Managerial Ownership and Firm Value： Evidence from Real Estate Listed Companies of China

Based on the panel data method and the financial data from 2001 to 2003 periods of Chinese real estate listed companies, the paper studies the mutual relationship between managerial ownership and finn value. The results show that there is a significantly positive relationship between managerial ownership and finn value, and there is a significantly negative relationship between managerial ownership and cash holdings of companies, and circulation proportion of shares. However, managerial ownership hasn＇t significantly effect on corporate value, and there isn＇t optimal managerial ownership proportion. These results are very important to managerial incentive problem of real estate listed companies of our country.     

Does Property Rights Reform Improve the Efficiency of China＇s State-owned Banks？

China ＂s state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evaluates the effects of these changes by analyzing the efficiency of Chinese banks over the period 1998-2012 using two frontier techniques and comparative analysis. The findings suggest that the performance and technical efficiency of the Big Four banks improved considerably after property rights reform, but this improvement is not sufficient to keep the banks at the production frontier. Tobit regressions confirm that static ownership effects are negative but that the property rights reform has had significant and positive effects on the technical efficiency of state-owned commercial banks. GDP growth and the financial crisis have had positive effects on the efficiency of Chinese banks, which is more significant for joint stock commercial banks than state-owned commercial banks. The results indicate the value of ownership reforms of state-owned asset management companies and insurance companies and the establishment of a countercyclical capital buffer.     

The relationship between national saving and domestic investment in economy of Iran

In this paper, the relationship between national savings and domestic investment is examined in order to determine the degree of international capital mobility in Iran＇s economy over the sample period （1959-2007）. To this end, first the savings and investment correlation as postulated by Feldstein and Horioka was revisited using the recently developed bound testing approach （ARDL）. Amongst the key results, was a significant and robust positive association between the ratio of gross domestic investment to gross domestic product and the ratio of national savings to gross domestic product. Next, the coefficient of ECM derived from the ARDL test showed that the speed of adjustment in the estimated models was relatively high and has the expected significant and negative sign. The results indicate that deviation from the long-term path was corrected by approximately 63 percent over the following year. In addition, the savings-investment correlation relationship is examined in terms of an error correction model in order to gain some insight into the degree of capital mobility. The results show that savings and investment are to a great extent co-integrated. In other words, there is a significant long-run relationship between savings and investment in the Iranian economy. Also, the long-run relationship between these variables shows a low degree of capital mobility in Iran, because government policies have had no considerable effect on the savings-investment gap in Iran. The empirical findings suggest that liberalizing both the exchange rate system and interest rates and facilitating capital flow would increase international capital mobility.     

An asymmetric and DCC analysis of two stock markets returns＇ volatility： An evidence study on the Hong Kong and Japan＇s stock markets

This paper discusses the model construction and the association between the Hong Kong and the Japanese stock markets. The data period is from January 4, 1999 to December 30, 2005. This paper also utilizes student＇s t distribution to analyze the proposed model. The empirical results show that the bivariate asymmetric-GARCH （1, 2） model with a dynamic conditional correlation （DCC） seemed to be appropriate in evaluating the relationship between them. The empirical result also indicates a positive relation between the Hong Kong and the Japanese stock markets returns. The average estimation value of DCC coefficient equals to 0.5196, which implies that these two stock markets＇ return volatility had synchronized influence on each other. In addition, the empirical results also show that the Hong Kong and the Japanese stock markets have an asymmetrical effect. Based on the idea of the good and bad news, the explanatory ability of proposed model is better than the model of the bivariate GARCH with a DCC.     

The application of Participative Management training and its relationship to Thai cultural values： Is there a good fit？

This study examines the relationship between training in participative management （PM） and work-related cultural values and managerial attitudes toward PM. The sample 127 male and 117 female managerial employees at an international Thai corporation. The results indicated that contrary to expectations, paternalism is positively related to PM. The results are discussed in relation to Thai work-related cultural values and what may still be unknown about applying western management practices in other cultures. The results do not fit with western perceptions of what are appropriate relationships between cultural values and PM. The paper concludes with recommendations for future research.     

R＆D,Human Capital Investment and Productivity： Firm-level Evidence from China＇s Electronics Industry

Usingfirm-level panel data covering 2005-2007, the present paper examines the effects of R＆D and human capital investment on productivity in China＇s electronics industry. It is found that both R＆D and on-the-job training positively contribute to total factor productivity （TFP）. Firms＇ investment inemployees＇ health insurance andpensions, whichare components of workers＇ compensation, generate a productivity-enhancing effect, supporting the efficiency wage hypothesis. The estimated impact of R＆D on productivity varies among different forms of ownership, and foreign-owncd enterprises experience higher R＆D efficiency than state or private enterprises. After controlling for potential endogenous causality between TFP and R＆D, the above findings remain unchanged We also find that on-the-job training can improve the quality of human capital and is helpful in promoting productivity. Therefore, establishing indigenous technological capability through various technological sources is quite important, and the government should devote further effort to investing in human capital.     

The extension of two-factor model of justice： Hierarchical regression test and sample split

The purpose of this research is to test social capital as a moderating role in the relationship between organizational justice （distributive ＆ procedural） and （personal ＆ organizational） outcomes within the two-factor model. The two-factor model is a concept introduced by Sweeney and McFarlin （1993） who explained that distributive and procedural justices have different influences on outcomes. In the two-factor model, the effects of distributive justice on personal outcomes are more dominant compared with procedural justice. On the other side, procedural justice will be more accurate to predict the organizational outcomes compared with distributive justice. This model is based on U.S.A. setting research. Empirically, that model is not always supported in the field. The different empirical results indicate that the model is not universal cross population, but more dependent on individual differences. Based on theoretical studies, social capital is the individual differences that important in explaining human in cognition and behavior. This research is done in Indonesian setting where the researcher gathered 426 samples of full-time private university employees in Yogyakarta. In general, the result supported the hypothesis that high or low social capital will make differences in the relationship between organizational justices and personal organizational outcomes.     

Demand for reinsurance： Evidence from Australian insurers

Reinsurance is widely recognised as important in insurer risk and capital management. This paper examines the factors that determine insurer demand for reinsurance using Australian data. The Australian situation is interesting because of the tax imputation system and the prudential regulations that were in force during the period of the study. As far as the authors are aware, this is the first paper to empirically analyse the demand for reinsurance in Australia. A panel-data set （1996-2001） is used, which provides 543 observations. The authors provide a careful approach to econometric diagnostic testing and the choice of the most appropriate panel-data model and the authors show how failure to do so may generate misleading results. Based on a robust estimation procedure, the authors find strong evidence of a positive relation between variables related to company size and the demand for reinsurance in Australia. The impact of leverage, taxes, and return on investments are not statistically significant.     

Research on Intellectual Capital and Its Constitution

In knowledge-economy era, intellectual capital becomes one of the most important resources of enterprise. Market value of intellectual capital is balance of enterprise value and book value. The balance is enlarged with time going. Research on the intellectual capital＇s constitution is needed, The paper applies system theory to research intellectual capital＇s constitution, and puts forward that intellectual capital is constituted by human capital, internal structure capital, external relation capital, knowledge property capital, customer capital, internal motive power capital and innovation capital. These factors interact to bring about excess earnings for enterprise.     

A Study on Current and Future Guanxi Networks of China

Despite the abundant opportunities are presented by Chinese market, many foreign practitioners have commented that operating in China is more complex and time consuming than necessary, and of the 53 companies interviewed by Hong Kong＇s Bank of East Asia, 42% were reported not to be profitable （Economist Intelligence Union （EIU）, 1995）. Given the fact that China＇s potential as a market is unparalleled, while many foreign business practitioners have commented that operating in China is difficult to be profitable, and it is more complex and time consuming than it is necessary （Ewing, Garuana ＆ Wong, 1999）, a large number of researches on doing business hi China recogniZe the concept of Guanxi, a business relationship network, as the key for conducting successful business in China This study co llectsboth primary data and secondary data to explore the issues of Guanxi. The review on the secondary data helps to build the analysis techniques and study instruments. A survey questionnaire is developed after the study on the secondary data, and the primary data is collected from the surveys, which are faxed to sample groups in both Taiwan and Mainland China. The study on the Mainland China senior managers is to find the current Guanxi concept of China, while the Taiwan senior manager group and the Mainland China college student group are chosen to explore the future Guanxi changes. By using statistical techniques of the mean and standard deviation calculations, the t-test for two samples with equal variances, and the correlation test, the findings of this study help to answer the critical questions concerning the study objectives. The practical interpretation and implications of this study of Guanxi are gained from the summary of the statistical results. A conclusion and recommendations of this study on the Guanxi concepts are presented to business practitioners both inside and outside of China.     

Research on organizational learning and knowledge creation

This paper examines the effects of organization learning and knowledge creation to meet the changing needs of Chinese IT industry. A conceptual model is developed and three research hypotheses are empirically examined using structural equation modeling. The data were collected via a survey of three IT firms in Suzhou of China. The results indicate that organization learning has a positive influence on the knowledge creation. Theoretical, managerial and research implications are discussed.     

Developmental Constraints Adversely Affecting New Entrants Into the Construction Industry of the Limpopo Province of South Africa

Although political transformation has occurred in South Africa in April 1994, the pace at which economic transformation has occurred has been slow. A review of the literature has shown that economic transformation has been slowed by an acute shortage of technical skills among Black South Africans working in business, government, and industry. A case in point is the construction industry of Limpopo Province of South Africa in which emerging contractors have failed to compete adequately with well-established contractors in the construction industry due to shortage of technical skills, capital, and lack of access to markets. The study is based on a random sample of 104 emerging contractors operating in the Province of Limpopo. A combination of quantitative and qualitative methods of data collection and analyses was used in the study in order to identify and quantify key obstacles to growth and development in emerging contractors. Eigen values estimated from factor analysis showed that the viability of emerging contractors in the construction industry of Limpopo Province was significantly influenced by three factors （lack of entrepreneurial skills, lack of capital, and lack of transparency in the award of construction tenders）. Based on results obtained from multilevel analysis, differences among the five districts of Limpopo Province accounted for 13.18% of the total variation in viability. Differences in entrepreneurial skills between viable and non-viable businesses accounted for 33.49% of total variation. Findings of the study show that entrepreneurial skills are no less important than financial capital for ensuring viability in emerging contractors currently operating in Limpopo Province. The study has also found that the fundamental principles of good governance such as transparency and accountability are not adhered to in the administration and award of government tenders, and that this predicament was working to the detriment of emerging contractors in the province.     

The impact of foreign direct investment and trade on economic growth Taking China, Korea, Malaysia, Philippines ＆ Thailand for example

In this study the authors make efforts to survey the impact of foreign direct investment and trade on the economic growth of five East Asian countries, China, Korea, Malaysia, Philippines and Thailand. Using an augmented production function （APF） growth model, the authors apply panel data Method and data span is from1980 to 2006. The required data are extracted from World Development Indicator 2008. The result shows that a co-integration relationship between growth and its determinants in the APF model is supported. Firstly, the study shows that with the increasing the inflow of foreign direct investment, positive impact on growth in Thailand, Korea and China is proved. However, this impact is negative in Philippine and Malaysia. Also the impact of trade on economic growth has the same result with FDI impact in sign. Further, the impact of labor force on growth is not significant in these countries and the effect of gross fixed capital on growth is positive and has a very high impact on selected countries.     

Restructuring in China＇s State-owned Enterprises： Evidence from the Coal Industry

Usingfirm-level data for China ＂s state-owned coal mines, this paper examines the impact of privatization, corporatization and debt restructuring of state-owned enterprises on technical efficiency. A stochastic frontier production method is applied to a panel dataset from 2000 to 2007. The simultaneous study of these three measures makes it possible to study individual effects more precisely than otherwise. The study shows that the three reform initiatives are all able to improve technical efficiency in state-owned coal mines. The finding of a significant efficiency improvement from relinquishing state ownership provides an alternative to privatization. The study of debt restructuring and technical efficiency has not been documented in the published literature.     

The Operation Situation and Strategies for Chinese Inner-investment Tourist Hotels

The paper indicates the predicament of Chinese inner-investment tourist hotels, and analyzes some main reasons： change of international tourism consuming behavior, intervention of international hotel groups, uncontrolled investment and improper management of domestic tourist hotels, and low efficiency of the utilization of capitals. The paper also puts forward the strategies that inner-investment tourist hotels should develop collectively by making scientific strategies, standardizing the market behaviors of enterprises, innovating on the ownership of capitals, implementing the strategy of equalization between capital operation and product operation.     

Consumer decision making process in shopping for halal food in Malaysia

This paper reports on the results obtained from quantitative and qualitative data on consumer decision making process in shopping for halal food. A total of 213 questionnaires were returned by respondents, confirming that our respondents who are concerning about the ＂halal＂ logo are also concerning about the ingredients used. The study also confirms that there is a significant relationship between respondents＇religion and their perceptions towards halal logo and ingredients. While the qualitative data from a focus group interview on how Muslim consumers shop for halal food shows that there is a need for assurance that food to be purchased is halal, implying the presence of risk and uncertainty when making purchase considerations. Using the audit risk framework in conventional assurance services, the study finds that assurance is sought in relation to the halalness of business premise, halalness of product, and assurance from environmental elements such as the halal logo displayed.     

Inflation-inflation uncertainty nexus in Iran——Using TARCH model

This paper examines the relationship between inflation and inflation uncertainty in Iran economy using monthly data of Iran over the period 1990-2009. TARCH model is used to peruse the stochastic variation and asymmetries in the economic instruments. The result indicates that there is a positive relationship between inflation and inflation uncertainty. Also, the authors investigate from the Granger causality test that inflation is Granger causality of inflation uncertainty.     

Has Minority Foreign Investment in China＇s Banks Improved Their Cost Efficiency ？

Since 2001, foreign investors have been permitted to acquire minority ownership stakes m China＇s banks. This paper assesses whether there is any evidence of a cost efficiency payoff m those banks that have taken on foreign investment. Data envelopment analysis isfirst used to generate measures of cost efficiency for China＇s banks over the period 2001-2006. A second stage regression is then performed to determine whether foreign investment has an impact on cost efficiency. The results indicate a positive relationship, although one that is not statistically significant. Policy implications are discussed.     

知识资本、吸收能力与产业创新绩效的影响研究——来自高技术产业分行业数据的实证检验

In the study of the influence of knowledge capital on the performance of industry innovation , based on the perspective of absorptive capacity, this paper use the panel data of high-tech industry in 2003-2014 to make an empirical analysis. This result shows that knowledge capital has a significant effect on the performance of industrial innovation, but the ability to absorb knowledge is not prominent. From the perspective of composition of knowledge capital, R&D capital and R&D human capital play positive roles in promoting innovation performance; About different dimensions of absorptive capacity, both potential absorptive capacity and actual absorptive capacity can promote innovation performance，but the ability to absorb knowledge is lower，higher R&D intensity has a significant competitive advantage for innovation performance, R&D institutions help to enhance absorptive capacity. The research has an exploratory effect on how to improve the efficiency of knowledge capital is to be absorbed and transformed to improve the performance of innovation.