Q） has correlativity positive with the plurality of board chairman and general manager, independent directors＇ proportion, R＆D fee, and R＆D employees while it is non-obvious positive with salary of superior managers, holding stocks of general manager, capital investment, and negative with corporate scale. The conclusion is accordant with the development status of Chinese IT corporate.     

Coase Theorem Is Truth or Not？

Coase theorem has the implicit private property right system preference. In the logic sense, if we define “exchange cost”, “exchange right＇s initial allocation” and “final allocation” specially, Coase theorem will be correct in the sense of main - stream western economics logic and methodology, but Coase theorem is equal to perfect competition theory at all at the same time, it has no reality sense. In the empirical sense, Coase theorem is fallacious. A lot of economists including Paul A. Samuelson and Joseph E. Stiglitz have given Coase theorem radically negative comment. Coase theorem＇ s inference must be private property fight firm＇ s efficiency is higher than commonality property right firm＇ s. There are three kinds of evidence in the economic practice, one affirms Coase theorem absolutely, one denies Coase theorem at all, the other contains component denying Coase theorem while it affirms Coase theorem. The post property - right argument is evolution and negation of Coase theorem to a certain extent.     

Research on the Strategy of China Assets Appraisal Development

This article gets more inspiration about how to design the system of standards by inspecting the framework and it＇s content of intangible asset appraisal standard, which is the first specific one issued by The Chinese Institute of Certified Public Accountants so far and puts forward proposal of the strategies of China assets appraisal development.     

Empirical Examination of the Effects of Competition and Regulation on Public Universities and Colleges＇ Performance in China

Competition and regulation are indispensable entities for a university＇s improved performance. Using university rating as an index to performance, empirical analyses with the data from 145 public universities and colleges in China show that increased competition in the education service market is associated with higher university＇s （college＇s） performance. And increased competition in R＆D may make a quadratic effect on university＇s （college＇s） performance. University＇s performance improves when a university is directed as a branch of the central government because they enjoy some degree of management flexibility more than the local government controlled ones. A major implication of the study is the need to reform competition and regulation for improving universities and colleges＇ operating performance in China.     

Effect of total resource allocation effect and economic growth：Chinese experience of 1978-2004

The analytical method of total resource reallocation effect is an evolution of the analytical method of the factors of economic growth. Since the marketization reform in China in 1978, market mechanism has played a more and more important role in resource allocation, and Chinese economy has developed greatly, which is called ＂the Chinese Miracle＂. This paper analyzes the economic growth in China from 1978 to 2004 with the analytical method of total resource reallocation effect. The result shows that the annual growth rate of total resource reallocation effect was 0.2%, which was 5.1% of the comprehensive productivity and 0.21% of the gross output growth, i.e. the total resource allocation played a weak role in the economic growth in China. When analyzing it in Chenery＇s multinational model, we find that Chinese comprehensive productivity growth rate was higher than that in all the income phases of the model, but the total resource allocation effect was obviously lower than that in all the income phases of the model. It indicates that the total resource allocation in China has a great potential, and that to accelerate marketization reform is one of the important issues for Chinese economic development.     

Research on Customer Knowledge Management

CKM （Customer Knowledge Management） is about gaining, sharing, and expanding the knowledge residing in customers, to both customer and corporate benefit. Enterprise should establish learning mechanism with customer and constantly learn the knowledge of customer＇s demand. By adopting CKM strategy, the enterprise can realize knowledge sharing, knowledge transferring, knowledge mining, knowledge utilizing and knowiedge creating. The current network technique, distributing database and database technique provide a good integrating platform for CKM system. The framework of integrated CKM is illustrated in this paper.     

Thailand-Japan＇s Volume of Trade Influencing on Socio-economic and Well-Being Development Using Maximum Entropy Bootstrap

This paper is preliminary information on some empirical findings based on an analysis of Thailand＇s macroeconomic data. The purpose of the study is to quantify social-economic well-being development with special emphasis on poverty. The maximum entropy bootstrap was presented that did not require the property of stationarity. Moreover, the methodology was stratified both the ergodic theorem and the central limit theorem. Thailand＇s GINI index and Thailand-Japan＇s volume of trade data cover the 14-year period from 1998 to 2011. There is a statistically significant negative non-linear relationship between endogenous Thailand＇s GINI index and exogenous Thailand-Japan＇s volume of trade. The results confirmed that every lagged one percent increase in Thailand-Japan＇s volume of trade influenced by a decrease of Thailand＇s GINI index coefficient 0.039 percent with the asymmetric around 0-almost closed to range condition -0.034824348 at 2.5%.     

Research on the Evaluation of the Enterprise＇s Technology Innovation Capability

With the fast development of technology and the fierce market competition, technology innovation has been put on firm agenda to each enterprise＇s success. Under this circumstance, how to improve the innovation capability of enterprise is very important. Meanwhile, how to evaluate the enterprise＇s innovation capability becomes a key point. This paper analyses the content of enterprise＇s innovation capability based on the innovation process. A set of evaluation index systems of enterorise＇s innovation capability have also been given out.     

Capability Innovation and Competitiveness

A firm can be thought as the combination of a series of capabilities. Some key capabilities owned by a firm are untradable, unimitable and unsubstitutable. These capabilities are considered to be the core capabilities. The core capabilities determine the firm＇s comparable competitive advantages. The continuous capability inrtovation can further strengthen the firm＇s competitiveness. Resources are the foundation of the capabilities. The foundation of capability innovation depends on the investment and restructuring of resources. The core products are the carders to the firm＇s core capabilities and other capabilities to satisfy the market＇s needs. The core products are the core components of the end products. The market share of the core products is more important to a firm.     

Study on Portfolios Models with Evolutionary Programming

This paper is trying to make some improvement to Markowitz＇s Mean-Variance Model. In this paper, we try to solve the model of portfolio by using Evolutionary Programming under the condition of the covariance matrix which is a non-positive matrix, and design a new method which can improve Markowitz＇s model. At last, we give an illustrative example with the new method.     

Corporate innovation behavior and internal governance mechanism

Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is relatively limited evidence of how corporate governance affects corporate innovation. In this study, the author theoretically demonstrates how internal governance mechanisms interact to affect innovation, such as internal control, monitoring and compensation contracts. Governance mechanisms are determined by firm characteristics. The ＂best＂ governance structures that can be adopted universally do not exist. However, innovative firms often share similar characteristics, and they adopt similar governance mechanisms to facilitate innovation. The ultimate purpose of such internal governance mechanism that facilitates innovation is to prevent managers＇ myopia, and this paper concludes 5 different roles in internal governance mechanism that facilitate corporate innovation behavior.     

The Study of Virtual Enterprise＇s Leader

With the fast changing of environment, virtual enterprises become a kind of new manufacture mode day by day. In the course of establishment and operation of virtual enterprises, the leader＇s status is very important. The study of the leader＇s characteristic, function and how to discern will contribute to realize the leader＇s function and guarantee the healthy and fast development of virtual enterprises.