Short- and long-term market returns of international codevelopment alliances of new products

Strategic alliances entail process-oriented decisions, in which information about outcomes is unveiled over time. Therefore, it is difficult for investors to gauge the value of such decisions in the short term; longitudinal analysis is necessary. Accordingly, the authors apply latent growth modeling to a data set of 270 international codevelopment alliances announced over an 18-year period. The results demonstrate that investors reward firms for their international codevelopment alliances in the short term but punish them in the long term. Initially, exchange conditions have positive effects, but these effects decrease over time. However, the decrease slows when firms’ market updates contain positive news. Although investors view sharing of innovation resources as a competitive advantage in the short term, they perceive exchange conditions as transaction hazards in the long term. The results also show that long-term decreases in market returns are greater when codevelopment activities are conducted offshore rather than onshore.

     

我国货币政策的股市传导机制

随着股票市场的发展及其对实体经济影响的日益深刻，股票市场与货币政策的关系日益紧密。股票市场影响着传统货币政策的最终目标、中介目标、政策工具及传导机制。就我国货币政策股市传导低效率的原因进行分析发现，提高我国货币政策的股市传导效率，加强货币政策与股票市场间的互动关系十分重要。     

The impact of product market strategy-organizational culture fit on business performance

Drawing on the organization theory literature concerning configuration theory, competing values theory, and fit assessment methodologies, we examine the existence and performance impact of product market strategy–organization culture fit. Specifically, we assess the relationship among three important elements of a firm’s product market strategy and the four cultural orientations that comprise the competing values theory of organizational culture using primary and secondary data from the US trucking industry. Using two different conceptualizations and operationalizations of fit, our results provide the first empirical support for the existence of interrelationships among product market strategy decisions and organizational culture orientations consistent with configuration theory conceptualizations of product market strategy–organizational culture fit. We also find support for theorized but previously untested relationships between product market strategy–organizational culture fit and firms’ customer satisfaction and cash-flow return on assets (CFROA) performance. Since product market strategy is heavily reliant on the input of marketers, and organizational culture has long been recognized as having an important impact on marketing-related decision making, these findings have important implications for marketing strategy research and practice.     

The impact of electronic technology upon the marketing channel

Teleshopping and other forms of electronic retailing promise to have tremendous impact upon the field of retailing. With respect to the impact of this emerging technology upon the channel structure it would seem that the channel members are “retreating” relative to the channel positions. That is, consumers have retreated to the retailer level where they have assumed many of the retailer functions; retailers have moved back to the wholesaler or supplier level; distributors have assumed some of the manufacturer initiative with respect to produc specification and design; and manufactures have retreated to the subcontractor or component supplier level.     

The impact of suppliers' perceptions of reseller market orientation on key relationship constructs

A number of researchers have reported the positive benefits of creating and maintaining a market orientation. This study is one of the first to explicitly investigate the effects of market orientation within a channel context. It is proposed that a supplier's perceptions of a reseller's market orientation will positively affect the supplier's perceptions of certain key relationship marketing constructs. Data collected from 380 suppliers were used to test the hypotheses. All hypotheses were supported. Thomas L. Baker is an associate professor of marketing in the Cameron School of Business at the University of North Carolina at Wilmington. He was awarded his doctorate in 1990 from Florida State University. His research has been published in theJournal of Marketing, Journal of Retailing, Journal of Personal Selling and Sales Management, Journal of Business Research, and other journals as well as international, national, and regional proceedings. Penny M. Simpson is an associate professor of marketing and the David D. Morgan Professor of Marketing at Northwestern State University of Louisiana. She was awarded her doctorate in 1991 from Louisiana Tech University. Her research interests include channel relationships, market orientation, and advertising effectiveness. Her articles have been published in theJournal of Marketing, Journal of Academy of Marketing Science, Journal of Health Care Marketing, Journal of Business Ethics, Psychological Reports, and other journals and proceedings. Judy A. Siguaw is an associate professor of marketing at Cornell University, School of Hotel Administration. She was awarded her doctorate in 1991 from Louisiana Tech University. She has published in numerous journals, including theJournal of Marketing, Journal of Marketing Research, Journal of Strategic Marketing, Journal of Business Ethics, andIndustrial Marketing Management. She has also published many conference proceedings, including those for the Academy of Marketing Science, the American Marketing Association, and the European Marketing Academy.     

Customer value impact of sales contests

Although firms spend more than $26 billion annually on sales contests, no empirical research has investigated the effects of contests on individual customers. While some short-term firm effects of contests have been documented, the impact on long-term customer value has remained a matter of speculation. This research investigates the long-term customer impact of sales contests, by applying the customer value framework. We add to previous research that has used customer value of marketing programs by employing the acquired, retained, and add-on framework to segment customers based on their purchase history. We develop hypotheses drawing on theories in the buyer behavior, customer loyalty, and sales management domains. By disaggregating the overall customer value into initial and subsequent components, we demonstrate a greater long-term value per customer in the retained customer cohort and lower short-term and long-term value per customer among the two other cohorts (acquired and add-on customers). There is no adverse impact on other drivers of customer value such as customer churn and purchase frequency. While our study focuses on individual customer effects, we note the significantly higher volume of customers during the contest leads to a positive aggregate-level assessment. We conclude by discussing the implications of our findings for managers and researchers.     

书籍封面设计的市场价值及其延伸

书籍是积累和传播人类文明的知识宝库。书籍是有价值的，因为它在市场里流通；书籍是有使用价值的，因为它是人类思想愿望和幻想的传递者。本文从书籍封面设计与读者购买心理、书籍封面设计立意与形式美感、书籍封面设计市场的延伸等几个方面分析了书籍封面设计在当今竞争日益激烈的图书市场中的重要性及书籍市场在信息时代被电子读物分割之后，书籍封面设计的功能置换和价值转移。     

The impact of technology on the quality-value-loyalty chain: A research agenda

In this article, the authors first propose a simple model summarizing the key drivers of customer loyalty. Then, on the basis of this model and drawing on key insights from the preceding articles in this issue, they outline a set of issues for further research related to the quality-value-loyalty chain. Next, the authors develop a conceptual framework that integrates the quality-value-loyalty chain with the “pyramid model,” which emphasizes the increasing importance of technology-customer, technology-employee, and technology-company linkages in serving customers. Using this integrated framework as a spring-board, they identify a number of avenues for additional inquiry pertaining to the three types of linkages. A. Parasuraman (D.B.A, Indiana University) is a professor and holder of the James W. McLamore Chair in Marketing at the University of Miami. He teaches and does research in services marketing, service-quality measurement, and the role of technology in marketing to and serving customers. He has received many distinguished teaching and research awards, including, most recently, the “Career Contributions to the Services Discipline Award” given by the American Marketing Association's (AMA) SERVSIG. He has written numerous articles in journals such as theJournal of Marketing, theJournal of Marketing Research, theJournal of Retailing, andSloan Management Review. He is the author of a marketing research text and coauthor of two books on service quality and services marketing. In addition to being the editor of theJournal of the Academy of Marketing Science (JAMS), he serves on the editorial review boards of five other journals. Dhruv Grewal (Ph.D., Virginia Tech) is Interim-Chair and a professor of marketing at the University of Miami. He has published more than 40 articles in journals such as theJournal of Marketing, theJournal of Consumer Research, theJournal of Marketing Research, theJournal of the Academy of Marketing Science, and theJournal of Retailing. His research interests focus on retailing, pricing, international marketing, and consumer behavior issues. He currently serves on the editorial review boards of theJournal of Marketing, theJournal of the Academy of Marketing Science, theJournal of Retailing, and theJournal of Public Policy & Marketing. He has won awards for both his teaching and research. He has coedited a special issue of theJournal of Public Policy & Marketing and of theJournal of Retailing. He was recently elected to the AMA Academic Council—VP Research and Conferences (1999–2001). He is currently writing a book onMarketing Research (publisher: Houghton Mifflin).     

The impact of market conditions on the organizational structure and effectiveness of firms operating in Italy

In the past decade, several organization theorists have begun to examine the organization—environmental interface in the functioning of complex organizations and have argued that an organization's internal structural arrangement is contingent upon the demands of the external environment. The purpose of this article is to further examine the validity of the findings of these theorists with reference to firms operating in Italy. The variables studied consisted of: a) Market conditions—which was divided into the two categories of high and low competition. b) Decentralization of decision-making, and c) Organization effectiveness. To investigate the impact of decentralization on the organization effectiveness of firms under differing market conditions the statistical techniques of a Mann-Whitney U Test and Kendall's Tau Measure of Correlation were used to compute the scores. The resulting computations provide some support for the contingency theory of organization, but also indicates areas of disagreement.     

产业结构升级视角下市场一体化对地区经济增长的影响

消除地方市场分割,推动市场一体化,对于促进地区经济增长和实现经济高质量发展具有重要的现实意义.利用2000-2018年中国30个省份的面板数据,运用中介效应方法和面板门槛模型,从产业结构升级视角,探讨了市场一体化对地区经济增长的影响效应及作用路径.研究发现:第一,市场一体化能显著促进地区经济增长,且这种促进作用存在区域异质性和时间异质性;第二,稳健性检验和内生性检验结果均支持市场一体化能显著促进经济增长的结论;第三,在作用路径上,市场一体化可以通过提升地区产业结构合理化、产业结构高级化和产业结构生态化水平进而促进地区经济增长.进一步研究发现,市场一体化与地区经济增长之间存在基于产业结构合理化和产业结构生态化的双重门槛效应.产业结构合理化和产业结构生态化正向调节市场一体化对经济增长的提升作用,且其调节效应逐渐递增.最后,就如何进一步提升市场一体化水平和促进区域协调发展提出了相应的政策建议.     

低碳经济:人类社会发展方式的新变革

本文对新疆2000—2012年碳排放量进行了估算,估算表明：新疆万元GDP碳排放量虽然呈下降趋势,但却明显比全国平均水平高。其原因在于新疆能源消费总量持续增长,能源消费以煤为主,能源使用效率较低。在此基础上,本文分析了新疆发展低碳经济的优势和障碍,从政策、技术、产业及能源结构优化、宣传教育等四方面提出了推进新疆低碳经济发展的对策建议。     

产业政策、市场结构与企业价值链定位

产业政策是否有效推进了产业升级是产业经济实践领域中一个关键的实证问题。借鉴Antras等提出的最新方法,结合微观企业数据库,从价值链上下游视角对企业价值链定位现象进行测算,考察了产业政策、市场结构与企业价值链定位间的关系。研究表明:在行业层面,产业政策应重视市场竞争,选择市场竞争度高的行业作为目标产业能显著推动企业价值链定位升级。在行业内部,产业政策应强调提升市场竞争度,一方面坚持普惠性原则,针对整个行业而不是单个企业或部分企业的产业政策,能有效兼容市场选择机制和激发企业价值链升级;另一方面重视"年轻企业"的发展,针对市场竞争程度高、创新动力强的"年轻企业"实施的产业政策,对企业价值链升级的激发效应更大。     

政府和市场对我国区域投资分布的影响分析

改革开放以来,我国区域投资不平衡经历了从缩小到扩大再到缩小的过程,这一过程与我国区域经济发展不平衡的轨迹基本一致.政府和市场在调节区域投资过程中的作用发生了较大的变化,政府更多地采取经济政策引导投资的流向,同时政府投资更多地投向公益性项目和基础设施项目,市场则引导投资流向利润更高的地区.     

浅析上市公司市值管理的溢价目标和要素

鉴于国家鼓励上市公司开展市值管理的新要求,探讨了上市公司市值管理的溢价目标和四项溢价要素(主业溢价、治理溢价、资产溢价和偏好溢价),并设计了基于四项溢价要素的公司溢价目标体系架构.     

科学技术在价值创造中的分析

马克思的劳动价值论是一元论,劳动是价值的源泉。先进科学技术自身并不能创造价值,但是科学技术在价值创造中有着重要的作用。通过分析科学技术在价值创造和价值转移中的作用,认识到价值创造是一个系列过程,必须从社会整体的,历史的观点来分析价值创造。     

金融科技对商业银行风险承担的影响——基于商业银行信贷结构的视角

通过构建金融科技发展指数,并基于2013~2019年上市银行面板数据进行实证分析,探讨金融科技与商业银行融合发展之间的关系。研究结果表明：（1）金融科技与商业银行融合发展有利于降低商业银行风险承担。（2）不同商业银行应用金融科技效果存在显著差异,与国有商业银行相比,其他股份制商业银行应用金融科技缓释风险承担的效果更明显。（3）金融科技应用于不同信贷结构,对商业银行风险承担的影响和偏好具有显著差异性,国有商业银行偏好借助金融科技调整贷款担保结构缓释风险承担,而其他商业银行偏好借助金融科技调整贷款期限结构缓释风险承担。研究结论对金融科技与商业银行深度融合、优化信贷结构、缓释风险承担提供了重要启示。     

A longitudinal study of the impact of market structure,firm structure,strategy, and market orientation culture on dimensions of small-firm performance

The purpose of this article is to determine market orientation’s relative impact on small-business performance, compared to other influences, in an integrated model using longitudinal data. Contrary to expectations based on the management literature, the results indicate weak causal relationships between market environment, small-firm structure, and small-firm strategy. The results further indicate weak influences of these variables, but strong and consistent influences of market orientation, on various measures of small-firm performance. Contrary to expectations based on business policy literature, relative product quality and new product success were not significant influences on profitability, perhaps due to the significant influence of market orientation on these variables. In addition, although increases in growth/share had a significant short-term influence on increases in profitability, high levels of previous years’ firm growth/share had a negative influence on current profitability. The previous year’s level of firm coordinating systems and market competitive intensity has a significant impact on the level of small-firm market orientation.     

论商人伦理对商法价值的影响

商人伦理就是判断商人行为的是非善恶的标准,它是一个道德范畴。自爱、自律、诚实、公平、勤劳、正义感、勇气、谦逊、公开竞争、恪守诺言、公平交易、在不损害社会利益的前提下追求自己的利益,是商人伦理的主要内容。自由、正义、秩序、安全与效益是商法的主要价值。如果承认自然法学派的自然法是实在法的评价标准论断,那么商人伦理就是“自然法”位置,商法规范就是“实在法”位置。     

资本市场的科学发展之路

资本市场是社会经济的重要组成部分，也要走科学发展之路。根据科学发展观的要求，资本市场不能见物不见人，要以人为本；资本市场要以人为本，投资者关系管理值得推广。资本市场不能玩“富人游戏”，要增进社会福利；切实保证资本市场制度的公开、透明，市场行为的公平、规范，才能促进资本市场的健康发展，推进社会整体福利的增长。资本市场不是孤立的市场，是市场体系中的一部分，要与各类市场协调发展。资本市场不能单打一，要促进经济、社会与自然的和谐统一。