The Role of China in the European Debt Crisis

G20 finance ministers' meeting closed at the end of this February focusing on how to effectively prevent the deterioration of European sovereign debt crisis and calling for the "self-help" of euro.Greece is the current focus of the media attention,but seen from     

Crisis or Confusion？

While the whole world has been severely affected by the financial crisis that originated in the U.S., the governments of many western countries have injected enormous amounts of cash into their banking sectors in order to maintain financial stability. There is no denying that the U.S. economy has slipped into a recession. Meanwhile, according to the latest statistics, Britain＇s GDP growth fell 0.5% in the first three quarters this year -- the longest consecutive plunge in 16 years, indicating that the U.K. economy is also on the verge of a recession. The pessimistic economic outlook has made countries sacrifice enterprises in these employee benefits -- by way of pay cuts and downsizing -- to stabilize their economies.     

Crisis or Confusion?

While the whole world has been severely affected by the financial crisis that originated in the U.S.,the governments of many western countries have injected enormous amounts of cash into their banking sectors in order to maintain financial stability.There is no denying that the U.S.economy has slipped into a recession.Meanwhile,ac-     

The World Capital Markets’ Perception of Sustainability and the Impact of the Financial Crisis

Using a unique dataset provided by the international rating agency GES^®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the market value of MSCI World firms. The results show a negative relationship in the earlier years of our sample period. However, the analysis reveals that the capital market perception of sustainability has changed owing to the financial crisis. Looking at the height of the crisis in September 2008, the month in which Lehman Brothers shocked the world’s capital markets by filing for Chapter 11 bankruptcy protection, we find that the previously negative perception of corporate sustainability across its various dimensions was positively affected and offset. In addition, as a moderated regression analysis shows, the crisis led to a positive perception of corporate sustainability in industries that are exposed to higher environmental and social risks. Our study has the practical implication that executives, in particular in industries with high environmental and social risks, should increase their commitment to corporate sustainability due to the changes in the institutional setting triggered by the financial crisis.     

What Impact of the Financial Crisis has on the Exhibition Industry？

Ever since outbreak of the current financial crisis in September 2008, economies in world＇s major countries and regions have been dealt with a heavy blow. According to the forecast made by the International Labor Orga-nization （ILO）, total number of the unemployed in the world shall increase to 210 million with the unemployment rate rising by 6.5% to 7.1%. All these forebode a rather gloomy prospect for employment worldwide.     

Successful Ways for Crisis Management

In the past spring and summer, the burst of SARS crisis had a negative influence on people‘s daily life and enterprises‘business. Under the impact of SARS, leaders of enterprises had personally known more of a word——crisis, and at the same time they had thought of another concept——crisis management. But if we try to comorehend it from another point of view.     

Perceived Legitimacy of Executives Bonuses in Time of Global Crisis: A Mapping of Portuguese People’s Views

The present study aimed to explore and map the views of Portuguese laypersons regarding the legitimacy of bonuses for senior executives. Two hundred eight participants, with various levels of training in economics, were presented with a number of concrete scenarios depicting the circumstances in which senior executives have received bonuses of variable amounts, and they were asked to indicate the extent to which such bonuses may be considered as legitimate. The scenarios were created by varying four factors likely to have an impact on people’s views: (a) the extent to which the objectives fixed by the company have been met or not, (b) the global economic context in which the company has performed, (c) the availability of experienced senior executives in the sector under consideration, and (d) the amount of money that has been awarded, in terms of both the euros and multiples of the average worker’s pay. Five qualitatively different personal positions were found. The most common positions were that executive bonuses were either never legitimate (30 %) or not very legitimate (25 %). People without any background in economics were more likely to hold these views than people with a background in economics. The remaining 45 % of the participants supported the awarding of bonus, but their support was conditional, and the main condition was the extent to which the company’s objectives were met. Thus for most participants, the practice of awarding extra pay to senior executives was either (a) never legitimate, or (b) legitimate only when the company’s objectives have been attained, or (c) legitimate only when, even in a time of economic crisis, the company’s objectives have been surpassed.     

Auto：Crisis or Opportunity？

Director Xu Changming：Upgrading China＇s own brand is the only way out. At present,the impact of the American financial crisis is spreading to its entity economy, and unfortunately,the automorive industry is once again the first victim to feel the aftershock.China＇s automotive industry is also facing unprecedented challenges and opportunities,     

China's Auto Era Facing Energy Crisis

In early 1980s when China's reform and opening up policy just began,a photo taken by a for- eigner,on which a sea of bicycles moving on the street at the front of the Tian'anmen Tower,amazed the whole wold.China got the title of"the Kingdom of Bicycle".Nowadays,with its rapid economic de- velopment,this bicycle kingdom has been develop- ing into a huge market of automobiles at an amazing speed.     

AEBF,Responding to the Crisis

The 11th Asia-Europe Business Forum(AEBF11),organized by the China Council for the Promotion of International Trade(CCPIT), was held at the China World Hotel in Beijing from October 21 to 23, 2008.With the theme"Seize the Trend,Time for Action,and Public-     

Incorporating International Accounting into the MBA Curriculum: Exploring Implications of the Financial Reporting Crisis of 2001–2009

Recent developments in the global business environment have led to important changes in accounting/auditing regulations, and have implications for the business school curriculum. While many of these issues are covered in advanced accounting courses, generally taken only by majors, the issues are sufficiently important that nonaccounting majors, at both the graduate and undergraduate level, should be aware of these issues as well. Recent developments favoring the adoption of International Financial Reporting Standards (IFRS) in the United States provide an overall compelling context for incorporating these standards into the business curriculum. The purpose of this article is to provide a road map for such incorporation.     

Entrepreneurship and Multinational Subsidiaries’ Performance in an Era of Financial Crisis and Economic Uncertainty

ABSTRACT

Since entrepreneurial foreign investments may act as a catalyst for economic recovery in crisis periods, we examine the influence of entrepreneurship-related variables on the performance of multinational subsidiaries in Greece, in an era of financial recession and high economic uncertainty. Our conceptual foundation identifies in-house technological capabilities, autonomy and strategic mandates as core predictors of subsidiaries’ entrepreneurial aspects. Drawing upon a questionnaire-based survey of 87 foreign firms operating in the focal economy, our findings suggest that subsidiaries’ product mandate role and increased autonomy impacts positively on performance. Surprisingly enough, the performance effect of technology-related variables linked to entrepreneurship seems insignificant.     

The 2007–2009 Financial Crisis: An Erosion of Ethics: A Case Study

This case study examines five dimensions of the 2007–2009 financial crisis in the United States: (1) the devastating effects of the financial crisis on the U.S. economy, including unparalleled unemployment, massive declines in gross domestic product (GDP), and the prolonged mortgage foreclosure crisis; (2) the multiple causes of the financial crisis and panic, such as the housing and bond bubbles, excessive leverage, lax financial regulation, disgraceful banking practices, and abysmal rating agency performance; (3) the extraordinary efforts of the Federal Reserve, the Federal Reserve Bank of New York, and the Department of the Treasury to stem the financial freefall triggered by the crisis and resuscitate financial institutions, (4) the ethical implications of the unprecedented actions by government institutions to rescue financial institutions and drag the country back from the brink of global financial collapse, and the conduct of the various parties contributing to the financial crisis, such as the shoddy behavior of mortgage brokers, the massive securitization of mortgages into overly complex bonds, the excessive leverage of financial institutions, the disgraceful work of bond rating firms, the abysmal risk management systems employed by financial institutions, and the massive operations of the shadow banking and over-the-counter derivatives markets; and (5) the major provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law to in response to the financial crisis and for the purpose of correcting the egregious conduct of major financial institutions.     

‘Margin Call’: Using Film to Explore Behavioural Aspects of the Financial Crisis

The aim of this article is to show how the critically acclaimed and award winning film Margin Call may be used in business ethics teaching. Set in a fictional investment bank at the dawn of the financial crisis, the film zooms in on the motivations and decision-making of people who had much to lose from the crash of the hitherto very profitable mortgage-backed securities market. The film offers rich material for analysis of behaviours that contributed to the crisis. The article will set out topics for classroom discussion, including the impact of incentives and power structures, contextual factors that distance people from the consequences of their actions, and considerations of how the banking industry may be transformed.     

China's Auto Industry Under the Financial Crisis

The global financial tsunami has swept the automobile industry and put major auto markets in the world at stake.The Ameri- can market is now between the beetle and the block,with both General Motors and Chrysler on the verge of reshuffling.The European market has seen a plunge in both car production and sales in many countries.Several big auto companies in Japan have suffered a slump in car sales both at home and abroad.China's economy is inevitably affected,on a relatively small     

How to Avoid Another Confidence Crisis？

The lack of attractiveness of the Chinese stock market has become a hot topic of debate. Looking at the K line chart of Shenzhen and Shanghai Stock Exchange, the administration and supervision authorities should be aware that the Chinese stock market is facing another confidence crisis. Although there is no abrupt slump or excessive objection and dissension, the secondary market has ended the transitory partial bull market at the beginning of this year.     

Trade Performance： Highlights in the Crisis

On January 13, China Customs issued the annual profile of China＇s foreign trade, including import and export, in 2008. According to the Customs statistics, trade volume last year amounted to US$2.562 trillion, a year-on-year growth of 17.8%. In the total amount, value of US$1.42 trillion goes for China＇s export growth, 17.2% up, while the import takes up US$1.13 trillion, 18.5% up. The trade surplus stood at US$295.47 billion in 2008, increased by 12.5% year-on-year, with the net increase value ofUS$32.83 billion.