Deforestation, corruption, and private ownership in the forest sector

One of the remedies launched in combating corruption in the forest sector is privatization of state forests (and private forest ownership). We hypothesized that privatization could reduce deforestation through reducing corruption. We found a statistically significant strong positive relation between corruption and deforestation for the period between 1995 and 2008 by using two different corruption indices and panel data, a highly statistically significant negative correlation between private forest ownership and corruption across countries by using univariate and multivariate models for three different corruption indices, and a highly statistically significant negative correlation between private forest ownership and deforestation across countries by using univariate and multivariate models.     

The impact of private benefits on institutional ownership change: evidence from markets with different sentiments

This study investigates the relationship between private benefits and institutional ownership change in markets characterized by different investors’ sentiments. High-sentiment markets tend to overvalue a firm and thereby offer institutional investors a chance to sell shares and profit from overvaluation by forgoing the private benefits otherwise obtainable. Empirical analysis of ownership data from 1990 to 2008 reveals that, in high-sentiment markets, institutional investors sell more shares low in private benefits (dual-class firm share) than shares high in private benefits (non-dual-class firm share). In contrast, firm insiders, who consume significant private benefits in both dual-class and non-dual class firms, sell more dual-class firm shares in both high- and low-sentiment markets. Their ownership disposition is more likely driven by the need for diversification. Subsample analyses show that public pension funds drive the market-sentiment-related change of institutional ownership.     

Board ownership and IPO returns

This study examines the role of the board of directors for IPO pricing irregularities. Theory suggests that initial underpricing may be the result of asymmetric information and the long-run underperformance may be the result of managerial mismanagement of new funds due to agency conflicts. A strong board of directors can potentially reduce both asymmetric information and agency problems. We find that the structure of the board is related to IPO pricing anomalies. Initial returns are directly related to share ownership by insiders and the percentage of independent outsiders, and long-run returns are directly related to share ownership by insiders.     

Underpricing and IPO ownership retention

An agency-theory model of IPO management retention is presented and empirically explored. The model is based upon the differences between the investment public’s and underwriters’ fears of the consequences of management entrenchment and other agency problems. The model suggests that IPO underpricing should be a curvilinear hump-shaped function of retention. A large-sample empirical exploration verifies the curvilinear relation.     

心理资本对民营企业新生代员工绩效的影响——以浙江3家民营上市公司为例

通过定性与定量研究,本文认为心理资本与新生代员工绩效有显著正相关关系。回归分析发现,员工心理资本中自信维度对于新生代员工任务绩效、人际促进、工作投入三维结构均有显著的正向促进作用;乐观、坚韧对于任务绩效达成有显著正向影响;希望维度对于人际促进有显著正向影响;而坚韧维度有助于新生代员工工作投入的增强。新生代员工不只看重物质待遇,也重视精神需求的满足。     

国内城市贫困问题研究

本文从城市贫困的界定、城市贫困的特征、城市贫困产生的原因、城市贫困的解决措施等方面 ,论述了当前我国城市贫困问题的研究现状。     

深化所有制结构改革的几点思考

国有企业制度如何进行改革?关键是要找到合适的改造它们的所有制形式,建立起充满生机和活力的现代企业制度,并使其能与生产力发展的要求相适应,并与市场经济兼容。     

京津冀协同背景下环京津贫困带减贫途径研究

环京津贫困带是我国非常典型的紧邻大都市的“集中连片特殊困难地区”,且由于贫困与生态问题耦合,多年来难以脱贫。推动环京津贫困带减贫,成为贯彻实施“京津冀协同发展”国家战略过程中需要解决的一个重要问题。本文从承担生态涵养和生态安全功能、大城市“回波效应”大于“扩散效应”、区域开放较晚等角度,分析环京津贫困带形成与存在的多重原因,并探讨通过区域协同发展解决大都市周边生态抑制型贫困区域贫困问题的模式与路径。     

发展民营经济需拓宽民营企业的融资渠道

阐释了民营经济在国民经济和社会发展中的作用,分析了当前民营企业融资的现状,提出了进一步发展民营经济需解决好民营企业的融资问题,指出了拓宽民营企业融资的渠道。     

Distribution-sensitivity of rank-dependent poverty measures

We propose a criterion to rank poverty measures on the basis of distribution-sensitivity. The criterion compares reactions to ‘lossy’ transfers among the poor. We focus on the class of rank-dependent poverty measures and provide distribution-sensitivity rankings of the poverty gap ratio, the first and second Sen measures, the Thon measure, the Shorrocks measure, and the Thon, Kakwani and S-Gini classes of measures. Moreover, we discuss the relationship between the proposed criterion and two alternative distribution-sensitivity criteria based on the Arrow–Pratt theory of risk aversion. Finally, we provide an empirically tractable necessary and sufficient condition for unanimous poverty rankings by all continuous and replication invariant rank-dependent poverty measures that exhibit a predetermined minimum degree of distribution-sensitivity.     

Psychological ownership and organizational optimism amid China's corporate transformation: effects of an employee ownership scheme and a management-dominated board

Ownership reform was introduced to Chinese state-owned enterprises in the early 1990s, to allow employees to own a share of their enterprises and to bring changes to the underlying structure of governance. However, effectiveness of this reform has yet to be ascertained. This study examines the effects of the new employee stock ownership scheme and board compositions on the attitudes employees hold towards their jobs and organizations, as well as their perceptions of ownership. We developed a theoretical model on how participation in a stock ownership scheme (an employee's characteristic) and the composition of the board of governance (a firm characteristic) may be linked to job satisfaction and, in turn, to outcome variables such as psychological ownership and organizational optimism. This model was tested on 510 employees randomly sampled from ten stock-holding enterprises in urban Shanghai. Results indicate that participation in a stock ownership scheme has a positive effect on attitudes towards ownership, but that a board dominated by senior managers leads to gloomy perception of a firm's future. These effects were partially mediated by the satisfaction that employees felt in their jobs. The implications of these findings for management practices in China are discussed.     

对民营企业绩效管理工作的思考

文章阐述目前企业绩效管理中经常碰到的弊病和误区,并提出相应的一些看法和措施。     

Spatial inequality and household poverty in Ghana

The study analyses district-level consumption inequality in Ghana, explores the relative contribution of within- and between-district inequalities to national inequality and examines the relationship between household poverty and inequality. The last three rounds of the Ghana Living Standard Survey are used. We observe that the contribution of within-district inequality to national inequality is higher than inequality between districts. Also, district-level consumption inequality shows a significant effect on household poverty, but with varying signs. We surmise that the variation in signs is as a result of the state of economic activity and factors that affect both poverty and inequality.     

解析温州民间借贷

2011年12月5日,中国人民银行决定下调存款类金融机构人民币存款准备金率0.5个百分点至21%。这是近3年来中国人民银行首次下调存款准备金率,目的是加强金融体系流动性管理,抑制货币信贷过快增长,这已释放出一定的政策信号:央行已采取行动缓解当前货币资金偏紧状况。     

A micro-level insight on trade-induced job polarization and poverty in Russia

The effect of trade liberalization on workers with different skill levels at distinct types of firms is often surmised to be heterogeneous. This paper employs a longitudinal individual-level dataset—the Russian Longitudinal Monitoring Survey (RLMS)—to study the impact of trade liberalization on the relative poverty of various groups of workers in Russia. More specifically, we use the country’s accession to the World Trade Organization (WTO) as a quasi-natural experiment to analyze the impact of trade liberalization on workers at different skill levels and types of firms. Our analysis reveals significant trade-induced job polarization, meaning that, in the tradable sector, even though employment and wages are increasing for low-wage and the high-wage occupations, they are shrinking for mid-wage occupations, leading to a higher poverty rate for workers seeking employment in mid-wage occupations in that sector. Our results are robust to a battery of robustness checks, and they point to the crucial role of state-owned enterprises in attenuating the adverse effects of trade shocks on the welfare of workers.