Perceived industrial innovation advantage and export commitment

There are increasingly sales opportunities for capital equipment in developing countries. Concomitantly, concern is that capital intensive technologies are too widely employed. Yet there has been little reported empirical research on why LDC manufacturers choose specific equipment. Textile manufacturers accounting for a significant part of Peru's spinning and weaving capacities participated in this study by providing perceptions of two capital versus labor intensive technologies capable of producing identical output. Exporters and nonexporters scores, using a five-point scale, were compared by t tests on 19 equipment attributes selected from innovation diffusion studies. Factor analysis determined innovations underlying dimensions. Factor scores were regressed on export commitment proxies. Higher export dependence related to more concern with ease of altering output specifications and less concern with cost, thus supporting that dependence on foreign versus domestic markets will affect equipment decisions. The method of comparing product attribute perceptions provides a simple possibility for segmenting LDC capital equipment markets.     

Good governance,innovation, economic growth and the stock market turnover rate

This study is primarily aimed at testing the theory of good governance in the group of eight developing Islamic countries. Using a panel data regression model, we examined the data to determine the relationship between political economy and economic development of eight countries, for the period 2005 to 2014. The results show a significant positive correlation between the rule of law, corruption control with economic growth and stock market turnover rate proxy. The examination through an artificial neural network resulted in a higher determination coefficient and less average standard error. This, in turn, reveals that the fitting power and efficiency of this method is higher than the panel data regression model. Furthermore, the findings of this study suggest that the application of good governance theory calls for more inquiry.     

Show me the money: Option moneyness concentration and future stock returns

Informed traders often use options that are not in-the-money due to higher potential gains for a smaller upfront cost. Thus, trading activity by option moneyness should be a gauge of informed option trading. We construct a dollar volume-weighted average moneyness measure to capture option trading activity at different moneyness levels. Stock returns increase with this measure, suggesting more trading activity in options with higher leverage predicts future stock returns. Our results hold cross-sectionally and at the portfolio level yielding a Fama–French five-factor α of 12% per year for all stocks and 33% per year for high implied volatility stocks.     

Knowledge stock, exploration, and innovation: Research on the United States electromedical device industry

This study applies the knowledge-based view of the firm to examine the relationships between exploration, characteristics of knowledge stock, and innovative performance. The article argues that the effectiveness of exploration on innovation is contingent upon two dimensions of knowledge stock: knowledge depth and knowledge breadth. Empirical findings from the US electromedical device industry between 1990 and 2000 provide support for this contingency argument.     

Religious commitment related to message contentiousness

Using an experimental design, we tested whether viewers with differing levels of religious commitment have differing unaided recall, aided recall and attitudes towards non-contentious and contentious TV commercials in terms of their perceived message cues. The study, using Bahrani Muslim interviewees, demonstrates that religiously stricter Muslims have significantly lower recall and a more negative attitude towards messages perceived as contentious, while their recall and attitude scores for non-contentious messages are similar to those of subjects with lower levels of religious commitment. We recommend that international marketers show increased sensitivity to the cultures and traditions of submarkets by manipulating message cues, like music and dancing, to strengthen the brand communication while retaining its strategic integrity.     

The business case for commitment to diversity

Does an organization's commitment to diversity - as reflected by CEO commitment, human capital, corporate communications (internal and external), and supplier diversity - result in competitive advantage and superior financial performance? Diversity can bring new voices and perspectives into the strategy dialogue, help managers understand and address the needs of a demographically diverse customer base, and stimulate a wider range of creative decision alternatives. However, the anticipated benefits of corporate diversity efforts may also be accompanied by costs that can affect shareholder wealth. In a study comparing the financial performance of the DiversityInc Top 50 Companies for Diversity to a matched sample, we find evidence that firms with a strong commitment to diversity outperform their peers on average. For commitment to diversity to become ingrained in corporate culture there must be visible and ongoing support from senior management, a clear articulation of the business case for diversity, line manager accountability, and training programs directed at communications, conflict resolution, and team building.     

Influences on member commitment to group purchasing organizations

Group purchasing organization (GPOs) have become an important part of some sectors of our economy, such as health care. To be successful at obtaining favorable purchase terms, a GPO must be able to foster and maintain the commitment of its members. Four positive influences on member commitment are hypothesized: (1) satisfaction with the GPO; (2) the perceived commitment of other GPO members; (3) the degree of information exchange between member and GPO; and (4) trust in the GPO. The suitability of alternatives to membership in the GPO was predicted to negatively influence member commitment. These hypotheses were tested with data from a mail survey returned by 249 (49.8%) retail pharmacies. A multiple regression analysis identified significant positive associations between member commitment and commitment of other members, information exchange, and trust. Also, the suitability of alternatives showed a significant negative relationship with commitment. Implications of the findings for managers and researcher are discussed.     

Linking new product alliances to stock returns and risk

Although firms widely engage in new product alliances, prior research has paid limited attention to their financial impact, especially, both stock returns and risk. In addition to the direct impact of product alliances, I have assessed how firm and alliance characteristics can moderate such effects. I have examined firm size and alliance type as moderators to the product alliance and stock performance relationship. Using a large database of 506 firms and 3714 new product alliances over 21 years, I estimate a random effects model. My findings are that new product alliances demonstrate an increase in stock returns and a decrease in stock risk. In addition, these effects are heterogeneous across firm size and alliance type. This research has implications for both new product alliances and marketing-finance interface literature.     

Entrepreneurial orientation and international commitment

This paper contributes to the development of the field of international corporate entrepreneurship (ICE) by examining the influences that the time lapse between foundation and first international market entry may have on the development of an entrepreneurial orientation (EO). Moreover, the paper highlights the existence of a positive relationship between the development of an entrepreneurial orientation and both internationalization decision and dimensions (degree, scope) in established companies. Based on a sample of 155 Spanish firms, our findings suggest that an entrepreneurial orientation positively influences a firm’s propensity to internationalize activities. The results obtained confirm the idea that fast entry into foreign markets is positively related to the development of an entrepreneurial orientation in established firms, and that firms with a marked entrepreneurial orientation have higher relative international sales and operate in a greater number of foreign countries.     

Retail-consumer commitment and market segmentation

Customer's commitment has become a main mediating goal for many companies. It appears to be a promising market segmentation criterion. In this sense, the present work focuses on commitment as a possible criterion to segment the consumers' market. It starts by analysing the importance of consumer commitment for companies. After the review of the literature of commitment at different relationship levels, a definition and a multidimensional structure is proposed for this construct. The study performs a segmentation analysis of bank customers. Three clusters of clients are identified according to their level of commitment. Main conclusions and its implications for marketing management are pointed out.     

保护自主创新与《展会知识产权保护管理办法》

刚召开的中共十六届五中全会指出"提高自主创新能力"成为"十一五"规划的战略性经济发展新模式中主要内容。展会是企业集中展示新产品、新技术的场所,是展示企业品牌形象和综合实力的舞台,更是促进企业扩大商贸交流合作的平台,具有开放性、实效性、资源共享性等特点。进入新世纪以来,会展行业愈发突现出知识资源的特色,并产生和展示出大     

Trade dependence and stock market reaction to the Russia-Ukraine war

Using data from 83 countries, we show that the decline in the value of stock market indices in response to the Russia-Ukraine war was sharper in countries that have stronger trade ties (both exports and imports) with Russia and Ukraine. We also find the relationship between trade dependency and market drop is weaker in countries with more trade openness.     

Corporate social responsibility and employee commitment

Effective corporate social responsibility policies are a requirement for today's companies. Policies have not only to be formulated, they also have to be delivered by corporate employees. This paper uses existing research findings to identify two types of factors that may impact on employee motivation and commitment to CSR 'buy-in'. The first of these is contextual: employee attitudes and behaviours will be affected by organizational culture and climate, by whether CSR policies are couched in terms of compliance or in terms of values, and by whether such policies are integrated into business processes or simply an 'add-on' that serves as window-dressing. The second set of factors is perceptual. Motivation and commitment will be affected by the extent to which they can align personal identity and image with that of the organization, by their perceptions of justice and fairness both in general and in terms of how CSR performance is rewarded, and by their impressions concerning the attitude of top management to CSR issues and performance.     

Production uncertainty and trade policy commitment

Agricultural markets are characterized by production and marketing lags. Uncertainty is also an inherent feature of agricultural markets. This paper investigates if two policy active importers will choose to commit to their import levels or keep the flexibility to revise their ex-ante import levels once production decisions are made and the uncertainty is resolved. This is the constant dilemma faced by prospective WTO members. We assume production in both importing countries is subject to an asymmetric random shock. We show that a government will not want to commit to its import level when there is a high degree of uncertainty in production. However, an importing country is likely to commit to a trade policy in equilibrium although the equilibrium may be Pareto dominated. Under certain conditions, an equilibrium in which one country commits to its ex-ante import level while the other chooses the flexibility option can emerge. In this setting, international trade agreements play an important role.     

股市噪声对消费需求的影响及其对策

财富效应是指资产的价格上升使资产持有者的财富增加，并导致消费支出增长的效应，财富一般由金融资产，有形资产，无形资产组成，在现在的资产证券化年代，金融财产已经是个人财富的重要组成部分，特别是股票，其价格的涨跌直接使股票前持有者的财富增加或减少，因此，本文所研究的股市财富效应，指的是在任一给定的收入水平上，个人的股票资产越多，其消费函数的水平就越高，换言之，一个个体拥有的股票资产越多，他就会消费越多，个人的消费决定因素之一是他所拥有的金融财富。     

Statistical classification models applied to common stock analysis

The application of statistical classification techniques to various aspects of equity financing and returns performance has been an attractive and fairly prolific area of research in the last 10–15 yrs. The various aspects of equity analysis relevant to classification techniques are more diverse than fixed income analysis and, until recently, presented more interesting empirical as well as theoretical challenges.The purpose of this paper is to review and comment upon numerous classification studies related to several aspects of common stock analysis, and, in so doing, to provide a clear picture of the variety of application areas amenable to statistical classification techniques. These areas include (1) common stock investment categories; (2) price-earnings and return-risk equity classification; (3) information content and return performance; and (4) capital structure questions.     

The return to value in Asian stock markets

This paper investigates the returns to value strategies in four Asian stock markets: Hong Kong, Korea, Singapore and Taiwan. Hong Kong, Korea and Singapore exhibit value premia while Taiwan shows value discounts. The impact of firm characteristics on value premia differs across the four markets. The robustness tests indicate that the value premia are time-varying. They become greater in the post-crisis period across all four countries, indicating that high volatility during the crisis period did understate the value premia. The value strategy's excess return is sensitive to the sample selection rule and the firm size and liquidity effects. With tighter sample selection criteria, value premia tend to decline, which indicates that both the firm size effect and the liquidity effect are important sources of value premia. Unequal weighting assigned to financial variables in constructing the Average Price Rank (APR) based on the overall performance of single-variable approach does not necessarily improve the results.     

Pre‐commitment to an Exclusive Contract under Partial Regulation

This article examines the welfare implications of an incumbent’s pre‐commitment to an exclusive contract in a partially regulated environment. It shows that the contract offered to customers in a competitive market makes the first‐best allocation infeasible in the partially regulated environment. However, the contract can have a welfare‐enhancing property through the exclusion of inefficient entry or cream skimming in the competitive market, especially when the regulated price ceiling is low and the incumbent’s technology is characterized by a large proportion of common cost in total cost.