Network advantage’s effect on exit performance: examining venture capital’s inter-organizational networks

This study investigates how a venture capital’s network affects its exit performance. While most network research focuses on individual characteristics such as centrality and density, this study explores the overall advantage that results from holding a network position (i.e., a network advantage). This network advantage is examined at the syndicate level, which is a group of organizations. Within this context, the study contemplates the syndicate’s network advantage and hones in on the syndicate’s network advantage diversity, because the composition of members’ network advantage within the syndicate as well as the syndicate’s network advantage itself may affect the syndicate’s performance. To do this, first it is hypothesized that both a venture capital syndicate’s network advantage and its network advantage diversity are positively associated with its exit performance. Next, the study predicts that a syndicate’s network advantage diversity negatively moderates the positive relationship between the syndicate’s network advantage and its exit performance. Then a two stage least squares analysis of 1137 venture capital syndicate investments largely confirms the predicted effects. A syndicate’s network advantage is shown to contribute to its exit performance. A syndicate’s network advantage diversity clearly weakens the positive relationship between the syndicate’s network advantage and performance, while its direct effect on performance is not significantly supported. Overall, these findings show that a syndicate’s network advantage and its diversity are critical determinants of its exit performance in the venture capital industry.

     

Fitting Regional Income Distributions in the European Union*

Cross‐sectional distribution of per capita (log) GDP across the European Union regions from 1977 to 1996 is analysed. Kernel density estimates reveal a multimodal structure of the distribution during the 1970s and early 1980s, and a tendency towards unimodality since the mid‐1980s. The distribution is further analysed by a mixture of normal densities. A two well‐separated component mixture fits the distributions in the 1970s and early 1980s. These two clusters tend to converge, supporting the idea of a process of catching up. In the mid‐1990s, a small group of very rich regions is generated by a separated component.     

随机利率下缴费预定计划职业年金的替代率研究

事业单位养老保险制度改革关系到我国基本养老保险制度的改革进程和可持续发展问题,而面对事业单位养老金替代率90％,企业单位替代率60％的差距,事业单位养老保险制度改革遇到了一定的阻力．本文考察了如果采用缴费预定计划（Dc计划）建立职业年金,事业单位养老保险的替代率问题．养老金的投资收益率是影响替代率的关键因素,而这一因素受金融市场影响较大,这里假设它为随机变量。研究发现：（1）由于女性职工的法定退休年龄早,平均寿命又比较长,对于相同的缴费率,男性的养老金替代率明显高于女性的替代率;（2）缴费率是影响替代率的另一因素,为了保持较为合理的替代率,实现养老保险制度的平稳改革,我们建议合适的缴费率为11%。     

草根企业动态能力的演化——基于创业者二面能力的视角

草根企业是中国经济发展的重要组成部分,动态能力有助于草根企业的生存和成长。本文以大连食品加工行业的三家知名草根企业为研究对象,分别从它们的生存、成长和发展三个时期各选择一个典型事例共九个案例进行多案例分析,从创业者二面能力的视角,对草根企业发展过程中,由创业者思变和创造的常规能力以及整合和运作的非常规能力所构成的二面能力与企业的包括生产能力、技术能力等的一阶能力和动态能力之间的演化机理进行研究,研究结果揭示了在企业发展的不同时期,创业者二面能力的常规和非常规能力对企业动态能力演化影响的重要程度不同。     

Optimal Loyalty‐Based Management

We study an agency model in which an entrepreneur selects a manager from a candidate set. The selected manager's effort improves the project's potential environment, and is a hidden action. The realized project environment is the entrepreneur's private information. A manager's utility has two components—(i) loyalty, with which the manager values the organization's profit, and (ii) selfishness, with which the manager values the monetary transfer he receives from the entrepreneur. We find that if the manager's task is easy enough, it is optimal to use a purely loyal manager. Otherwise, it can be optimal to use a manager with mixture of loyalty and selfishness—the manager's mixed motivation alleviates the entrepreneur's misrepresenting incentive, and as a result, the output distortion in the optimal contract can be reduced. In addition, when it is optimal to use a manager with mixed motivations, the entrepreneur selects someone who is more selfish than loyal.     

In what ways do Chinese employees speak up? An exchange approach to supervisor–subordinate guanxi and voice behavior

Few studies have investigated the effect of supervisor–subordinate guanxi (s–s guanxi) on employee voice behavior. From a social exchange perspective, the current study sheds light on the effect of s–s guanxi on employee voice behavior through the mediating roles of psychological ownership and psychological empowerment. A theoretical model is developed and empirically tested with a sample of 299 supervisor–subordinate dyads. The results generally support our hypothesis that s–s guanxi can influence employee voice through the mediating roles of psychological ownership and psychological empowerment. However, counter to our hypothesis, we find no support for psychological ownership mediating between s–s guanxi and promotive voice. Implications and contributions are discussed.     

Relating a City's History and Geography with Bourdieu: One Hundred Years of Spatial Distinction in Tel Aviv

This article advances a conceptualization of spatial distinction that, following Bourdieu, relates principles of division in ‘social space’ with formations of segregation in urban space. It applies this interpretive framework to concisely narrate the one hundred years' history of spatial distinction in Tel Aviv. Analyzing five moments in the city's development, it focuses on a dominant principle of distinction in each period and its ensuing segregations: predominantly ethno‐national (Jewish–Arab) distinction that established Tel Aviv in opposition to Jaffa at the turn of the twentieth century; nuanced ethno‐class distinction that shaped the city's rapid growth in the 1920s–30s and created an elaborate socio‐spatial hierarchy of neighborhoods; institutionalized distinction that governed the collective supply of housing in the 1930s–40s, evolving into a complex system of housing classifications; ‘distinction‐by‐distance’ through exclusive suburbanization and the emergence of a metropolitan scale of distinction in the 1950s–70s; and a ‘back‐to‐the‐center’ strategy of distinction by way of gentrification in the 1980s–90s and within gated residential enclaves at the beginning of the twenty‐first century. Through this concise history, various principles, mechanisms and scales of spatial distinction are elaborated upon, as a way to think about the socially constructed, historically contingent and continuously changing divisions and segregations in cities.     

Do institutional investors monitor management? Evidence from the relationship between institutional ownership and capital structure

We examine the dynamic relations between institutional ownership and a firm's capital structure. We find that a firm's leverage decreases when institutional ownership increases. This result implies that a firm reduces its debt level as institutional investors substitute for the monitoring role of debt. More importantly, we find that a firm's suboptimal leverage decreases when the institutional ownership increases, and institutional ownership decreases when a firm's suboptimal leverage increases. This finding shows that institutions not only effectively monitor a firm's capital structure but they also passively sell their shares when dissatisfied with it. In addition, we find that the monitoring evidence on a firm's leverage and suboptimal leverage are more pronounced when the institutional investors are less likely to have business relationships with a firm or the information asymmetry is high in the market.     

新时期榆林能源产业发展研究

2010-2020年是我国十二五发展的关键时期,也是榆林经济能否转型并可持续发展的关键时期。榆林能源产业的发展是榆林经济发展的重中之重,关系着榆林经济的未来。本文分析了新时期榆林能源产业发展的战略、方向并提出了发展的具体措施,以期为榆林能源产业今后十年的发展提供参考。     

The salient role of institutions in Women’s entrepreneurship: a critical review and agenda for future research

Institutions play an important role in women’s and men’s entrepreneurial behaviors. This article provides a systematic review of institutions and women’s entrepreneurship literature through an institutional lens, with a particular focus on informal and formal institutions. The article sets out to explore institutions for women’s entrepreneurship, illustrating why having an institutional perspective of women’s entrepreneurship contributes to a deeper understanding of the phenomenon. To reach this aim, we analyze and classify the scholarship by explanatory factors and type of informal and formal institutions. The article suggests that gender roles, as an informal institution, influence the creation of both informal and formal institutions, and in turn, the women’s entrepreneurial behaviors is based on gender roles. Finally, a theoretical model is developed, which allocates women’s entrepreneurship in the center and shows the role of institutional environment in their decision to start new ventures. Implications for future research are finally discussed.     

Prejudice and gender differentials in the US labor market in the last twenty years

Earnings differentials between men and women have experienced a stable convergence during the 1980s, following a process started in the late 1970s. However, in the 1990s the convergence has almost stopped. The first objective of the paper is to evaluate if discrimination, defined as explicit prejudice, may have a role in explaining this slowdown in the convergence. The second objective is to assess whether the prediction of a decrease in the proportion of prejudiced employers implied by the Becker’s model of taste discrimination is taking place and if so at what speed. These objectives are achieved by developing and estimating a search model of the labor market with matching, bargaining, employer’s prejudice and worker’s participation decisions. The results show that the proportion of prejudiced employers is estimated to be decreasing at an increasing speed, going from about 69% in 1985 to about 32% in 2005. Therefore prejudice is not estimated to be a relevant factor in explaining the slower convergence between male and female earnings in the 1990s. The results are consistent with the Becker’s model of taste discrimination if one is willing to assume a very slow adjustment process.     

浅谈中国制造业发展现状

制造业是一个国家国民经济的重要组成部分,支撑国民经济的发展。虽然中国制造业增加值在世界制造业增加值中的占比逐渐增加,但是相比于发达国家,我国制造业仍处于较低的发展水平。为了推动国家的发展和综合国力的提升,亟需增强制造业的国际竞争力。论文通过研究中国制造业的现状、在国际上的地位、存在的问题,对中国制造业的发展方向进行了规划。     

Effectiveness of quality standards regulation considering the behavior of government and firms

We construct an analysis framework consisting of the central government, a local government, a representative firm, and consumers. This study analyzes how the local government's enforcement, the firm's compliance, and their interaction influence the effectiveness of regulation after the central government has established policies regarding quality standards. We construct three scenarios: perfect enforcement, imperfect enforcement, and collusion. We show that when the local government imperfectly enforces the regulation, the firm's utility and the local government's utility are higher, whereas the degree of the firm's compliance, consumers' utility, and the level of social welfare are lower. When there is collusion between the local government and the firm, the firm's utility and the local government's utility are the highest, but the degree of the firm's compliance, consumers' utility, and the level of social welfare are the lowest among the different scenarios. This study proves that the behavior of governments and firms plays a vital role in the effectiveness of quality standards regulation.     

浅谈城市天然气的安全供应

我国天然气将进入快速发展时期,与此同时,城市天然气供应安全问题也逐渐考验着城市燃气企业的应对能力。本文从平顶山市的天然气发展现状和未来快速发展的实际情况出发,分析了平顶山市天然气安全供应方面存在的问题和应采取的措施。     

Central bank rules in historical perspective

This article explains that, while Walter Bagehot׳s Lombard Street had a rule about the central bank׳s role as a lender of last resort, it was not a precursor of the rules-based approach to monetary policy. Monetary policy rules came into fashion in the 1980s and 1990s when it became clear from the 1970s just how dangerous discretion could be. Under different historical circumstances before that and in more recent times, it was rules that seemed much inferior to discretion.     

谈知识经济时代对城市妇女工作的影响

文章以知识经济时代为背景,结合妇女的特点和妇女工作的经验来进行分析论证,阐述了知识经济时代是一个提高知识效率和知识经济的时代,一个妇女发展和民族素质提高的关键时代,同时也是女性面临巨大压力和可能获得许多机遇的时代。     

管理者过度自信、企业价值与企业财务困境的关系——基于东星集团的案例研究

实证研究表明,管理者过度自信与企业财务困境之间存在一定的关系,但现有文献并未清晰地回答管理者过度自信对企业财务困境形成的影响机理。本文通过理论分析和案例研究建立了管理者过度自信与企业价值之间相互影响、递进上升,最后导致企业陷入财务困境的分析模型。文章提出了用OC系数来衡量管理者过度自信,是对管理者过度自信研究方法的一个贡献;建立了管理者过度自信、企业价值与企业财务困境之间的关系模型,能够比较清晰地解释管理者过度自信对企业财务困境形成的影响机理,丰富了管理者过度自信和企业财务困境的理论研究成果。     

Central bank’s forecasts and lack of transparency: An assessment of the effect on private expectations in a large emerging economy

We analyze whether the Central Bank of Brazil’s Inflation Reports projections influences the private’s inflation expectations. Specifically, we investigate how the central bank’s inflation forecasts affect the private sector’s inflation expectations through a qualitative and quantitative examination of the disagreement measure between them. Furthermore, we appraise if the lack of transparency resulting from the difference between the central bank’s inflation forecasts and the realized inflation affects the private’s inflation expectations. Although the findings confirm the previous studies that point out that the central bank transparency can affect the readjustment of market expectations, the results do not rule out the possibility of the central bank’s forecast and private’s inflation expectations being affected reciprocally.     

现金流量表的编制刍议

现金流量表作为会计报告的"第三张表",是企业公开的会计信息。现金流量表可以清晰地反映企业创造净现金流量的能力,揭示企业资产的流动性和财务状况,并能够为企业提供当期现金的流入、流出及结余情况,可以正确评价企业当前及未来的偿债能力、支付能力及企业当期取得的利润的质量,为企业领导科学决策提供充分、有效的依据。     

Mafia risk perception: Evaluating the effect of organized crime on firm technical efficiency and investment proclivity

The presence of illegal organizations in economic development settings contributes to the Italian economy’s regional heterogeneity by exacerbating other inefficiencies. We aim to investigate how three indicators of awareness of criminal interest in a firm’s activities affect the latter’s efficiency, as well as examining a potential channel through which illegal activities could hinder firm performance, using a unique set of firm-level data. According to our findings, the presence of criminal network pressure in a firm’s environment reduces its technical efficiency and propensity to invest. This phenomenon is particularly strong in Italy’s underdeveloped regions, across all illicit considered and risk classes, with inefficiency doubling when the fear of crime becomes significant. A similar pattern emerges in terms of firm investment proclivity. The research findings are relevant for policymakers because they demonstrate that even the perception of a criminal threat has significant effects on a firm’s performance; consequently, enhancing legal protection could prevent significant economic and social costs.