Near and dear? The role of location in CSR engagement

Research summary : Building on economic geography and institutional theory, we develop and test theory relating geographic variables to the strength of corporate social responsibility (CSR) engagement and the cost of equity capital. For a large sample of U.S. firms over the period 1998–2009, we find strong and robust evidence that firms located in areas characterized by high levels of local CSR density score higher in CSR engagement. In addition, firms located close to major cities and financial centers exhibit higher CSR engagement compared to firms located in more remote areas. Moreover, the effect of CSR engagement on reducing equity financing costs is even greater for firms in high CSR density areas than for firms in low CSR density areas. Managerial summary : Does the location of CSR engagement by firms affect the strength of CSR engagement by their neighbors? Does the geography of engagement have an impact on financial performance? Our findings show that a firm's CSR engagement increases in areas where there is dense CSR engagement and when it is located near large cities. In these areas, norms, values, and knowledge related to CSR are transmitted to firms through face‐to‐face meetings and frequent social interactions with groups such as peers, labor unions, news media, universities, and community organizations, which tend to be concentrated in large cities. Our findings further highlight that CSR engagement reduces equity financing costs for firms in areas where CSR is widely practiced. Copyright © 2015 John Wiley & Sons, Ltd.     

The independent and joint effects of the skill and physical bases of relatedness in diversification

By examining the independent and joint effects of the skill and physical bases of relatedness, this study develops a multidimensional view of relatedness in diversification. The paper compares the ways the two bases identify relatedness, and examines empirically the relationship between relatedness and performance for a sample of 158 large diversified manufacturing firms. Each base of relatedness alone had no significant effect on financial performance. However, when the two approaches were combined, there was a strong positive effect on most indicators of performance. The findings demonstrate how different bases of relatedness complement and extend one another, and they clarify findings of previous studies that used a single base of relatedness. © 1998 John Wiley & Sons, Ltd.     

资源型产业集聚、技术溢出与资源富集地区经济增长

本文在新经济地理的框架下构建资源型产业集聚、技术溢出与资源富集地区经济增长模型,运用2001～2011年山西、内蒙古、陕西和宁夏等4个地区的面板数据对模型进行估计。结果发现：随机效应表明资源型产业专业化空间集聚和资源型产业多样化空间集聚引起的技术溢出效应均对经济增长具有非常显著的促进作用;而固定效应模型表明资源型产业专业化空间集聚比资源型产业多样化空间集聚更能促进区域经济增长。为了更好地实现资源型产业集聚、技术溢出与资源富集地区经济增长,需要提升资源富集地区的区域竞争优势和专业化程度。     

产业集聚、技术变化与全要素生产率--基于长三角20个制造行业的实证分析

本文通过非参数DEA－Malmquist指数法估算了2003～2012年间长三角20个制造业行业的全要素生产率（TFP）,并借鉴EG和MS的分类,将Malmquist指数分解为技术进步指数和技术效率指数,分析不同集聚程度行业对它们的影响及其变化趋势,在此基础上借用Arellano和Bond的动态面板模型,验证技术进步和技术效率指数在TFP增长过程中的贡献。实证结果表明：制造业集聚一定程度上促进了整体TFP的提高,但主要是通过促进技术进步（并非促进技术效率改进）进而产生影响。各细分行业TFP增长率存在较大差异,中低度集聚行业的TFP的增长率大于高度集聚行业,并且随着时间推移,高集聚度行业TFP增长率逐渐下降。而且,技术进步和技术创新将是长三角制造业TFP增长的重要推动力。     

Vertical Industry Linkages: Sources of Productivity Gains and Cumulative Causation?

In this paper we analyse how vertical industry linkages maywork as channels for externalities. We test for activity based externalities stemming from outputgrowth and output level in vertically linked industries. Moreover, by comparing resultson localised inter-industry externalities as well as significance of local sales linkages,we try to reveal the strength of self-reinforcing agglomeration forces. A number of Norwegianmaritime transport and services sectors are analysed. The results are promising inthe sense that the model allows us to distinguish empirically between different sources ofexternalities, and unveils the extent to which vertical industry linkages give rise to self-reinforcingagglomeration.     

Does corporate strategy matter?

A revisionist view that corporate strategy does not matter has gained considerable influence in recent years. This view largely stems from empirical results of early variance decomposition studies that found negligible corporate effects associated with profitability differences between businesses. Our analysis of the variance decomposition literature shows this view to be incorrect. Not only do the studies as a group show that factors at the corporate level of organizations contribute to profitability differences, but also evidence suggests that factors specifically associated with corporate strategy contribute to corporate effects. Corporate strategy in fact does matter. Copyright © 2001 John Wiley & Sons, Ltd.     

Does good governance prevent bad strategy? A study of corporate governance,financial diversification,and value creation by French corporations, 2000–2006

Building on and extending prior research, we propose a comprehensive framework which posits that free cash flow moderates the impact of corporate governance on financial diversification. We argue that because it increases CEO perceived risk, alignment devices increase rather than decrease financial diversification. In a sample of 59 publicly traded French corporations during 2000–2006, we show that financial diversification negatively impacts shareholder return and firm value. We obtain support for several of our hypotheses: at high levels of free cash flow, CEO variable compensation increases financial diversification, whereas chairman/CEO non‐duality reduces it. In contrast, independent directors increase financial diversification at low values of free cash flow (although weakly). We also find that ownership concentration only reduces financial diversification when free cash flow is low.Copyright © 2012 John Wiley & Sons, Ltd.     

What does a small corporate effect mean? A variance components simulation of corporate and business effects

In a widely cited paper, Rumelt (1991) presents estimates of the relative influence of corporate, business unit, and other influences on business unit profitability and finds the corporation explains almost none of the variability in business unit profitability. Using a Monte Carlo simulation, we examine the relation of variance component magnitudes to other indicators of the importance of a particular effect. Our results demonstrate that variance components can be an extremely nonlinear indicator of importance. We also question whether Rumelt's corporate effect represents the possible contributions of corporate strategy to business unit performance. This addresses a puzzle raised by Rumelt (1991) concerning the small effect of corporations in explaining performance, and suggests that Rumelt's findings should not be seen as demonstrating the insignificance of corporate strategy. © 1997 John Wiley & Sons, Ltd.     

基于知识流动的县域特色产业集群提升路径研究

经过改革开放30多年的迅速发展,县域特色产业集群已经形成了一定的规模和竞争优势,成为推动地方经济快速、持续发展的重要力量。从知识流动对企业集聚模式的影响入手,揭示县域特色产业集群发展的一般机制,探讨知识流动影响下的企业集聚模式,总结其在发展过程中表现出来的主要特征和问题,并提出相应的建议。