Development and gender: Longitudinal entrepreneurial gender effects of the inner-city Johannesburg street-trading context

An empirical investigation was undertaken into entrepreneurial gender effects within the inner-city street-trading context of Johannesburg, a large South African city. A cross-sectional non-parametric quantitative research design was applied in each of three consecutive years, 2008, 2009 and 2010, and a longitudinal investigation was enabled. Differences in earnings, rental stand operation, and the effects of specific and general human capital by gender were tested using non-parametric Kruskal–Wallis methods. Further testing of the non-parametric associations of each factor by gender was undertaken using non-parametric Spearman rho and Kendall tau measures. Male traders are found to earn more. However, a return on specific and general human capital is found for female traders. Security threats in this context might have a disproportionate effect on female street traders, and most specifically on female street traders of foreign origin.     

Service provision for street-based traders in Pietermaritzburg,KwaZulu-Natal: comparing local findings to lessons drawn from Africa and Asia

South Africa's informal economy absorbs approximately one-quarter of the labour force of 15 million people and is therefore the fastest growing sector of employment. Street-based trading constitutes a major subsector within the informal economy and is continuously expanding through unrelenting proliferation of survivalist micro-enterprises. However, few organisations that support enterprises are accessible or appropriate to survivalist and informal sector micro-enterprises. Interviews were conducted with 98 Pietermaritzburg street-based traders and ten KwaZulu-Natal service providers to determine service provision requirements. The results are compared with findings of four international studies. The findings suggest that for survivalist enterprises to benefit from entrepreneurial education and training services, obstacles with regard to South African traders' understanding of entrepreneurship and cultural limitations to enterprise growth should be overcome. Service institutions also require incentives to serve the informal sector, as well as the capacity to design and deliver appropriate services.     

股权物质资本聘任企业家人力资本的选拔制度分析

本文从企业家人力资本的显示信号出发,分别在意愿企业家自我选择、劳动力产权主体选择企业家和物质资本产权主体选择企业家三种选拔制度下,分析比较了企业家人力资本期望值的大小,并从道德水平和风险态度两个方面对企业家的监督选聘机制和相应的博弈合作意愿进行了细致分析,进而认为股权物质资本聘任企业家人力资本制度是比较合理的企业家选拔制度。     

中庸思维能够提升创业团队决策效果吗？——行为整合的中介作用

中庸思维是中国传统文化中的核心内容之一,作为一种认知和思维方式深刻地影响着中国人行为和做事准则。在创业团队之中,领导和成员在决策中的中庸思维会深刻地影响团队决策效果。依据文化资本理论和决策理论,从中庸思维与创业团队决策效果的关系入手,引入行为整合作为中介变量,责任感知和包容氛围作为调节变量,构建起了关于中庸思维、行为整合、责任感知、包容氛围和决策效果之间的理论模型。以来自58个创业团队450名团队成员为样本,研究发现：（1）中庸思维与决策效果呈显著正向相关;（2）中庸思维与行为整合呈显著正向相关;（3）行为整合在中庸思维与创业团队决策效果的关系中起部分中介作用;（4）中庸思维与责任感知和包容氛围之间的交互对于行为整合具有显著的正向影响。     

Undervaluation of Real Estate Properties in Disadvantaged Areas in the City of Johannesburg

Since the end of apartheid, the growth of the real estate market in the historically disadvantaged residential areas of South African cities has been quite remarkable. Transactions in this property market, which can take on several forms of exchange of ownership or occupation, in many respects defy de Soto's definition of dead capital. Yet, despite this booming market, large parts of these residential areas are still regarded by local government as having no capital value. Although the titling of properties cannot be regarded as the only or even the main immediate solution to alleviating poverty within these communities, it certainly presents a real and immediate potential opportunity to many of them. This paper attempts to determine the potential size of this market. It starts with perspectives on land values, the property market and the titling of informal properties and examines different methods used in the evaluation of properties both in the formal and informal residential sectors. Drawing on empirical literature and research findings, the paper makes an attempt at establishing the form and value of what is regarded as the degree of undervaluation of real estate capital by the local authority.     

Private Information Production,Public Disclosure,and the Cost of Capital: Theory and Implications*

Both private information production by market traders and public disclosure by firms contribute to dissemination of financial information in the capital market. However, the motives and economic consequences of the two are quite different. In general, private information production is intended by investors to increase their trading profit, which has the effect of widening the information gap between informed and uninformed investors and increasing the firm's cost of capital. On the other hand, public disclosure can be used to narrow this information gap and to lower the cost of capital. This paper provides a theoretical model to examine the economic incentives behind these two forms of information dissemination and their consequences on the cost of capital. By simultaneously considering the firm's and the information traders' decisions, the paper derives an equilibrium in which the amount of private information production, the level of public disclosure, and the cost of capital are all linked to specific characteristics of the firm, of information traders, and of the market. In contrast to conventional beliefs, the paper predicts that, across firms, the cost of capital can be either positively or negatively related to the firm's disclosure level, depending on the specific factors that cause the variation within a particular sample. Similarly, the extent to which investors follow a firm and the firm's disclosure level can be either positively or negatively related to each other. Implications for empirical research are discussed.     

创业型员工内部市场进入:低壁垒设置与策略引导

企业中的创业型员工市场进入较之于团队进入的可能性比较小;以核心创业型员工为代表＂粘结＂较多人力资本的外部市场进入成为可能。基于这种推断,文章主要从企业视角,通过建立相关模型,在创业型员工市场进入低壁垒设置层面上提出若干策略引导,进而对创业型员工及团队内部市场进入作出贴近现实讨论。     

FORMAL–INFORMAL ECONOMY LINKAGES AND UNEMPLOYMENT IN SOUTH AFRICA

South Africa's high unemployment and small informal economy has been attributed to barriers to entry in informal labour markets. We develop a general equilibrium model based on a typology of informal activities that captures formal/informal linkages in product and labour markets. Simulations reveal that trade liberalisation increases formal employment, hurts informal producers, and favours informal traders and may explain the dominance of traders instead of producers. Wage subsidies also raise employment but further heighten competition for informal producers. Cash transfers favour informal employment, albeit with a fiscal burden. Results confirm the role of formal/informal linkages and product markets in explaining policy outcomes.     

基于过程视角的创业学习研究述评

伴随着创业热潮的兴起,创业学习已经成为近年来创业管理研究中的一个热点领域,但已有研究对于创业者是怎样学习的这一问题的探讨仍然非常有限.文章从行为学习、认知学习和情境学习视角,对最近10年发表在主流创业管理期刊上关于创业学习过程研究的文献进行系统的梳理和比较,研究发现基于不同视角的创业学习过程研究正在从分化、对立走向整合、互补,这对未来创业学习研究具有重要启示.     

晋狮企业家群体文化特质的形成与演化研究

在总结晋狮企业家群体文化表征及其形成的历史诱因基础上,进而对集群化背景下晋狮企业家群体文化的局限性及其演化进行了分析,最后得出了如下结论与启示:企业家群体文化是促进区域产业形成与发展的文化资本;企业家群体文化是评价区域企业家资源禀赋的重要标志;由群体文化构成的企业家内生性环境是产业区得以形成的集聚机制平台;企业家群体文化需要在新的机制中扬长避短,整合重塑。     

Contract enforcement,institutions, and social capital: the Maghribi traders reappraised1

Social scientists draw important lessons for modern development from the medieval Maghribi traders who, it has been argued, lacked effective legal mechanisms for contract enforcement and instead relied on informal sanctions based on collective ostracism within an exclusive coalition. We show that this claim is untenable. Not a single empirical example adduced as evidence of the putative coalition shows that a coalition actually existed. The Maghribi traders made use of the formal legal system in order to enforce agency agreements in long‐distance trade. A subset of the traders did form a web of trusted business associates that contributed to informal contract enforcement, but this was very different from the hypothesized coalition, in neither being exclusive nor having a clearly defined membership. The Maghribi traders combined reputation‐based sanctions with legal mechanisms, in ways that resemble the practices of medieval European merchants. We find no evidence that the Maghribi traders had more ‘collectivist’ cultural beliefs than their European counterparts.     

数字普惠金融对农户创业行为的影响

利用面板数据模型阐释数字普惠金融对资源获取、人力资本培训和区域经济增长的功能效应,分析数字普惠金融对农民创业行为的动态影响。结果表明：数字普惠金融总指数对农户创业决策具有显著的激励作用,3个细分指标中覆盖广度的作用最为明显。异质性分析结果揭示了在数字普惠金融发展更完善的东中部地区,数字普惠金融的创业存在显著促进作用,对农户创业规模的正向影响更为明显。最后根据结论提出政策建议。     

Taiwan's Yacht Industry: A Tale of Two Entrepreneurial Firms

Abstract

This paper studies the evolution of Taiwan's yacht industry in general, and in particular we focus on two entrepreneurial firms, the Horizon Yacht Company and the Jade Yacht Company. Our purposes are two-fold. First, most research studies on Taiwan's economic success are based on the neoclassical economic model, which uses a proportional input-output production function, and emphasizes aggregate data to explain economic growth. We instead emphasize the role of entrepreneurship, which allows us to investigate closely how each individual firm discovers opportunities, exploits profits, and accumulates its capabilities to create perpetual wealth. Second, Taiwan is a very entrepreneurial society and its entrepreneurial spirit permeates into every corner with successful stories not just confined to some champion industries, such as integrated circuits (ICs), personal computers (PCs), etc. Taiwan's yacht industry, though it sailed through stormy periods in the late 1980s, has learned to grow to be a much more competitive player on the world stage. We show two cases of yacht corporations, Horizon and Jade, to shed light on how the firms use variant strategies to build their continuous competitive advantages, to meet challenges, and to galvanize their capabilities on their pathway to growth.     

基于文献量化分析的中国创业政策差异研究——以北京，上海，重庆为例

政府制定合理的创业政策对于创业活动的开展具有重要意义。对中央政府和北京、上海、重庆三市地方政府1994年-2017年间颁布的创业政策进行整理分析,采用政策计量和内容分析方法,对政策文本内外部特征进行分析,描绘中央政府与地方政府、地方政府之间创业政策的差异,进而总结了政策差异与创业发展实践的关系。研究发现：中国创业政策发文时间的初始颁布年份和密集颁布年份存在差异;政策发文单位的层级和部门存在差异;政策工具使用的目标、重点、思路和时间存在差异;不同地区创业政策导向的差异影响了地区创业活动的开展。     

“紧行且好步”：创业团队异质性、创业决策与创业绩效关系的实证研究

创业决策是创业活动的重要组成部分,其效果好坏直接作用于创业绩效。而创业决策效果在很大程度上受创业团队的异质性结构的影响。通过对209 份有效问卷数据进行回归分析,试图从“行为决策”的路径视角揭示创业团队异质性、创业决策以及创业绩效三者之间的关系。实证结果表明：创业决策质量对创业绩效有显著的正向影响,但决策速度对创业绩效的影响并不显著;创业团队社会类别异质性对创业决策与创业绩效有显著的正向影响,而价值观异质性则发挥着相反的作用;信息异质性对创业决策有显著的正向影响,而对创业绩效的正向影响不显著;创业决策质量在创业团队异质性与创业绩效之间存在显著的中介作用。该结论为创业决策的作用机制提供了一定的现实证据,为新创企业如何开展有效的决策以提升创业绩效提供了参考和借鉴。     

江苏高校大学生创业意愿及其影响因素研究——基于有序Logistic模型的实证分析

研究大学生创业意愿的影响因素,有利于了解大学生动态,以创业带动就业,从而缓解大学生就业问题。运用江苏省四个市5所学校的调研数据,利用SPSS22.0软件,基于有序Logistic回归模型,从个人特征、创业认知、创业资源、创业环境、创业动机等5个方面28个解释变量,对大学生创业意愿先后进行单因素与多因素实证分析,发现创业环境满意度与创业意愿负相关,其他四个方面与创业意愿为正相关关系。在此基础上,对提高大学生创业意愿提出对策建议。     

基于TPB模型的高职学生创业意向及其影响因素研究——以上海两所高职院校为例

基于上海市2所高职院校的639份有效问卷进行实证分析,通过构建计划行为理论(TPB)模型,结合个体创业意向量表(IEIS),重点研究创业态度、创业自我效能、创业主观规范以及创业教育等四维度对创业意向的影响。结果显示：各维度与创业意向间均呈显著性正相关关系,创业态度、创业自我效能、创业主观规范在创业教育对创业意向的影响中起显著中介效应;学校支持作为最重要的外部资源,需在创业机会识别、团队管理能力以及创业价值观上加强对学生的教育和引导;家族或自身有创业相关经历和资源将对创业意向产生显著性促进作用;重点关注中高职贯通班、大三学生和男生等特定群体,深挖其已有的创业项目和创业需求,通过打造典型创业案例,提升总体创业意向。     

Discretionary Disclosures to Risk‐Averse Traders: A Research Note

Verrecchia (1983) investigates a manager's incentives for costly, discretionary disclosure of his information to risk‐averse traders when the functional form of prices is exogenously specified. We extend Verrecchia (1983) by deriving the endogenously determined functional form of prices that would arise when all traders have constant risk tolerance. We show that these endogenously determined prices are inconsistent with the assumed prices in Verrecchia (1983) when the manager elects to not disclose. We derive the manager's disclosure strategy for our setting and extend the comparative static results in Verrecchia (1990) for risk‐neutral traders to a setting where traders have constant risk tolerance and prices are endogenously derived. Further, in our setting, discretionary disclosure does not affect how traders price risk of different outcomes. Also, we offer a representation of risk‐averse traders' prices using risk‐adjusted distributions. Finally, these results provide implications for empirical‐archival discretionary disclosure studies.     

民营高科技企业家创新能力影响因素实证研究——基于人力资本视角

企业家人力资本表现为企业家的知识、能力、健康,对企业家创新能力形成发挥着重要作用,企业家的创新能力对民营高科技企业成长做出很大贡献,文章针对民营高科技企业家创新能力形成问题构建了企业家人力资本视角的企业家创新能力影响因素模型。实证检验结果显示,对民营高科技企业中企业家创新能力起直接作用的是企业家战略能力、创新自我效能感、管理自我效能感、学习非经济与管理专业、学习能力、思维开放性、公正严谨性、关系能力八个因素。     

创业政策与创业支持：基于系统优化的视角

创业型社会,无论是个人、社会还是政府都是创业者。个人创业是创造财富;社会创业是形成创业支持能力和实践支持行为;政府创业是组织和引导社会构建创业支持系统。创业环境、创业政策、创业支持系统,三者既有联系又有区别。创业政策和创业支持系统都属于创业环境的范畴,创业政策要解决的关键问题是创业支持,创业支持构成创业环境研究的核心内容。政府是建设创业型社会的第一创业者,政府在创业中的职责是建设创业支持系统。各级政府创业支持的侧重点不同。乡镇是我国政府的终端,要把乡镇建设成各种创业支持的聚集点和创业支持实现的扩散源,这是我国实施以创业带动就业战略和实现创业型社会的关键。