Does global value chain engagement improve firms' wages: Evidence from China

Better understanding of the effect of the global value chain (GVC) on wages is a key issue for determining welfare gains from engagement in international integration. We study whether and how China's engagement in the GVC enhances firms' wage by using firm‐level and customs transaction‐level data covering the period 2000–06 with the methods of propensity score matching (PSM), difference in differences (DID) and generalised propensity score (GPS). The empirical results show that first, GVC engagement can improve firms' wage. Second, the improvement effect is more prominent in capital‐intensive and foreign‐invested enterprises. Third, the degree of embedment in the GVC shows a U‐shaped relationship with wages (the marginal improvement changes from decreasing to increasing). Finally, by analysing the mechanism, we find that participation in the GVC ultimately improves the overall wage level of enterprises through the productivity effect and the reallocation effect of labour demand.     

Economic integration across Latin America: Evidence from labour markets, 1990–2013

Combining macroeconomic and microeconomic data and three indicators of international market integration, this paper assesses the degree to which Latin American labour markets are integrated. The results suggest that relative to East Asia, Latin American labour markets are somewhat more integrated, but considerable differences across countries persist. In addition, the evidence indicates that the degree of labour market integration across Latin American borders is significantly less than that of labour markets within the United States in two of the three indicators. These differences may suggest opportunities for efficiency gains from further labour market integration.     

基于不同动机的联盟控制方式选择及其对联盟绩效的影响——中国企业联盟的实证分析

Strategic alliance can aid firms to build and sustain their competitive advantages. Firms set up strategic alliance mainly for two purposes: resource acquisition and capability learning. Formal control and social control are two widely adopted control mechanisms to secure the effectiveness of strategic alliance. In this study, we construct a model to analyze the choice of control mechanisms based on alliance motivations and the influence of control mechanisms on alliance performance. Based on a survey of 607 Chinese firms, we find that when resource acquisition is the key motivation behind alliance, formal control should be enhanced. Whereas when capability learning is the main purpose of alliance, social control becomes a better choice. Furthermore, this research also finds that the impact of both formal control and social control on alliance performance are nonlinear. Suggestions are provided on how to effectively use control mechanisms to attain the purposes of strategic alliance and on how to use control mechanisms to enhance alliance performance. __________ Translated and revised from Nankai guanli pinglun 南开맜理评论 (Nankai Business Review), 2007, (5): 4–11     

Market performance implications of modularization: Evidence from global auto firms operating in China

Auto firms play an increasingly important role in national economies. However, their internationalization strategies, especially the trend towards modularization has been underexplored in the international business literature. Drawing on the resource based theory, we develop hypotheses on the link between modularization and market performance. Analyzing a sample of 262 auto parts suppliers in China, the study shows the positive influence of modularization on firm performance and the moderating role of knowledge sharing tools and physical proximity in this relationship. In addition, these relationships are channeled by firms’ strategic actions to maintain superior business performance against competitors (firm positional advantage).     

Determinants of the adoption of HRM practices in tourism SMEs in Spain: an exploratory study

This paper explores the relationship between the adoption of HRM practices in Small and Medium-sized Enterprises (SMEs) and the characteristics of the firm and the person responsible for HRM. We propose a conceptual model based on the resource-based view, which is tested with quantitative data from 164 tourism’s SMEs in Catalonia (Spain). As predicted, the adoption of HRM practices is positively associated with the presence of an HRM department. Also, SMEs in which the person responsible for HRM has previous experience in similar positions are greater adopters of HRM practices. Finally, SMEs which cooperate with other organizations are more likely to implement HRM practices.     

Financial integration and currency risk premium in CEECs: Evidence from the ICAPM

This paper aims to study the Central and Eastern European Countries' (CEECs) dynamics of financial integration in the euro area with the prospect of their integration into the European Monetary Union. Our empirical analysis is based, successively, on a MGARCH model with time-varying correlations, a state-space model and a Markov-switching model. The results show that financial integration (i) is not perfect but is increasing and (ii) is linked to currency stability. The growing financial integration in 2007–2009 seems to be rather the result of the shock propagated by the global crisis.     

Union-nonunion compensation differentials across plant sizes: Evidence from CPS 1983

Previous empirical work on the relationship between plant size and union-nonunion differentials has focused either on wages (Podgursky, 1986) or benefits (Bramley, Wunnava, and Robinson, 1989; Freeman, 1981). This note extends this research by simultaneously focusing on both wages and benefits. There are several arguments that can be made in explaining union-nonunion differentials across plant sizes: (1) union threat effects, (2) efficiency wage effects, and (3) wage dispersion effects. Our study focuses on measuring the union-nonunion differential in total compensation. For this end, estimates of total compensation are obtained using Mellow's suggestion (1982) for combining hourly wage information with qualitative data on pensions and health insurance, and Ross's imputations (1989) for holidays and vacations benefits. Our results, based on the May 1983 CPS supplemented by BLS data on pensions, health insurance, holidays, and vacation benefits indicate significant union-nonunion total compensation differentials exist only for workers in establishments with less than 500 workers. These results are consistent with Podgursky's wage differential findings.     

Global integration strategies of small and medium multinationals: Evidence from Taiwan

This study replicates and extends Birkinshaw et al.’s (1995) model of the predictors of business unit integration of large Western multinational corporations (MNCs). Our study investigates the global integration strategies of Taiwanese small and medium sized enterprises (SMEs) competing in the global information technology (IT) industry. It confirms the importance of some structural forces (i.e. economies of scale and standard market demands) in the global integration strategies of Taiwanese SMEs thereby expanding the applicability of existent internationalization theories developed primarily in the context of large Western MNCs to non-Western SMEs. This study finds three results that add new knowledge to the current SME literature and provides managerial implications. First, it finds a negative relationship between competitive actions and business unit integration. Second, it finds that in the optimally globalized IT industry there is no direct effect of business unit integration on performance. Third, it finds a direct effect of differential comparative advantage on performance.     

中国上市公司年报重述影响因素的实证研究

文章以2003-2006年5000多家上市公司为样本,较为系统地剖析了中国上市公司年报重述的影响因素.实证结果表明,公司特征、股权结构和外部治理环境是目前影响我国上市公司年报重述的主要因素,而内部治理结构对年报重述的约束和影响力较小.进一步地,文章构建了一个财务报告重述、信息披露与投资者保护的扩展分析框架,对加强财务报告重述监管、引导和规范上市公司信息披露行为提出了相应的政策建议.     

源于比较优势的贸易所得:来自中国的证据

本文根据新古典贸易模型中的贸易所得的理论定义,对测算源于比较优势的贸易所得的基本方法及其理论基础进行了回顾和分析,在此基础上利用进出口额的现值与贸易所得的估算值之间的格兰杰逻辑关系,对中国源于比较优势的贸易所得进行了测算。本文的测算结果表明,中国源于比较优势的贸易所得的最大估算值约为GDP的5%。从比较的角度考察,这一结论的政策含义是,主要依赖劳动力资源或不可再生自然资源比较优势的贸易模式已不具备可持续发展性,建立基于动态比较优势的对外贸易战略应成为包括中国在内的发展中国家的贸易政策选择。     

Institutional and corporate drivers of global talent management: Evidence from the Arab Gulf region

This study analyses how talent management (TM) is molded by institutional and corporate drivers. We borrow from the vast institutional literature to understand how organizations adopt and implement TM practices within the Gulf Cooperation Council (GCC) context. This context is valuable not only because it tackles an under-researched region, but also because the type of variables found further our understanding of TM processes in non-Western contexts. Companies abide by localization rules to sustain their “legal” legitimacy, while trying to improve efficiency through actions that enhance their economic sustainability. Companies try to strike a strategic balance between local adaptation and global assimilation of their TM processes. We conclude by presenting a framework that portrays how various forces impact the TM process.     

Marketing and advertising practices of Turkish entrepreneurs in transition economies: Evidence from Georgia

As a transition economy, Georgia has an uncertain, complex, and immature business environment, typical of transition economies in the Eurasian region. In an effort to provide insights into marketing and advertising practices in the Eurasian transition economies, this study empirically examines the marketing and advertising practices in Georgia through two surveys conducted with Turkish entrepreneurs in Georgia and Georgian consumers. On the one hand, the findings of the survey of the Turkish entrepreneurs indicated that an overall adaptation strategy is needed in Georgia; in addition, foreign entrepreneurs willing to enter the Georgian market are advised to offer a variety of products by collaborating with local distributors and agents. Although Georgian consumers do not have high income, low-price strategy does not always work as consumers equate low price with inferior quality. Marketing of prestigious products are to be sold at higher prices and appropriate product positioning strategies must be developed for each target market segment. Merchandising strategies must be congruent with the target market served as well as retail stores/outlets utilized. On the other hand, the Georgian consumers demand better customer service and increased variety of products; advertising is welcomed to a certain extent as long as advertising provides useful product/brand and company information.     

经济全球化对我国环境污染影响的实证研究——基于行业面板数据

我国经济的高速发展和伴生的环境污染问题,是在我国经济加速融入全球经济的背景下发生的。本文在阐述经济全球化的含义和构建经济全球化指数的基础上,基于我国33个工业行业1997-2005年的面板数据,采用PCSE稳健估计,发现经济全球化显著降低了我国的环境污染水平,同时得出了我国规模效应、技术效应、结构效应以及要素禀赋等的结果。     

以基尼系数衡量的教育不平等与中国的实证研究

人力资本结构在经济增长中的作用已为人们所公认,而教育不平等是评价人力资本结构的重要内容。通过计算教育基尼系数得到我国教育不平等的基本状况。我国教育基尼系数从1982—2000年呈减少状态,与平均受教育年限和初中入学率负相关,同时人均GDP水平越高教育基尼系数越小。在整体教育不平等状况改善的情况下,以文盲率体现的性别受教育差异并未得到改善,甚至有扩大的趋向。     

以基尼系数衡量的教育不平等与中国的实证研究

人力资本结构在经济增长中的作用已为人们所公认,而教育不平等是评价人力资本结构的重要内容.通过计算教育基尼系数得到我国教育不平等的基本状况.我国教育基尼系数从1982-2000年呈减少状态,与平均受教育年限和初中入学率负相关,同时人均GDP水平越高教育基尼系数越小.在整体教育不平等状况改善的情况下,以文盲率体现的性别受教育差异并未得到改善,甚至有扩大的趋向.     

Ownership Structure and Insider Trading: Evidence from China

In this paper, we examine the information content of insider transactions in China and analyze how ownership structures shape market reaction to these transactions. We find that the cumulative abnormal return (CAR) to insider purchases is a convex function of the percentage of shares owned by the largest shareholder. Further, the CAR to insider purchases is lower when the largest shareholder is government-related, or when the control rights of the largest shareholder exceed its cash flow rights. We also find that the market reaction to insider purchases is more positive for firms audited by Big4 auditors. However, we do not find a significant relationship between an ownership structure and the market reaction to insider sales. Our results are remarkably robust to alternative model specifications, corporate insider identities, and recent corporate news releases on price-sensitive events. Finally, we show that market reaction to insider purchases is larger for firms with less severe expropriations, as captured by the use of other receivables.     

Media Coverage and Firm Valuation: Evidence from China

Drawing on both a managerial discipline perspective and an information intermediary perspective, we explore how media coverage of a firm’s controlling shareholder influences firm valuation in corporate China. Using 366 listed family firms in China from 2003 to 2006, we find that firms in which controlling shareholders receive more neutral media reports enjoy higher valuation, whereas negative media reports on controlling shareholders impose adverse effects on firm valuation. Interestingly, favorable media coverage of the controlling shareholders does not enhance firm value. Further analyses reveal that ownership structure and audit quality moderate the relationship between media coverage and firm valuation. Our study complements the emerging literature on the monitoring role of the media on the stock markets.     

Globalization and wage inequality: Evidence from urban China

This paper examines the impact of globalization on wage inequality using Chinese Urban Household Survey data from 1988 to 2008. Exploring two trade liberalization shocks, Deng Xiaoping's Southern Tour in 1992 and China's accession to the World Trade Organization (WTO) in 2001, we analyze whether regions more exposed to globalization experienced larger changes in wage inequality than less-exposed regions. Contrary to the predictions of the Heckscher–Ohlin model, we find that the WTO accession was significantly associated with rising wage inequality. We further show that both trade liberalizations contributed to within-region inequality by raising the returns to education (the returns to high school after 1992 and the returns to college after 2001).     

外包与生产率和就业:基于中国的实证

文章使用1997、2002和2007年的42部门投入产出表数据,计算了我国22个工业行业的外包比率,并以面板数据模型检验了外包对工业行业劳动力就业及外包对工业行业产出的影响。检验结果表明,材料品外包、服务外包的发展均有效地提升了我国工业行业生产率水平,但服务外包对工业行业生产率的促进效应要远远大于材料品外包,而外包对工业行业就业影响的分析结果是,服务外包对工业行业就业的影响为正效应并且影响显著,材料品外包对于工业行业就业的效应则效果不明显。     

Social Trust and Corporate Misconduct: Evidence from China

We study whether greater social trust is associated with a lower incidence of corporate misconduct. Both social norm and network theory suggest that social trust can affect managerial behavior and reduce the likelihood of misconduct behavior. Consistent with this prediction, we find that social trust is negatively associated with corporate misconduct behavior. Moreover, we show that, when media coverage is higher, the negative relation between social trust and corporate misconduct behavior is more pronounced. Further analyses suggest that social trust can help mitigate both disclosure-related and nondisclosure-related misconduct.