Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences

Using propensity score matching （PSM） and the difference-in- difference （DID） approach, this paper explores the characteristics of listed Chinese firms that voluntarily disclose auditors＇ reports on internal control and the economic consequences. Using a sample of non-financial firms listed on the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange between 2006 and 2010, we find that firms are more likely to voluntarily disclose their auditors＇ reports on internal control if they have higher state ownership, lower managerial ownership, sanction records, audit committees, non-Big Four auditors as their auditors of annual financial reports, unqualified auditors＇ opinions on financial reports, less board independence, after controlling for firm size, liabilities, performance, and history. Moreover, as compared to a control group that exhibits similar characteristics, firms that voluntarily disclose auditors＇ reports on internal control are associated with positive earnings quality and negative cost of equity capital.     

MINISTER OF AGRICULTURE:"China Won't Let her Bread and Butter in Others' Hands"

Grain production: strategic industry to maintain socical stability Q: What is the grain issue of China? A: I'd like to answer this question with two sentences.First,grain production is a strategic industry to maintain social stability of China; our government should always consider feeding a population of 1.3 billion as the major priority and can never overlook this issue.Second,China,a heavily-populous nation,must stick to the principle of"relying mainly on her own to achieve self-sufficiency"to ensure food security;China cannot let her bread and butter be held in others' hands.     

Investing in Japan？ Statistics Speak

Is investing in Japan a good choice for ambitious Chinese enterprises？ Xiong Lin, partner at the Beijing DaDi Law firm, reminded potential investors that understanding Sino-Japan cultural differences, local policies and the procedures concerning investment, as well as protecting intellectual property and prompt communication with local consulting firms are the keys to good preparation. She gave this advice at the ＂2009 Investment in Japan Seminar＂ on March 5, a seminar co-hosted by CCPIT （China Council for the promotion of International Trade） and JETRO （Japan External Trade Organization） as the follow-up to a session held in 2007.     

From a Loyalist to a betrayer —— Bull’s-eye in Oliver Twist

As Charles Dickens has been recognized as the greatest critical writer in the 19th century in British.People often notice that most of its works reflect strongly social criticism,and few people discovers his thoughts of romanticism and idealism,his speaking highly of the humanity,kindness,and benevolence,as well as his looking forward to a more harmonious society and better lives for people.In fact,he has created many characteristics of rightfullness and justice to this effect.What’s the most interesting is that he creats an animal imaginery—a dog,which changes from his evil master’s accomplice to his batrayer--to express the his desire of arousing sympathy and goodness in the imbalanced society for the sake of the poor and the weak.     

Hierarchical Dynamic Capabilities and Strategic Entrepreneurship in Changing Industrial Environments

The research fields of dynamic capabilities and strategic entrepreneurship have developed concurrently but separately. This study aims to bridge the gap in research on the underlying linkage between the two independent areas, both of which are critical for firms to sustain competitiveness in changing industrial environments. Drawing upon insights from the integrated perspective of hierarchical dynamic capabilities, strategic entrepreneurship, and environmental dynamics, an explicit theoretical framework is put forward to achieve a better understanding of the ways through which hierarchical dynamic capabilities promote strategic entrepreneurship. Moreover, through the proposed theoretical lens, this study further explores the detailed mechanisms of how first-order and second-order dynamic capabilities improve strategic entrepreneurship with regard to uncertainty of market conditions.     

A Case Study on Executive Leadership and Knowledge Transfer in TMT： From the Perspective of Managerial Rotation in Private Firms

This paper explores the mechanism between leadership and knowledge transfer in a top management team （TMT） via a case study of ZOJE Group, a private listed company in China. Three recently rotated executives with different leadership styles from the parent or subsidiary companies are chosen and studied. Findings show that for the visionary leadership executive, his vision incentive has a limited effect on knowledge transfer, but organization culture, especially the decentralization management culture, can greatly enhance the knowledge transfer process. For the paternalistic leadership executive, authoritarianism helps him manage the management team in disarray; while benevolence and morality improve the knowledge transfer standard. Lastly, for the servant leadership executive, his leading by example and altruism behaviors contribute to a higher level of knowledge transfer among TMT.     

High Performance Work Systems and Employee Creativity： The Mediating Effect of Knowledge Sharing

Employee creativity is both the core element of a firm＇s innovation capabilities and the sources for its growth. To improve an organization＇s ability to innovate, it is necessary to improve the creativity of its employees. Based on theories from strategic human resource management, creativity and organizational learning, this paper investigates the relationship between high performance work systems and employee creativity and explores the role knowledge sharing plays in their relationship. A questionnaire is designed and administered to a group of part-time executive students in the winter of 2012. Two hundred students are invited to answer the survey questions with 117 valid responses. Data are collected and processed by using statistical regressions. The empirical findings reveal that high performance work systems positively affect knowledge sharing and employee creativity. Knowledge sharing plays a mediating role in the relationship between high performance work systems and employee creativity. Implications for practice and future research are discussed.     

Foton Crosses the High Threshold of Overseas Market——the First 40 Van Arrives at Russia

On January 14, 2006, after half year＇s planning, 40 Foton View Van start the expedition from the headquarter square of Foton Motor. It is believed that it is another achievement of Foton Motor＇s overseas ＂strategic market＂ export. The export is a landmark for Foton Motor. Iran, Russia and India are defined as the 3 major overseas strategic markets for the export thresholds are very high and hard to operate.     

Foton Crosses the High Threshold of Overseas Market--the First 40 Van Arrives at Russia

On January 14, 2006, after half year‘s planning, 40 Foton View Van start the expedition from the headquarter square of Foton Motor.It is believed that it is another achievement of Foton Motor‘s overseas “strategic market“ export. The export is a landmark for Foton Motor. Iran, Russia and India are defined as the 3 major overseas strategic markets for the export thresholds are very high and hard to operate.……     

Discussion on Misunderstandings of Translation Teaching

Translation is required as a compulsory course for English majors in many universities in China.With the development of globalization,a large number of translators are needed.Therefore, translation teaching is significant for the training of high-qualified translation personnel for the society.The purpose of this study is to give a basic introduction of the misunderstandings existing in translation teaching in China and to offer some advices in hope of promoting translation teaching in China.     

Discussion on Misunderstandings of Translation Teaching

Translation is required as a compulsory course for English majors in many universities in China. With the development of globalization, a large number of translators are needed. Therefore, translation teaching is significant for the training of high-qualified translation personnel for the society. The purpose of this study is to give a basic introduction of the misunderstandings existing in translation teaching in China and to offer some advices in hope of promoting translation teaching in China.     

Hu Huafeng： Building Chinese Clothing Brand in Italy

With the pursuit of enterprise＇s healthy and rapid development, Hu Huafeng has set a clear strategic goal for his company, making Hengsheng one of the well-known Italian local enterprises and creating a Made-in-Italy Chinese clothing brand. He is now aiming at digging the business value more deeply to achieve full breakthrough as a Chinese in this field.     

Entrepreneurial Orientation and Performance of Chinese High-Tech Firms： The Mediating Role of Organizational Learning and Moderating Role of Firm Life Cycle

The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.     

Penetrating Persisting and Partnering to Explore the International Market——Exclusive interview with Mr.Zhang Xiaoyu,Vice Chairman of CMIF

It can be said that the auto industry has seen a big shakeup since the breakout of the financial crisis last year, whether in China or in western countries. In order to help the auto industry keep its steady development, the Chinese government formulated the Automobile Industry Restructuring.and Revitalization Plan. Many other related institutes also took measures to assist the development of this industry. The China Auto International Exhibition Tour, organized by the China Machinery Industry Federation （CMIF） and the China Council for the Promotion of International Trade （CCPIT）, has been engaged in introducing China＇s automobiles to the world and promoting the worldwide recognition of Chinese auto brands since 1995. Now, as the 7th China Auto International Exhibition Tour is about to begin, China＇s Foreign Trade interviewed Zhang Xiaoyu, Vice Chairman of CMIF, about the current status of the auto industry in China and China＇s auto exports in 2009.     

Hotter Competition in Summer

Due to the downturn in global economy, the economic growth rate in China sharply decreased in the first quarter of 2009. However, the fluctuating macro economy won＇t change the uptrend in food and beverage industry. The ratio between added-values of food industry and agriculture industry in China is 0.22 at present, but the ratio in developed western co＇untries averagesl.2,mean-ing-ihat-there-is still great p＇otentiai and room in Chinese food industry. During the ＂llth five-year＂ period, the beverage industry is expected to grow at a rate of 15% or above. In this way, the production in this industry in 2010 will reach 68 million tons.     

April profits of Chinese petrochemical firms rise nearly 45% on lower crude prices

The construction of the China-Russia oil pipeline conforms with the strategic goals of China and Russia to diversify the former＇s energy imports and latter＇s energy exports, Chinese Ambassador to Russia Liu Guchang has said. The move reflects the two countries＇ confidence and determination to tide over together the current global economic downturn, Liu said in a recent written interview with Xinhua on May 10. The signing of a package of oil cooperation deals between China and Russia as well as the start of the oil pipeline project marked a major breakthrough in their energy cooperation, represented a new height of China-Russia strategic partnership of cooperation and further substantiate this partnership, Liu said.     

Assessing Managerial Discretion across Different Industries in China

In this study, managerial discretion in 37 industries in China is measured and ranked into high, medium and low groups. The results are compared with findings from Hambrick and Abrhamson＇s （1995） study in the U.S. context, and changes are examined in two dimensions of managerial discretion from 2001 to 2009. This study contributes a reliable measure of managerial discretion for future organizational and strategic studies, which can help explain the differences in managerial phenomena across different industries in China＇s institutional environment.     

Hungry China Shops in Argentina

Chinese investment is flooding into Argentina as the Asian giant expands its global commodity hunt from the raw materials used in industry to the foodstuffs needed to feed its 1.3 billion citizens. China's investment in Latin America hit USI15.6 billion during the 12-month period through the end of May, nearly three times greater than the year-ago period, consulting firm Deloitte said in a report.Of that amount, Brazil received about 60% and Argentina close to 40%.     

Financial Turmoil Still Ahead？

Asub-prime mortgage refers to a type of loai3 that is normally made to borrowers who do not qualify for market interest rates,often due to a variety of risk factors,such as their income level,size of the down payment,credit history,or employment status. As a result of the borrower＇s low credit rating, a conventional mortgage cannot be offered because the lender views the borrower as having a greater-than-average risk of defaulting on the loan. Lending institutions often charge interest on sub-prime mortgages at a rate that is higher than a conventional mortgage in order to compensate for this added risk. Recently,     

Understanding Organizational Agility Development for a Government： A Process Model of Resource Configuration

Organizational agility, the ability to sense and respond to changes quickly, has been regarded as an important index of organizational performance in rapidly changing environments. However, research on agility has largely overlooked the dynamics of the resource configuration process, which includes resource selection, acquisition, development, and management. Prior studies have mostly taken for granted a set of organizational resources deemed sufficient for developing agility, and overlooked the efforts required to render the resources ready for agility development. Adopting the resource-based view, this study aims to close such a theoretical gap by conceptualizing a dynamic resource configuration process. Based on a case study of the Shanghai Social Security Card System （SSSCS） project, we inductively develop a process model for resource configuration in agility development. This model demonstrates the configuration process of IT resources and institutional resources to create agility. Simultaneously, it stresses that IT resources may serve in initiating corresponding institutional resources, assist in the molding and shaping of new institutional resources, and also serve in sustaining institutional resources. Our research contributes to the organizational agility literature by elaborating on the dynamic resource configuration process embedded in the agility development process. Our findings offer suggestions to governments and guide them in configuring 1T and institutional resources to develop organizational agility.