Contractual relationships in family firms： An agency theory interpretation from a managerial perspective

This study examines the contractual relationships from a managerial point of view by a sample of 55 family firms in an industrial zone in Turkey. The results show that the type of contract （i.e., behavior or outcome-based） is not affected by a professional manager＇s tenure, position and his/her education level. It is also presented that the type of contract does empirically not have a relationship with information asymmetry and risk taking/uncertainty in a family firm setting. Furthermore, its relationship to goal conflict and job complexity is weak and negative, which necessarily means that any increase in goal conflict or job complexity requires an outcome-based contract to be written between an owner and a professional manager. Yet, only goal conflict is significant in explaining the type of contract. From the managerial perspective, these findings imply that the agency theory is not suitable for relatively small family firms.     

On the Quality and Ability of Modern Professional Managers

Modern enterprises are in the environment changed rapidly and with keen competition. Employing professional managers to operate enterprise is an important tendency for modern＇ management. This article first reviews the background and the development course of professional manager and defines professional manager. On the base of analysis of modern professional manager＇s occupation characteristics, this paper elaborates the quality and ability that modern professional manager should possess.     

Game Theoretical Research on Formulation and Perfection of International Accounting Standards

This paper makes a game-theoretical research on formulation and perfection of International Accounting Standards. The implementation of lASs is not compulsory, but supported by some important international organizations, which demonstrates that the essence of lASs is a kind of quasi-international contract. IASs should be in Nash equilibrium as an international contractual arrangement; otherwise, it couldn＇t be established or self-enforcing. The phrasal characteristics of lASs＇ formulation and perfection decide that developing countries may have limited opportunities to merge into international economic circle by formulating their own high-quality Accounting Standards and cultivating their own high-quality accounting personnel.     

Integration of the economic contract and psychological contract

Economic contract and psychological contract are both important in enterprise human resources management. They are the emotional bands between the enterprise and employees, which depend on each other and have a tight connection with each other. The ultimate goal of an enterprise is the achievement and maintenance of psychological contract, but without economic contract, psychological contract will lack of innovation encouragement. The enterprise should implement system construction, dynamic contract management, total compensation management, emotional management and differential incentive to integrate the economic contract with psychological contract.     

China＇s Pension Reform and Capital Market Development

The paper analyzes the interaction between the pension system and capital market development, especially the case of China. A funded pension system is most likely to boost the capital market, but in the absence of a supportive financial infrastructure and effective financial regulation, a funded system will not be successful. China‘s determination to establish a partially funded system is afirst step in the right direction, but without the separation of individual accounts from the social pooling and their replenishment, the working out of the implicit pension debt, and improvements in pension fund management and regulation, the pension system will not be sustainable. The key to capital market development in the process of the pension reform is to enact laws to protect the interests of pensioners, to contract out pension fund management to professional asset managers, and to accelerate the financial opening.     

Role of China in Global Carbon Market

I. Introduction The international response to climate change is governed by the United Nations Framework Convention on Climate Change, adopted in 1992, and its Kyoto Protocol, adopted in 1997, which entered into force in 2005. A basic principle has been to reduce greenhouse gas (GHG) emissions1 cost-effectively. Because GHGs mix uniformly in the atmosphere, a given emission reduction is equivalent from an environmental standpoint wherever the action is taken. This property of “substitut…     

Process-Oriented Management in Public and Private Sector

The aim of the paper is to discuss the differences between the process-oriented management in public sector organizations and private sector organizations. It is also to present the consequences of implementation of this approach and to suggest areas for further research. The process management is based on the assumption that actions should be optimized by taking into account processes, which create the dynamics of an organization. These processes are constituted by sequences of activities, which turn ideas and efforts of members of an organization into an outcome expected by a client. It seems that the implementation of the process-oriented management in organizations of the public administration may facilitate the following current clients needs and identifying new ones, which are due to changes in needs of citizens or legal requirements. The paper gives an account of the process-oriented management approach and consequences of its implementation in public sector organizations. It also discusses the obstacles to the process-oriented management implementation, primarily in the public sector. The paper is theoretical and the presented ideas need further empirical investigation. The findings can be used to enhance process-oriented management systems both in the public and private sector.     

Agricultural Intensification Systems——Price Dependence

The research on agricultural intensification can go back to Karl Max, and there have many long-standing and different and distinct viewpoints. After comparing five definitions on intensification in Chinese and foreign academia, by semanteme differentiation, the paper indicates the English word ＂intensive＂ refers particularly in agriculture to ＂JIYUE＂ in Chinese; while as a common adjective, it means possessing or requiring to a high degree in Chinese, ＂MIJI＂. The two explanations in Chinese have different cormotation. According to this, the paper classifies the different definitions of agricultural intensification, and by analyzing the difference among many viewpoints, gives a new intensification definition depending on property right and pricing systems, exploring the historical necessity of economic growth conversion from extensive to intensive way, and a result of the arrangement of property right and market pricing system led by resource rareness.     

Charismatic leader＇s dilemma： How to be a good charismatic leader in the context of racism？

It is an important issue to advice leaders and managers how to act in difficult managerial situations caused by the multicultural communality. Racism paves the way to the bad society. Racism understood as cultural phenomenon gives interesting prospects for the development of anti-racist organization culture. Leaders, who inspire their followers to transcend their own self-interests for the good of the organization and who is capable of having a profound and extraordinary effect on the followers, are in the main focus of this article.     

Corporate Governance of Enterprise Groups in China

Clear property right is the core of modem enterprise system, but it can＇t become all-powerful medicine to an enterprise because many enterprises with clear property rights in some countries can＇t avoid bankruptcy in market competition yet. Good corporate governance as a system arrangement will be good to the organization management operation. The research to the corporate governance of enterprise groups will be advantageous to corporate groups＇ standard operation. But the existing research is almost pointed to single enterprise not enterprise groups. The structural complexity of enterprise groups will increase the difficulty in corporate governance. The paper is based on and oversteps the traditional corporate governance theories to research the corporate governance of enterprise groups. We try to summarize the domestic and foreign correlation materials in order to provide the argument basis for the research to the corporate governance of enterprise groups.     

How Aging and Intergeneration Disparity Influence Consumption Inequality in China

Concurrent with market economic reforms, China is facing an increasing income gap and an aging population. The question addressed in the present paper is how much aging contributes to the rising disparity in consumption. Based on the model established by Ohtake and Saito （1998）, our study shows that cohort effects contribute close to 60percent of the rising consumption inequality, while approximately lO percent is the result of aging. The growth of aggregate consumption inequality caused by the cohort effect has various implications. Strengthening the redistribution system, especially the tax system, may enable the economy to avoid further increases in income inequality.     

Commitment,Communication, and Leadership Determine the Leader： A Qualitative Analysis of Businessperson Characteristics Practiced by SME and Family Business Directors

This article outlines the details of an empirical study into the perceptions of small and medium-sized enterprise （SME） directors regarding the concepts of communication and commitment to leadership style and the interpretation of these concepts by way of depth interviews. The commitment by SME directors is represented by the themes of emotional commitment, visibility, financial bond, and personality traits. The communication by SME directors is represented by the themes of empathy, type of information, reaction and personality of the communication. The concept of leadership in the SME sector is typically closely associated to the charismatic leadership and the theory of the inclusive leadership （IL） style. The IL is a representation and use of all of the represented leadership styles depends on a situation. This study can be described as an exploratory study, consisting of qualitative in-depth interviews that were conducted with 19 directors of SMEs in the Netherlands and a qualitative matrix method was utilised.     

Enhancing the Awareness of Teachers' Personalities and the Effects upon Their Teaching Practice

It has become far clearer that ifa teacher has anything really valuable to contribute to his or her students＇ development, it will come through the expression of his or her own personality. As regards to research into teachers＇ personality, a teacher＇s function, therefore, is not to create students in his or her own image, but to develop students to create their own image, through, to an extent, the presentation of his or her personality. In this regard, studying teachers＇ personality is of significance in teaching practice, for, in due course, there are teachers＇ personal cultural interpretation and social recognition involved. In this research hereby, I would like to broaden such awareness by reviewing and reflecting some important relevant studies; and approving their suggesting applicability in teaching practice.     

Clusters Pulled by FDI in China and the Development of the SMEs： Theory and Typical Cases Study

In China, clusters are divided into two categories according to their initial power. One category is the spontaneous and endogenous industrial cluster represented by clusters of a range of small and medium-sized private enterprises such as those in Zhejiang. The other represents those attracted by the foreign direct investment （FDI） such as those in Guangdong and Jiangsu. This paper focuses on the second type. It is an attempt to analyze the role of FDI in the development of industry clusters. It also tries to explain how existing clusters attract new FDI. The factors that constrain the promotion and development of SME clusters are also examined in this research. The countermeasures of promoting the healthy development of clusters and SMEs further are put forward.     

A Study on Service Quality Improvement of Property Management in China

This paper analyses the service quality level of property management in China and the relationship between the improvement of service quality and the obtaining profit ability for a property management enterprise. It is very important for property management industry＇s development. Moreover, based on an analysis of key factors to service quality, a continuous quality improvement approach for China＇s property management is proposed, and some useful quality improvement tools and methods involved in this approach are briefly addressed, which can promote the service quality of whole property management industry in China.     

The Development of China＇s Electronics Industry： Causes and Constraints

The development of China‘s electronics industry can be attributed to supportive government policies, strong domestic market demand and the opportunities provided by the international transfer of technology in the electronic manufacturing sector. China‘s enterprises can only continue to develop through technological upgrading due to the lack of core technologies of their own. Since this process is still ongoing, China has not become a competitive country in the field of electronic technology. As a country in transition, government initiatives designed to encourage the development of the electronics industry have also undergone changes in line with economic institutional reform. Direct government intervention policies have been gradually replaced by indirect regulatory policies and the market is playing a more and more important role in the electronics industry.     

Anti-commons： How tragedies happen—— Some cases and the evidences on fisheries

Anti-commons theory is an emerging theory proposed by scientists to explain several situations about property rights. An ＂anti-commons＂ problem arises when there are multiple rights to exclude. Little attention has been given to the setting where more than one person is assigned with exclusion rights, which may be exercised. We analyze the ＂anti-commons＂ problem in which resources are inefficiently under-utilized rather than over-utilized as in the familiar commons setting. In fact, these two problems are symmetrical in several aspects.     

International Trade,Entrepreneurship, and Monopolistic Competition： German Hidden Champions and Global Markets

The Chicago School of Monetarism dominates the debate on the competition models. In the last decades, the pendulum has swung back towards the German historical school of economics by List, Schnmpeter, Gutenberg, and Simon. The new trade theory by Paul Krugman is the standard in analysis of economies of scale and product differentiation in intra-industry trade. Chamberlin＇s product differentiation concept and monopolistic competition theory are included in Krugman＇s theory. Diversity matters in B2B-business in global markets. About 100,000 multinational corporations （MNCs） dominate the international trade of commodities worldwide but they need partners as suppliers of complementary products, services, and technologies, German hidden champions （HCs） that consist of over 1,300 mid-sized firms （Mittelstand） have revolutionizes the managerial economics. In terms of Peter Drucker, striving for leadership is the greatest gamble. Their success rate has been about 90% as Hermann Simon has reported. Their success recipe is the humble choice of markets segments, mainly B2B-industries, to make good business in any kind of goods and articles, not to follow trends or hit lists. The dilemma in EU-27-countries is that only Germany has succeeded to develop its own management doctrine initiated by Friedrich List and modified by Joseph Schumpeter. List argued that economic policy had to be adapted to the needs of specific nations to create the national system of innovation. Germany is the most diversified country worldwide. German small and medium-sized firms （Mittelstand） are globally oriented. Germany＇s family business is the unbelievable success story. Alfred Chandler has been a highly influential business writer. Because of Chandler＇s view, the personal capitalism was generally thought to be the old-fashioned model in comparison to the stock market capitalism. The Germany case is the strong evidence on the fact that Chandler＇s famous conclusion may be wrong. The family-ownership is perhaps the most sus     

Regional Inequalities and Its Determinants in Rural China：An Empirical Study Based on Agricultural Household Level Data

Using 1000 agricultural household survey data in 2002, this paper employs Gini coefficient and the Theft index to explore the regional inequalities and its determinants in rural China. We first measure the overall rural income inequality, and then decompose it by region and by factor （source of income） respectively. Third, we construct an econometric model to analyze the determinants affecting the income inequality indexes. Our main finding is that although Gini coefficient and Theft index is at a normal level, we need to point out that there exists a risk that the income inequality may climb up with the misbalanced growth of regional economy without taking adequate policy into account. At the end of this paper, policy suggestion is given： governments should offer more financial support for the less developed rural areas, where income level is quite low. An alternative choice is to enhance the transfer payment for the low-income people, and help them to get access to profitable economic project. In the long run, it is especially important to strengthen the farmers＇ professional training, and to increase their migrant ability to nonagricultural career.