Japan's elderly small business managers: Performance and succession

We investigate the effects of succession from an elderly to a nonelderly small business manager using firm-level data for Japan. The number of elderly small business managers has increased in Japan with the aging of the population; therefore, succession to younger managers has become an important policy issue. We make use of data for 2001–2015 for 188,021 small businesses, of which 77,773 at some point have a manager aged 60 or older and 8711 of these transition to a manager of under age 60. First, we investigate the relationship between firm performance and manager age. Performance is found to be lower for firms with elderly managers. Second, we estimate the determinants of succession in small businesses with elderly managers, showing that larger, less leveraged, more cash-rich, and profitable firms are more likely to transition to younger managers. Our results imply that more poorly performing firms are less likely to replace elderly managers, suggesting that such firms are not selected by young managers. Third, we examine post-succession performance using propensity score matching. Succession from elderly to young managers is shown to have positive effects on sales, employment, assets, return on assets, capital investment, and cash holdings. These results imply that succession improves firm growth. Furthermore, young successors tend to accumulate cash holdings implying that they are more risk averse and/or face tighter credit constraints than their predecessors.     

Local-Authority led Economic Regeneration Strategies in the Aftermath of the Foot-and-Mouth Disease Crisis of 2001

The Foot-and-Mouth Disease (FMD) outbreak of 2001 in the UK was completely unprecedented in its scale and severity, with over four million animals culled and a cost to the Exchequer of over £4 billion. Local authorities were at the front line in dealing with the outbreak, in coordinating the cull of livestock, the disposal of carcasses as well as attempting to deal with its aftermath and, in particular, the impact on the wider rural economy. This article examines the impacts of this crisis on three local authorities, Devon, Herefordshire and Cumbria. It examines how far the crisis acted as a catalyst in developing strategies to deal with a future outbreak as well as new local initiatives to promote regeneration in the areas most adversely affected. It focuses on developments that can be directly attributed to the crisis and shows that FMD had a considerable impact on communications and 'joined-up' activity within local authorities and with local stakeholders.     

创业导向下女性高管对家族企业财务绩效的影响——来自性别属性与家族属性的双重效应

文章通过区分家族女性高管和非家族女性高管两类群体，实证检验了在家族企业创业成长的过程中，性别属性与家族属性带来的双重影响。研究结果表明，与独立型女性高管相比，与控制家族有血缘关系的亲缘型女性高管参与治理会对家族企业财务绩效产生更为积极的影响，且在内部创业导向下该积极作用更显著。独立型女性高管对财务绩效无直接显著作用，且在内部创业导向下，会削减家族企业的绩效，在外部创业导向下也没有体现出积极作用。本研究揭示了在以内部创业导向为主的家族企业中，家族经验、家族关系等家族属性可以一定程度上弥补女性角色在家族企业治理中的不足，为日益蓬勃的女性后代继任的家族企业创业成长给出了一定的有益指导。     

家族企业代际间双向利他行为交互效应的探索

以血缘、亲缘为纽带的情感维系以及由此引发的一系列利他行为是家族企业治理的显著特征之一。文章以利他行为发出者的不同将家族企业利他行为分为垂施利他和反哺利他，一方面分析垂施利他的影响因素和行为呈现，另一方面将研究重点置于由反哺利他主体角色身份的不同、子代经理人品行特征的迥异所带来的利他行为水平的波动和利他效应的差异，再通过双向利他行为博弈模型的构建和交互效应的分析，探索利他行为对家族企业治理带来的影响。     

山东省文旅融合高质量发展对乡村振兴的影响研究

利用2001—2021年山东省16地市的面板数据，通过构建空间面板计量模型，对文旅融合发展质量影响山东省乡村振兴的效应进行实证分析。结果表明，文旅融合发展质量对山东省乡村振兴水平具有显著的正向影响，其中文旅融合发展质量对产业兴旺的正向影响最明显，对生态宜居的影响相对较小；2012—2021年的文旅融合高质量发展对乡村振兴的推动作用明显强于2001—2011年；沿海城市文旅融合高质量发展的提升作用显著强于内陆城市，最后根据研究结论提出针对性建议。     

Professionalization in Action: Accountants' Attempt at Building a Network of Support for the WebTrust Seal of Assurance*

This paper examines the attempts by the North American accounting institutes to develop a new market in e‐commerce assurance based on their claims to professional expertise through the WebTrust project. Employing actor‐network theory in an in‐depth longitudinal field study, we investigate how WebTrust was originally developed and promoted as a seal of business‐to‐consumer assurance, which largely failed to generate support in the marketplace. Proponents were subsequently able to generate more interest in the eyes of managers of online organizations by reshaping WebTrust as a flexible set of principles and criteria for systems advice and business‐to‐business assurance. Our analysis suggests that attempts to expand the accounting profession's domain of expertise reflect a trial‐and‐error process where the outcome achieved may be far from the vision that motivated the institutes into undertaking the project in the first place. We further show that the initial network of support for such projects can be quite fragile and dynamic as various actors reposition themselves around the shifting meanings attributed to the project.     

International perspectives on tourism‐led development: some lessons for the SDIs

The concept of tourism‐led socio‐economic development is neither new nor peculiar to South Africa. This study draws on the international experience of the Malindi‐Mombasa coastal development corridor in Kenya, the Goa Coast of India, the Kulu Valley and Bhutan in the Himalayas, the Gambia, Dominica, Belize and the Maldives. It assesses the results achieved in these tourism programmes against the strategic objectives of those South African SDIs that place a heavy emphasis on the country's tourism potential. The SDIs, as described elsewhere in this collection, represent a new paradigm adopted by the South African government, aimed at moving away from a protected and isolated approach to economic development, towards one in which international competitiveness, regional cooperation and a more diversified ownership base are paramount. The key objectives of the tourism‐led development corridors, including the Wild Coast and Lubombo SDIs, are to generate sustainable economic growth and development; generate sustainable long‐term employment creation; maximise the extent to which private sector investment and lending can be mobilised into the process; change the ownership base of the industry so that people previously excluded from the mainstream of the economy by discriminatory practices can play a meaningful role as workers, managers and owners of new tourism enterprises; and to exploit the opportunities that arise from new tourism and ecotourism developments for the creation of upstream and downstream business opportunities, especially small businesses owned by previously marginalised groups.     

The informal economy at times of COVID-19 pandemic

We provide a first view of vulnerable informal economy after the blows from COVID-19, using transaction-level business data of around 80 million offline micro businesses (OMBs) owners from the largest Fintech company in China and employing machine learning method for causal inference. We find that the OMBs activities in China experienced an immediate and dramatic drop of 50% during the trough. The businesses had rebounded to around 80% of where they should be seven weeks after the COVID-19 outbreak, but had remained at this level until the end of our time window. We find a larger disruption to the OMBs in urban areas, the female merchants and the merchants who were not grown up in the places where they conducted businesses. We discuss the implications for policy support to the most vulnerable, and highlight the importance to take full advantage of digital development to follow up the informal economy.     

组织结构、履职状态与国有大型企业集团的政策导向

尽管国资委各项政策整体上呈现出越来越清晰的态势,但七家中央企业集团总部各种缓冲方式以及外部政治经理频次和业务、职能经理频次并没有随之作出调整。U型、M型、SF(战略中心)型三种类型的集团总部管理组织结构的设置,也没有对高管角色的定位产生重大影响。作为具有国有企业特点的中央企业集团,要扭转集团高管外部价值创造和内部价值破坏的悖论局面,应该在SF型管理组织和主动政治式缓冲基础上,强化外部业务、职能经理和社会关系经理角色;外部政治经理角色更应规范化和专业化。     

Impact of the Emerging Financial Holding Company Model on Small Business Borrowers' Financial Welfare: Contemporary Evidence from Nigeria Based on the Monti‐Klein Approach

This study exploits the adequacy of the Monti‐Klein model to analyse the banking firms' lending behaviour and uses the geometric lag analytic model to detect the lifespan of bank conglomeration impacts on small business financial welfare. We find that, although the impact of emerging conglomerate banks on lending to small businesses is significantly negative (δ = ?0.6897; p < 0.01), the effect reverses to a pre‐conglomerate positive status within one year. Hence, bank conglomeration does not negatively affect the financial welfare of small business borrowers in the long run. Contrary to the widespread belief and fear, the negative effects are not permanent. Large banks are feared to have no time for mid‐sized businesses. We find, however, that mere increases in size, as may be caused by economic or internal growth, do not pose a threat to small businesses. Large‐sized banking firms positively and significantly correlate with small and predictable risks (δ = 1.7935; p < 0.01). Hence, contrary to what regulators fear, there is no real issue surrounding the idea that building diversifying banks will influence small business loans negatively. What matters is the means through which large banks emerge. Therefore, regulators ought to exercise caution so that they do not discourage their emergence.     

A targeted approach to informal business development: the entrepreneurial route

The present paper maintains that initiatives to promote and support small businesses need to focus on those with growth potential rather than on the small business sector as a whole, and that the human factor, especially entrepreneurial intentions and behaviour, is the overwhelming force in small business success. Empirical evidence shows that many entrepreneurs setting up businesses in the informal economy of South Africa have little business acumen. The majority of informal businesses operate as survivalist entities with limited development and growth potential. The paper suggests that only between 10 and 15 per cent of informal entrepreneurs have sufficient business skills to expand and develop their businesses. These should be the focus of policy initiatives. Separate collective support measures should be designed to make the business environment more hospitable to low-potential informal businesses.     

中日两国私营企业主的诞生与成长比较

企业主的诞生与成长对一国经济的发展具有非常重要的意义。比较中国私营企业主与日本企业主，虽然在年龄分布、性别与文化构成等方面两国的私营企业主存在较大的差异，但在创业时必须面对资金来源有限、市场拓展难、人才缺乏等方面的困难上又具有共同性。表明中小企业融资难不是我国独有的问题。     

Mobile Payment and Informal Business: Evidence from China's Household Panel Data

This paper uses household panel data to explore the impact of mobile payments on China's household business activity. Using a difference‐in‐difference fixed effect specification, I find that mobile payment users are more likely to operate small‐scale and self‐employed informal businesses. The impact of using mobile payment primarily derives from the transition of agricultural families to business owners and the development of informal businesses. The paper illustrates an associated increase in employment and income for family members, with more pronounced effects on low‐income and rural households. It also provides prima facie evidence of the increase in fund transfers, which is important for risk sharing that informal businesses may encounter.     

A remodelled approach to measuring the social impact of tourism in a developing country

Residents living in communities with tourism activities form a vital part of the tourism industry; without their support, the industry will likely fail. It is the understanding of the Social Exchange Theory that residents should receive a form of physical award for accepting visitors into their environment, however, with the case of South Africa, there are various factors that inhibit the flow of such benefits. Regardless, the residents remain supportive. It was therefore determined that the intangible social impacts of tourism also play a vital role in fostering community support. To better manage both the tangible and intangible social impact perceptions, a framework was successfully developed by means of structural equation modelling (SEM). This novel framework may aid tourism managers to predict and strategically manage the social impact perceptions of tourism in a developing country such as South Africa in order to foster the vital community support for this industry.

Abbreviations: SEM: Structural equation modelling     

Small business education and training in Transkei

The objectives of this survey, which was conducted among two groups of respondents, namely urban small business persons and providers of small business education and training, were to: - determine the availability and adequacy of small business education and training

- identify the main gaps and deficiencies in such training

- formulate proposals and recommendations to remedy the deficiencies and gaps.

Two different questionnaires were developed and used to collect data from 121 small business persons and 3 institutions concerned with small business education and training in Transkei.

An analysis of the data revealed that although training is being conducted, a great deal needs to be done in order to meet the training needs of the small business community. Education programmes are not being developed to enable small business people to cope with the problems of managing their businesses.     

Civil Society Collaboration with Business: Bringing Empowerment Back in

Strategic partnerships between civil society organizations (CSOs) and businesses are widely promoted as important new strategies to encourage corporate citizenship in the global South. This study tested these claims by examining 10 cases of collaboration between CSOs and businesses in Brazil, India, and South Africa. Findings suggest a sobering view of the benefits that civil society organizations and their constituencies can expect from collaboration. Development impacts may be more likely in sectors clearly linked to business interests, such as education and employment generation. Goals of organizational capacity building are more likely to be satisfied than those of citizen empowerment. CSOs and businesses reap mutual benefits from collaboration, but CSOs tend to shoulder more of the costs. Businesses can dominate collaborative decision-making, with negative results for sustainability. The paper offers a number of propositions to guide further research and inform collaborative practice. Empowered civil society collaboration with business is suggested as a more appropriate model than strategic partnership for CSOs pursuing sustainable development.     

A community-based impact assessment of the Wild Coast spatial development initiative, 1997–2004

Much of the debate around the spatial development initiatives (SDIs) in South Africa is based on economic theory. To add the community perspective, an evaluation of local economic development on the Wild Coast followed a baseline in 1997 with comparable surveys in 2000 and 2004. Apart from an increase in access to piped water and a reduction in unofficial payments for health services, there was little community evidence of development over this period. Residents reported decreasing knowledge of the SDI and there was no increase in numbers considering small business ownership. In the investment-intensive ‘anchor’ areas, as in the SDI as a whole, there was no significant increase in employment and more households received remitted incomes from migrant workers. In an SDI for small businesses in tourism and agriculture, there was a dramatic fall-off in food production. No more households had loans in 2004 than in 1997, but more were taking loans from loan sharks. Other spatial planning initiatives might learn from the Wild Coast, not least through the perspectives gained from community-based impact assessments.     

COVID-19 impact on firm investment—Evidence from Chinese publicly listed firms

The COVID-19 outbreak had a significant impact on business cash flows and investment activities. This paper examined the COVID-19 impact on Chinese business investment in 3326 A-share listed quarterly financial reports, from which it was found that the negative relationship was more pronounced in the large, eastern Chinese state-owned firms. Using a propensity score matching method and difference-in-differences estimation, corporate financial flexibility was also examined, with the results indicating that high cash flexibility provided a buffer that allowed firms to better deal with adverse external shocks as the firms that had high cash flexibility were able to significantly increase their investments after the COVID-19 outbreak. Various robustness tests were conducted, all of which verified the robustness of the results. Overall, the empirical results provided evidence that the COVID-19 pandemic in China had a negative impact on Chinese listed firms, and verified the vital role of flexible financial reserves for firm survival and development during crises.     

管理层持股对家族控制的影响:150家上市公司样本

选取2006年在上海、深圳 A 股市场正式交易的150家上市家族企业为样本,并分为创业型家族企业和非创业型家族企业。研究表明,由于两类企业面临的代理冲突不一样,管理层持股的激励效果也不一致。创业型家族企业管理层持股对企业价值有正面影响,非创业型家族企业管理层持股比例与企业价值呈倒 U型关系。     

Local tourism value chain linkages as pro-poor tools for regional development in western Uganda

Building on the model of Meyer [(2007). Pro-Poor tourism: from leakages to linkages. A conceptual framework for creating linkages between the accommodation sector and ‘poor’ neighbouring communities. Current Issues in Tourism 10(6), 558–83], this paper focuses on the regional development potential of local linkages with the supply chain and community partnerships of established tourism businesses in western Uganda. Results show that supply-related inconsistencies of local produce undermine the existence of supply chain linkages with local farmers, and favour business linkages with local intermediary suppliers, dominantly shaping the regional development potential of supply chain linkages in western Uganda. Yet, this research found several ‘windows of opportunity’ for local suppliers to connect to the tourism value chain. Results on community partnerships suggest that most businesses do not move beyond the absolute minimum partnership intensity that is required to be able to strategically use for marketing purposes and obtain a unique selling proposition. Finally, our research exposes the complexity of locating responsibility among different stakeholders of the value chain in suggested paths for (regional) development.