Ethics and Disclosure: A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market

In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term, post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely to face information problems, and more likely to lead to an active shareholder monitoring, and therefore, engage in fewer unethical activities, such as aggressive earnings manipulation, and have better long-term, post-issue performance. Consistent with these predictions, this study presents evidence that disclosure is negatively related to unethical earnings manipulation and positively associated with long-term, post-issue performance. In particular, we find that long-term, post-issue SEO underperformance is significantly less for firms with extensive disclosure and conservative earnings management than firms with less disclosure and aggressive earnings management. We interpret this evidence to mean that over the long run, the capital market values ethical financial reporting and corporate efforts to incorporate social responsibility into their decision-making processes, for example, by enhancing information transparency through voluntary disclosure.      

Small Firms and the Strategy of the First Mover

Timing of entry and the decision to be a leader or follower in products or markets is a complex decision and empirical evidence suggests that first movers do not always 'capture' all the potential benefits from being first. Small firms in particular are faced with problems when deciding on whether to be a first or later mover. Their strategies were examined using a sample of 264 firms in chosen industry sectors and specific external and internal factors were found to explain much of the variation in timing of entry strategies by these firms. In particular a composite measure of the technological turbulence that firms faced in their supply chain was seen as a crucial determinant of early entry whilst uncertainty as to general business conditions explained much of the late and non pioneering strategies. Even within this group of small firms, size also played an important role with the smallest companies tending to be the most pioneering     

Determinants of Bribery in Asian Firms: Evidence from the World Business Environment Survey

While it is widely believed that bribery is ubiquitous among Asian firms, few studies have offered systematic evidence of such activities, and the dynamics of bribery in Asian firms have not been well understood. The research reported here used World Business Environment Survey data to examine some distinct characteristics of bribery in Asian firms and to empirically test 10 hypotheses on determinants of bribery. We find that firm characteristics such as firm size, growth rate, and corporate governance are important determinants of bribery activities at the firm level, and that Asian firms are more likely to bribe when faced with fierce market competition, corrupted court systems, convoluted licensing requirements, nontransparent interpretation of laws and regulations, inefficient government service delivery, and high taxes.     

Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms

Employing both behavioral decision making and agency theories, our study seeks to identify those factors that influence a venture capital (VC) firm’s decision to undertake seed capital investments and, subsequently, the scale of such activity. Using data on the investments made by 2949 VC funds raised worldwide between 1962 and 2002, we find investor age, timing of investment, and fund location to be of importance. In addition, the size of the fund and the existing number of portfolio firms exert opposite influences on the level of seed capital activity of the VC firm. These results suggest that seed activity is a valuable source of market intelligence for leading VC firms seeking proactively to identify and invest in novel technologies.      

The Shifting Sands of Merger Enforcement at the Federal Trade Commission

This paper presents a statistical model for Federal Trade Commission merger enforcement. After reviewing the literature, economic and political variables are posited to explain bureaucratic merger decisions. Various probit models are estimated with the results suggesting that the Commission enhanced the consideration given to merger–specific efficiencies in response to exogenous pressure to increase merger enforcement. Overall, the tightening of merger policy appears to have been focused on the transactions lacking documented cost savings     

我国水产加工业国际竞争力影响因素的灰色关联分析

本文首先分析了我国水产加工业的发展现状,然后运用灰色关联分析法探讨水产加工业国际竞争力的影响因素,研究结果表明:水产加工业的规模对我国水产品出口竞争力影响最大,排第一位;资本密集度和利用外资也有较重要的影响;其他因素依次为:科研教育、渔业检测、产业集中度、资源保护和技术推广。最后提出了相应的政策建议。     

我国环境产品出口贸易影响因素动态分析——基于CMS模型测算

本文以"APEC+OECD"环境产品清单为基础,选取2003-2013年我国环境产品贸易的相关数据,对我国环境产品的总体贸易规模、产品出口结构特征以及市场分布状况进行深入探讨。在此基础上,采用恒定市场份额模型,对影响我国环境产品出口变动的因素进行分析。结果表明:环境产品整体竞争力的提升是我国环境产品出口贸易增长的主要源泉,而结构效应和交叉效应对出口贸易增长的贡献较小。因此,我国应尽快制定和实施新的环境产品对外贸易发展战略,积极调整原有不合理的产品结构、市场结构,进一步增强我国环境产品的出口竞争优势。     

中国对外反倾销影响因素研究

利用1999-2009年中国对外反倾销申诉数据,本文运用Logit模型和经典线性模型,实证测量了行业企业单位数、全部从业人员年平均数、总资产贡献率、资本密集度、工业成本费用利润率、竞争力指数、进口渗透率,对中国对外反倾销行为在发起阶段的影响程度,提出行业企业单位数、总资产密集度和进口渗透率是发起反倾销申诉的重要影响因素,进口渗透率和全部从业人员年平均是影响申诉频率的主要因素。     

江苏商业区域发展影响因素分析

运用SPSS软件的主成分分析功能,分析江苏商业区域发展影响因素。结果表明:商业发展水平与经济要素相关显著,与商业空间集聚要素明显相关,与人口要素相关不显著。在江苏省商业发展水平分类的基础上,分析区域商业发展影响因素作用特点:经济发展主成分对全省商业的拉动作用强劲;商业空间集聚主成分对省辖市、区商业发展的拉动作用较强;人口主成分在省辖市域尺度上对商业发展的作用显著,在县(市)域尺度上的拉动作用不明显。     

科技信贷运作的影响因素分析

确定影响科技信贷运作的主要内部因素和环境因素,并运用ＩＳＭ法对影响科技信贷运作的各主要因素间的联系及其联系方式进行分析,从而达到科技信贷运作的有效性和实用性。     

网络口碑可信度影响因素的实证研究

网络口碑的盛行引起了消费者和营销者的关注,口碑营销也借助网络口碑得到了新的发展。网络口碑影响力的大小和网络口碑营销的成功与否主要取决于网络口碑可信度的高低。通过实证研究,本文发现消费者和信息发布者的关系强度、消费者对于网络口碑传播平台的依赖程度、消费者感知的网站有用性、消费者感知的风险程度和消费者的信任倾向都显著正向影响消费者的网络口碑可信度。     

国际市场进入模式影响因素分析

不同的因素下,跨国企业投资海外市场的模式选择也不相同。内部化理论、交易成本理论、折衷理论从不同的角度阐述了这些影响因素同国际市场进入模式选择的内在关系。同时对进入模式的影响因素进行了剖析,探讨了中国加入WTO后,在世贸组织多边贸易协议框架下的引资新策略。     

农户参与专业合作社的意愿及影响因素

首先提出影响农户参与合作社意愿因素的理论假设,运用全国部分农户调查数据对其进行了实证分析。研究结果表明,农户参与合作社的意愿受农户的文化教育水平,农户生产的兼业化程度、规模、商品化率,产品销售过程中遇到的困难,以及政府对合作社支持程度的影响。在此基础上,提出了发展农民专业合作社的相关对策建议。     

食品微生物检验的影响因素及质控方式初探

微生物指标是食品安全的重要评价指标。在检验时,应明确食品微生物检验的影响因素,其中包括人为因素、环境与设施、药品配制及样品的采集、管理与操作等,同时采取有效的质控方式来提高食品微生物检验数据的真实有效性。     

城市正规就业与非正规就业收入差距及影响因素贡献——基于收入不平等的分解

本文使用CHNS 1997-2006的调查数据实证研究了城镇正规就业与非正规就业之间的收入差距及影响因素。收入不平等分解结果表明,正规就业与非正规就业之间存在显著的工资收入差距,但随着经济发展和劳动力市场供求的转变,两类就业者由于就业类别差异导致的"收入差异"呈缩减的趋势;受教育水平和工作经验等人力资本特征是两类就业者决定工资的主要影响因素,也是他们之间工资收入差距变化的主要贡献因素。     

政府规模影响因素实证研究述评

政府规模一直是学术界和现实社会长期关注的焦点问题。在经济全球化的今天,一个国家的政府应该行使哪些职能及如何行使职能,政府规模应该控制在什么样的水平才能更加高质、高效地为公众服务,这是中国亟待解决的问题,也是一个世界性的难题。去年召开的十八届三中全会决议也再次强调要完善社会主义市场经济体制改革,其核心是处理好政府和市场的关系。本文试图从经济增长、政府财政能力、人口和开放等角度来对国内外重点文献进行梳理,以期从理论和学术角度对我国政府规模研究及实践提供一些借鉴。     

Magazine Advertising: Factors Influencing the Effectiveness of Celebrity Advertising

This study analyzes the differences in celebrity effectiveness in advertisements of different styles as well as the impact of source credibility. This study uses an experimental magazine to test nine fictional advertisements for three products with unreal brands and three advertising styles. The findings show that the advertising styles that generate the greatest effectiveness differ according to the product; the celebrities do not increase effectiveness, but when the respondents recognize the celebrity, effectiveness increases; and credibility influences affective and conative measures. The work also considers how celebrity-product pairings, the existence of negative celebrity information, and the familiarity with the celebrity affect the effectiveness.     

中外企业IT应用水平的关键影响因素比较分析

中外企业在IT应用水平上存在差异,构成这种差异的主要原因及减小这种差异的主要对策成为论文实证的核心.文章通过对123家企业的访谈,对研究对象进行测量,应用计量方法构建了企业IT应用水平与制度能力和流程管理能力回归模型,检验了两种能力对企业IT应用水平产生显著影响,但这种影响存在差异,从而推导出中外企业的管理模式存在差异.这种差异能很好地解释中外企业为什么IT应用水平的不同.国内企业要减小与外资企业在IT应用上的差异,来提高企业的管理效率需要更多地关注企业流程管理能力的学习和改善.否则,国内企业由于低水平的IT应用导致无法有效地与外资企业在国内外市场竞争.     

代际差异视域下的农村劳动力转移影响动因研究——基于微观数据的实证分析

本文利用重庆市1210份样本调查数据,通过二元Logistic回归分析重点计量收入预期、职业预期、情感预期及城市融入预期等因素对农村劳动力城乡转移意愿的代际影响.研究结果发现,除收入预期外,非收入预期中的职业预期、情感预期和城市融入预期对农村劳动力转移意愿的影响均存在代际差异.利用均方差法对各影响因素进行权重测度发现,老一代农村劳动力最关注的是经济收入,其次是情感预期,职业预期位列最后;新生代农村劳动力最关注的因素依次为情感预期、收入预期、城市融入预期和职业预期.     

我国工业制成品贸易条件的影响因素分析

本文运用1981-2006年的数据,对我国工业制成品的价格贸易条件、收入贸易条件和单要素贸易条件的影响因素进行了实证分析。结果表明:技术进步与我国工业制成品的价格贸易条件和收入贸易条件呈显著正相关关系,人均资本存量与收入贸易条件呈显著负相关关系,资本技术密集型产品出口占工业制成品出口的比例与价格贸易条件呈显著正相关关系;经济增长与收入贸易条件、单要素贸易条件呈显著正相关关系,累积外国直接投资占国内资本存量的比例与价格贸易条件和收入贸易条件呈显著负相关关系;以直接标价法表示的实际汇率变动与三种贸易条件均呈显著负相关关系。本文在此基础上提出了相关的政策建议。