How Different Are Safeguards from Antidumping? Evidence from US Trade Policies Toward Steel

Use of temporary trade barriers (TTBs) has proliferated across countries, industries, and even policy instruments. We construct a panel of bilateral, product-level US steel imports that are matched to a unique data set on trade policy exclusions that are associated with the 2002 US steel safeguard in order to compare the trade impacts that result from application of various TTB policies over 1989–2003. We find that the trade effects of an applied safeguard—which is statutorily expected to follow the principle of nondiscriminatory treatment—can nevertheless compare closely to the application of the explicitly discriminatory antidumping policy. Our results on trade policy substitutability complement other recent research on these increasingly important forms of import protection.     

The impact of modes of entry and resource fit on modes of exit by multibusiness firms

This study examines the choices of modes of entry and exit in the process of new business exploration. We find that exit mode choices are determined by a different set of factors from those that are important for the entry mode decision and the exit decision per se. Our study indicates that when the resource profiles of a parent firm and the business unit are more dissimilar, and there has been less development of firm‐specific idiosyncratic assets, firms are more likely to sell businesses than dissolve them. Further, the study reports a strong relationship between the mode of exit from a line of business (sell‐off vs. dissolution) and the original mode of entry (acquisition versus internal development). Copyright © 1999 John Wiley & Sons, Ltd.     

Antidumping Duties and Plant-Level Restructuring

This paper examines the effect of antidumping duties on the restructuring activities of protected plants. Using a dataset that contains the full population of U.S. manufacturers, I find that protected plants increase their capital intensities modestly relative to unprotected plants, but only when antidumping duties have been in place for a sufficient duration. I find little effect of antidumping duties on a proxy for the skilled labor intensity of protected plants.     

回应反倾销博弈模型与案例分析

在比较分析外国对中国回应反倾销后，建立了一个回应反倾销博弈模型并给出了理论解释，结合美国对中国彩电回应反倾销案进行了具体剖析。本文认为了解对华回应反倾销，对找到外国对华反倾销的关键环节、有效预防外国对华反倾销并利用“回应反倾销”对外反倾销等有重要的意义。     

Firm success, national status, and product line diversification: An empirical examination

This study investigates the motives for product line diversification by multiproduct firms in the U.S. brewing industry. Historical data are used to examine the evolution of pioneer products, and a Poisson regression model is estimated to analyze the effects of market and firm characteristics on the motives for product line diversification. The results indicate that unsuccessful firms and large national firms are generally more likely to expand their product lines.     

Learning to let go: Social influence,learning, and the abandonment of corporate venture capital practices

Research summary: This study examines the abandonment of organizational practices. We argue that firm choices in implementing practices affect how firms experience a practice and their subsequent likelihood of abandonment. We focus on utilization of the practice and staffing (i.e. career backgrounds of managers), as two important implementation choices that firms make. The findings demonstrate that practice utilization and staffing choices not only affect abandonment likelihood directly but also condition firms' susceptibility to pressures to abandon when social referents do. Our study contributes to diffusion research by examining practice abandonment—a relatively unexplored area in diffusion research—and by incorporating specific aspects of firms' post‐adoption choices into diffusion theory. Managerial summary: When do firms shut down practices? Prior research has shown that firms learn from the actions of other firms, both adopting and abandoning practices when their peers do. But unlike adoption decisions, abandonment decisions need to account for firms' own experiences with the practice. We study the abandonment of corporate venture capital (CVC) practices in the U.S. IT industry, which has experienced waves of adoption and abandonment. We find that firms that make more CVC investments are less likely to abandon the practice, and are less likely to learn vicariously from other firms' abandonment decisions, such that they are less likely to exit CVC when other firms do. Staffing choices also matter: hiring former venture capitalists makes firms less likely to abandon CVC practices, while hiring internally makes abandonment more likely. Plus, staffing choices affect how firms learn from the environment, as CVC managers pay attention to and learn more from the actions of firms that match their work backgrounds; i.e., firms that staff CVC units with former venture capitalists are more likely to follow exit decisions of VC firms, while those that staff with internal hires are more likely to follow their industry peers. Our results suggest that firms wanting to retain CVC practices should think carefully about the implementation choices they make, as they may be inadvertently sowing seeds of abandonment. Copyright © 2015 John Wiley & Sons, Ltd.     

Foreign Ownership,Competition, and Survival Dynamics

The impact of foreign direct investment on host countries’ industrial sectors has received considerable attention. It is shown by many researchers that foreign plants are more productive than are domestic ones, but the empirical evidence regarding spillovers is not unambiguous. In this paper, we suggest that the impact of foreign direct investment on local industry hinges on the dynamics of foreign and domestic plants—i.e., on entry and selection (exit) processes. Our analysis of foreign investment and competition dynamics in Turkish manufacturing industry for the period 1983–2001 indicates that foreign plants have a better performance level than do domestic ones when they are first established in the local market, and, subsequently, are more likely to survive but; the difference in survival probabilities disappears when the industry and/or plant characteristics are controlled for. Moreover, foreign presence seems to have no long-term effect on the survival prospects of domestic plants.      

Who leaves,where to,and why worry? employee mobility,entrepreneurship and effects on source firm performance

We theorize that the value provided by the firm's complementary assets has important implications for the exit decisions of employees and their subsequent effects on the firm's performance. Using linked employee‐employer data from the U.S. Census Bureau on legal services, we find that employees with higher earnings are less likely to leave relative to employees with lower earnings, but if they do, are more likely to create a new venture than join another firm. Employee entrepreneurship has a larger adverse impact on source firm performance than moves to established firms, even controlling for observable employee quality. Our findings suggest that in knowledge intensive settings, managers should focus on tailoring compensation packages to help minimize the adverse impact of employee entrepreneurship, particularly among high performing individuals. Copyright © 2011 John Wiley & Sons, Ltd.     

AN EVOLUTIONARY PERSPECTIVE ON DIVERSIFICATION AND CORPORATE RESTRUCTURING: ENTRY,EXIT, AND ECONOMIC PERFORMANCE DURING 1981–89

This study proposes a theoretical perspective that firms engage in continuous search and selection activities in order to improve their knowledge base and thereby improve their performance. This general framework is applied to the context of corporate evolution. Entry and exit activities are understood as search and selection undertaken by the firm to improve their performance. One of the compelling features of this framework is that firms learn from their past entry experience and approach the next entry in a more focused and directed manner over time. Also, firms acquire additional knowledge from each entry event while applying their existing knowledge base. With a longitudinal (1981–89) data base on entry and exit activities of all publicly traded manufacturing firms in the United States, this study shows that applicability of the firm's knowledge base plays an important role in predicting which businesses a firm enters or exits. Firms sequentially enter businesses of similar human resource profiles and firms are more likely to divest lines of business of different profiles. Corporate-level analysis shows that such well-directed entry and exit contribute to the improvement of a firm's profitability.     

Oust the Louse: Does Political Pressure Discipline Regulators?

Remaining in office is a potential motivator for regulatory decisions by public utility commissioners. We examine regulatory exit, where a regulator leaves a U.S. state commission during a term or is not re‐appointed/re‐elected. We find that higher electricity prices lead to ousting, ousting is less common where it is more costly for the principal to whom the regulator reports, and ousting is more likely where regulators are more accountable or are more likely to share the principal's preferences. Regulatory exit does not appear to be due mainly to the revolving door. Ousting also appears to lower future electricity prices.     

Antidumping and Industrial Organization

Although antidumping duties are instruments of trade policy, they are motivated by and have potentially significant impacts on domestic industry interests. The articles in this special issue provide evidence on the effects of antidumping on domestic firms and import patterns; in particular, they stress that these effects are not likely to be uniform across all producers within an industry, and will often depend on how domestic interests respond.     

反倾销政策对企业生产决策行为的影响分析——基于DTGMIC模型

反倾销政策实施的主要目的是既能抑制国外产品的倾销,又能弥补国内产业遭受的损害,实现国内相关产业的发展。因此,反倾销政策制定的合适与否关系到其效果的实现程度。本文以反倾销政策对企业生产决策行为的影响为研究对象,通过构建动态两阶段非完全竞争博弈模型分析了反倾销政策对企业生产决策行为的影响过程,得出了相应的结论。该结论的得出为我国反倾销调查机关制定反倾销政策提供了相应的理论依据。     

浅谈反倾销对我国的影响及应对措施

20世纪90年代以后,西方国家经济普遍不景气,经济增长率低,失业率居高不下,使全球经济发展缓慢.因此各国为了保护本国产品的国内市场,频繁运用反倾销措施来限制外国产品进入.同时,由于乌拉圭回合协议的生效,要求各国大幅度削减关税和取消进口数量限制,各国为抵消这一谈判结果对本国工业的冲击,利用反倾销自由裁量权,纷纷采用反倾销这一便利而有效的措施.我国遭受反倾销调查的案件太多,这不仅严重影响了我国出口效率,也损害了我国的经济和政治形象.因此,我们要就其特点采取有效的应对措施加以解决.     

退出成本、经理行为与国有企业改革

本文在现有理论的基础上将退出成本引入对经理行为的分析。分析表明,退出成本的存在会使经理采取积极行动以避免退出,经理的努力水平会随着退出成本的增加而提高;通过提高经理的退出成本,所有者以较少的剩余索取权激励使经理提供相同的努力水平。本文认为,退出成本过低是导致当前国有企业效率低下的重要原因之一。国有企业改革应该多管齐下,在当前推行产权改革、治理结构优化和剥离政策性负担、引入竞争机制等一系列改革措施的同时,政府还应该采取措施以提高国有企业经理的退出成本,以避免其他改革措施事倍功半。     

Efficient versus Responsive Supply Chain Choice: An Empirical Examination of Influential Factors

Contemporary strategies in operations management suggest that successful firms align supply chain assets with product demand characteristics in order to exploit the profit potential of product lines fully. However, observation suggests that supply chain assets often are longer lived than product line decisions. This suggests that alignment between supply chain assets and demand characteristics is most likely to occur at the time of initial market entry. This article examines the association between product demand characteristics and the initial investment in a supply chain at the time of market entry. We characterize supply chains as responsive or efficient. A responsive supply chain is distinguished by short production lead‐times, low set‐up costs, and small batch sizes that allow the responsive firm to adapt quickly to market demand, but often at a higher unit cost. An efficient supply chain is distinguished by longer production lead‐times, high set‐up costs, and larger batch sizes that allow the efficient firm to produce at a low unit cost, but often at the expense of market responsiveness. We hypothesize that a firm's choice of responsive supply chain will be associated with lower industry growth rates, higher contribution margins, higher product variety, and higher demand or technological uncertainty. We further hypothesize that interactions among these variables either can reinforce or can temper the main effects. We report that lower industry growth rates are associated with responsive market entry, but this effect is offset if growth occurs during periods of high variety and high demand uncertainty. We report that higher contribution margins are associated with responsive market entry and that this effect is more pronounced when occurring with periods of high variety. Finally, we report that responsive market entry also is correlated positively with higher technological demand uncertainty. These results are found using data from the North American mountain bike industry.     

Closure and divestiture by foreign entrants: the impact of entry and post‐entry strategies

We analyze the longevity of foreign entrants explicitly considering two possible ways of exit: firm closure and capital divestiture. We find that entry and post‐entry strategies affect the longevity of firms and of foreign equity holdings, but in different manners. While the ownership arrangements and organizational structure affect the likelihood of divestment, they exert no significant effect upon closure. The entry mode exerts opposite effects on the two modes of exit, greenfield entrants being more likely to shutdown, but less likely to be divested. Only human capital affects closure and divestment in the same manner. Firms with large endowments of human capital are less likely to exit, irrespective of the exit mode considered. Copyright © 2000 John Wiley & Sons, Ltd.     

What Kind of Voice Do Loyal Employees Use?

This study helps clarify mixed support for Hirschman's exit–voice–loyalty framework by arguing that loyalty, or feelings of attachment to the organization, and voice are not one–dimensional constructs. Based on data gathered from a survey of employees working with a large Canadian utility organization, employees feeling attached through an affective, emotional bond are found less likely to use representative voice but more likely to use direct voice, while those attached for rational, calculated reasons are more likely to use representative voice. Employees feeling attached for either reason are found less likely to exit. Implications for theory, research, and policy are discussed.     

Plant Exit, Vintage Capital and the Business Cycle

Despite the large literature on plant exit behavior, little attention has been paid to the vintage capital theory as an alternative hypothesis to learning. Learning models predict that exit rates decrease with plant age and the vintage capital theory predicts that exit rates increase with the age of capital. We use a panel of Norwegian manufacturing plants and construct an index of capital age to distinguish between the effects on exit rates. The empirical results imply that there is both a learning effect and a vintage capital effect. We also find that exit rates depend on the business cycle, and increase in severe downturns.     

Estimating Differential Dynamic Merger Effects on Market Structure and Entry in Related Markets

The U.S. and EU merger guidelines emphasize “ease of entry” arguments but little is known about the dynamic impact of realized mergers on market structure. This study provides insights on this topic with the use of detailed firm-level data on the memory chip market. Our estimation results provide evidence for differential merger effects on market structure. These effects depend on whether the mergers are dominated by market-power or efficiency gains. While efficiency-dominated mergers cause exit, market-power-dominated mergers attract entrants, and these effects are increasing over time. We also find that market-power mergers have a larger effect on entry than efficiency mergers have on exit. Our results show that mergers can reduce the number of potential entrants into related product markets and serve as an instrument to “reduce the likelihood of entry”.

     

中国反倾销与对华直接投资相关性实证研究

反倾销是目前研究的热点之一,本文从中国反倾销与外商对华直接投资相关性这个角度,利用企业水平的模型进行回归实证分析,并结合案例,得出中国反倾销与外商对华直接投资之间存在正的相关性。结果表明,中国的反倾销会引起外商对华直接投资的增加,特别是跨国公司对华直接投资的增加。