Banking globalization and international business cycles: Cross-border chained credit contracts and financial accelerators

This paper constructs a two-country DSGE model to study the nature of the recent financial crisis and its effects that spread immediately throughout the world owing to the globalization of banking. In the model, financial intermediaries (FIs) enter into chained credit contracts at home and abroad, engaging in cross-border lending to entrepreneurs by undertaking cross-border borrowing from investors. The FIs as well as the entrepreneurs in two countries are credit constrained, so all of their net worths matter. Our model reveals that under FIs' globalization, adverse shocks that hit one country affect the other, yielding business cycle synchronization on both the real and financial sides. It also suggests that the FIs' globalization, net worth shock, and credit constraints are key to understanding the recent financial crisis.     

Causes and effects of consumer bankruptcies: a cross-cultural comparison

Data for this study were collected during 1988 through surveys conducted in Canada, Japan, Scotland and the United States. The overall objectives of the study were to determine differences in factors influencing decisions to file bankruptcy, expectations from bankruptcy and impact of bankruptcy filing on debtor's life in each country. It was found that over 50% of debtors in all countries except the United States (46%) identified ‘too much borrowing’ as a reason for having to file for bankruptcy. Most of the debtors in each country agreed that bankruptcy provided a ‘fresh start’. In addition, U.S. and Canadian debtors also indicated that filing for bankruptcy had a positive influence on their health status, family relations and the employment status. The impact of bankruptcy for Japanese debtors was rather harsh, resulting in family problems, health problems, suicides and running away from home. To help reduce the growth in bankruptcy and halt repeat bankruptcies, a multi-level effort focusing on lending practices, borrowing practices and bankruptcy procedures is needed.     

Heterogeneity in business groups and the corporate diversification-firm performance relationship

This article examines how heterogeneous features among business groups influence the corporate diversification-firm performance relationship. The study classifies heterogeneity along three dimensions: group size, group diversity, and share ownership. Using a sample of firms from India, the study finds some evidence that for firms affiliated to larger business groups, corporate diversification enhances firm performance. However, business group diversity does not influence the diversification-performance relationship. The impact of diversification on firm performance differs substantially owing to the heterogeneity in share ownership. The paper documents an interesting interplay between business group and ownership structure.     

The relationship between strategic type and new service development competence: a study of Chinese knowledge intensive business services

Using the strategic orientation concept of Miles and Snow, the present study aims to test if differences in levels of new service development (NSD) competence exist between prospectors, analyzers, defenders, and reactors. Results from 192 Chinese knowledge intensive business service firms indicate that NSD competence varies in the relation to the firm’s strategic orientation. Prospectors and defenders have higher NSD competence than analyzers. Reactors have lower new service development competence than prospectors, defenders, and analyzers.     

体验全新的商务飞行

经常做空中飞人的商务人士,经常会为飞行中的种种不适所困扰.且不说机舱座椅狭窄,舱内噪音过大,单是飞行中的单调与枯燥,长途飞行带来的劳顿,就会让人不堪忍受.     

Assembling resources when forming a new business

Every business builds on a specific set of resources. New businesses in particular have to assemble external resources that are mostly new to them. This resource assembly requires developing business relationships with other actors that control and can provide the needed resources. Adopting a resource interaction perspective, this paper examines a case of a new business venture in the automobile industry. The case study shows that when forming a new business the actors possess only partial knowledge of how to assemble the resources. Consequently, the actors must engage in extensive adaptation and interaction with others to enact workable resource interfaces and combinations. This necessity makes the new business formation process nonlinear and onerous. Further, the case demonstrates that new business formation is a collective process involving not only the emergence of a formal business organization but also reorganizing the applicable resource market. Since third parties involved in developing the necessary resource combinations can be considered part of the new business venture, setting the boundaries of the new venture becomes arbitrary. The arbitrary nature of such boundary setting has implications in entrepreneurship studies with regard to the unit of analysis and the concept of opportunity.     

Interactive resource development in new business relationships

Interaction in business relationships is a significant means of resource development. Studies of these processes have focused on interactive development in long-term relationships between buyer and supplier. This study explores the characteristics of joint resource development in new business relationships, where the two parties have no previous experience of interacting with each other. The study is based on the industrial network model and contains two cases of interactive development of new products with entirely different features. This research shows that joint development in a new relationship is strongly dependent on the resources of other business partners, since no previous adaptations exist between the two focal actors. Access to these resources is achieved through the established business relationships of the two parties. Furthermore, previous interactions with other business partners have a significant impact on the outcome of interactive development in a new business relationship. The main reason for these conditions is that the features of the resources of the two parties have evolved during these interactions.     

基于社会关系嵌入的私人银行业务发展探究

随着高净值人群的快速增长,我国私人银行业规模也迅速扩张,但同时遭遇服务供不应求、盈利状况不佳及客户群不稳定的发展瓶颈。基于我国特有的文化背景和私人银行客户群的特殊理财观,本文指出将社会关系嵌入私人银行服务的必要性及其在现实中的发展状况。细分客户群和提升专业服务能力是社会关系嵌入式的私人银行服务得以实施的基础。     

Judging a business by its cover: An institutional perspective on new ventures and the business plan

Business plans are widely spread among new businesses, and they are supported by various universities, governmental assistance agencies, management consultants and a wide array of literature. Business plans are often taken for granted as highly useful tools that should be frequently updated and used. This study is based on data from six companies and their environments, over five years, using several forms of data collection such as interviews, observations, and archival data. In contrast to previous studies, we found that initial conformity to business plan norms gradually and without exception lead to loose coupling. Entrepreneurs who wrote business plans never updated or rarely referred to their plans after writing them.     

A new look at ethics in international business

In many countries there are stated rules that gift-giving and solicitation in business practice are unethical and prohibited. However, except for the American FCPA, all the rules and guidelines seem to govern only domestic business practices and there are no clear-cut rules for international business practices in this respect. This study investigates gift-giving and solicitation in international business practice, using the data collected from 111 New Zealand international business firms. The research findings show variable conduct and contradictory attitudes. These findings suggest that, with the variety of ethical standards and levels of morality which exist in different cultures, neither Deontology nor Utilitarianism could be the answer to the dilemma of ethics and pragmatism that faces today's international business managers. Instead, “Culturalism,” as developed in this study, should be the guiding principle to international business ethics.     

International 800 opens new doors for business overseas

Companies can economically establish an international presence by installing an international toll-free line linking them to potential foreign customers.     

企业社会责任:企业发展的新阶段

在前几期,本刊介绍了作者对于企业社会责任作为新型管理模式给企业管理带来的变革性意义。本期作者又提出企业社会责任是企业发展的新阶段的观点,作者认为,企业社会责任作为一种影响着思想和表达的所有领域的重要时代精神,正在融入我们的社会和人们的思想观念,影响着社会经济生活的方方面面。     

祟明商业发展与新郊区新农村建设

当前,如何建设社会主义新郊区、新农村已成为各级政府和普通百姓普遍关注的话题.崇明县作为上海唯一的郊县,由于历史的原因,经济和社会发展相对滞后,城市化率仅37%,低于全国平均水平.因此,建设社会主义新郊区、新农村的任务显得更为繁重而艰巨.去年7月上海市政府明确了崇明三岛的功能定位,为崇明未来发展指明了方向.     

Creative industries, new business formation, and regional economic growth

In this article we explore the impact of a series of factors, including creativity, intellectual property rights activities, new business formation, and the provision of amenities, on economic growth for 103 Italian provinces over the period spanning 2001 to 2006. Provincial growth rates are measured in terms of employment growth and value-added growth. The findings reveal that an increase in the number of firms active in the creative industries and net entry have a positive effect on regional employment growth. The share of legal immigrants is also found to positively impact employment growth. A high number of university faculties is found to lead to less employment growth, whereas trademarks, patents, cultural amenities, and industrial districts have no significant effect. Value-added growth is for a large part determined by employment growth, but no additional productivity-enhancing effects of the factors discussed are found.     

浅谈新形势下我国企业的跨国经营与合作

伴随着中国加入世贸组织所带来的投资环境的突破性改善和新的市场准入机会,中国企业只有顺应世界潮流,走国际化经营道路,在全球范围内最有效利用各种经营资源,才能不断提升自己的竞争能力,在跨国竞争中求得生存和发展.本文通过分析当前我国企业发展跨国经营的必要性,针对面临的形势,提出运用合作战略发展跨国经营应采取的有效措施.     

惠州国际数码节:向世界递上一张新名片

广州有广交会,深圳有高交会,东莞有电博会……惠州呢?丑小鸭变成白天鹅。TCL、德赛、麦科特、华阳、侨兴等龙头企业和名牌产品先后在此扎根,壳牌、索尼、东芝、三星、LG 等国际知名牌纷纷在此落户。惠州,该是举办国际盛会的时候了。     

Fertility -- A new trend for a global business

Cooperation between the public and private sectors in helping control population is possible. The usual public outlet for contraceptives, the clinic, is unsatisfactory for 3 reasons: coverage is sparse; there is no simple, repetitive supply activity; and more immediate medical problems take precedence. The public sector is not conversant with advertising and merchandising techniques and research which aid dissemination of both information and the product. Common marketing notions, e.g., 'trading up' may be relevant, i.e., many new aspects of oral contraceptives, IUDs, had already used conventional methods of contraception. The private sector is less sensitive to the political and religious aspects of contraception than the public sector.     

国有外贸公司贸易新路初现端倪

曾经风光无限的国有外贸公司,如今却走到发展的十字路口,凸现出的政策、体制、经营方式等问题让国有外贸公司感受到了前所未有的压力。表面上看是因国家政策的一系列变动,但进一步分析,又何尝不是被自身发展所困呢!