Exploring value creation from corporate-foresight activities

This paper looks at value creation from corporate futures research. Through a literature review, potential value creation is identified. This serves as guidance for an empirical investigation in which value creation is observed and linked to methods and practices. Using data from 20 case studies, three examples of value creation are discussed in detail. In addition, cross-case analysis allowed me to identify four success criteria for corporate foresight activities: (1) foresighters committed to creating value, (2) participation of internal stakeholders, (3) analysis that follows a systemic logic, and (4) methods and processes that are tailored to companies’ needs. The paper concludes with the recommendation to take a dynamic-capabilities perspective on future research into corporate foresight.     

Do non-traditional banking activities reduce bank liquidity creation? Evidence from Vietnam

The study analyzes the impact of engaging in non-traditional banking activities on bank liquidity creation. This strand of research has almost gone unnoticed by academics so far. Based on a dataset of Vietnamese commercial banks from 2007 to 2018, we document that the liquidity creation function of banks decreases with the income from non-traditional banking segments. This impact is observed in both on- and off-balance sheets across multiple robustness tests of the static and dynamic panels regressed by the ordinary least squares method and the generalized method of moments. Further decomposing the non-interest income sources, we find that banks that engage more in non-traditional activities for fees and commissions tend to reduce the liquidity creation more compared to other counterparts. The findings offer insightful implications for regulatory agencies and bank managers in the determination of liquidity creation behavior in emerging markets.     

Causal layered analysis: Poststructuralism as method

Causal layered analysis is offered as a new futures research method. It utility is not in predicting the future but in creating transformative spaces for the creation of alternative futures. Causal layered analysis consists of four levels: the litany, social causes, discourse/worldview and myth/metaphor. The challenge is to conduct research that moves up and down these layers of analysis and thus is inclusive of different ways of knowing.     

The impact of bank FinTech on liquidity creation: Evidence from China

This paper examines whether and how bank FinTech affects liquidity creation. Using panel data from Chinese commercial banks over the period 2008–2019 and bank-level FinTech indices constructed by a textual analysis method, we find robust evidence that banks with greater FinTech development create more liquidity for the public. This effect operates through deposit inflow, risk management, and cost efficiency channels. Furthermore, we find that the positive effect of bank FinTech on liquidity creation is more pronounced for banks with non-state ownership, unlisted status, and less liquidity creation.     

互联网金融影响了商业银行流动性创造吗?

选取2010-2019年中国98家商业银行年度数据就互联网金融对银行流动性创造的影响及其作用机制进行实证分析.研究发现:互联网金融通过分流银行存款及理财资金对银行盈利形成冲击,由此引发的"鲶鱼效应"会倒逼银行加大存贷期限错配来缓解盈利下降压力,从而促进银行流动性创造.相对于国有银行与城农商行,互联网金融对股份制银行流动性创造的促进力度更大.金融脱媒仅在P2P网络借贷对银行流动性创造的影响中承担着中介作用,但"第三方支付-金融脱媒-银行流动性创造"的传导渠道无效.银行业景气度提高会加剧互联网金融对流动性创造的促进作用,银行流动性创造存在顺周期倾向.     

Corporate governance and liquidity creation nexus in Islamic banks—Is managerial ability a channel?

We examine the effect of dual board governance mechanisms (Shariah supervisory board and regular board of directors) on Islamic banks' liquidity creation. We also investigate whether managerial ability is a channel through which such governance mechanisms influence liquidity creation. Using data for 110 Islamic and conventional banks from 11 countries for the period of 2005–2015, we find that better Shariah supervisory board (SSB) governance increases on-balance sheet liquidity creation but decreases off-balance sheet liquidity creation. This result is robust to an analysis of subsamples, to individual governance attributes, to interactions of dual governance mechanisms, and when controlling for endogeneity issues. Our results reveal that both SSBs and regular boards of directors affect liquidity creation by enhancing managerial ability.     

刘永济《文心雕龙校释》辞采论

刘永济是我国现代著名的古典文学专家,其所著《文心雕龙校释》(以下简称《校释》)是20世纪影响深远,具有独创学术价值的一本"龙学"理论研究力作,成为龙学四大基石之一。该书以释代评,涉及到创作理论中诸多方面,理论上颇多创见。本文试浅析其辞采论。     

Quality of financial reporting: evidence from the listed Saudi nonfinancial companies

This study assesses the quality of information disclosed by a sample of nonfinancial Saudi companies listed on the Saudi Stock Exchange. The study also compares the extent of corporate disclosure before and after the creation of the Saudi Organization of Certified Public Accountants (SOCPA). We classify information disclosed in the annual reports into three main categories: mandatory; voluntary related to mandatory; and voluntary unrelated to mandatory disclosure. The sample provided 63% and 66% of the total population of companies listed on the Saudi Stock Exchange in the years 1992 and 1999.In departure from most previous studies conducted in this area of research, we weighted the indexes of disclosure by the mean and median responses of seven users of the annual reports in Saudi Arabia. The results of both unweighted and weighted indexes are reported. The outcome of the analysis indicated a relatively high compliance with the mandatory requirements in all industries covered by the study, with the exception of the electricity sector. As for the voluntary disclosure, whether related or unrelated to mandatory disclosure, the analysis revealed that Saudi companies disclose information more than the minimum required by law. The level of voluntary disclosure, however, is relatively low. The analysis also showed that the creation of SOCPA has had little impact on corporate reporting in Saudi Arabia.     

The role of governance on bank liquidity creation

This paper examines the impact of internal bank governance on bank liquidity creation in the U.S. before, during and after the 2007–2009 financial crisis. Using bank holding company level data, we analyze whether better-governed banks create higher levels of liquidity. We find that this effect is positive and significant but only for large bank holding companies. Further analysis reveals that specific internal governance categories: CEO education, compensation structure, progressive practices, and ownership have a significant effect on bank liquidity. However, this positive effect occurs mostly during the crisis period, and for large banks that are also high liquidity creators. Finally, we find that the effect of governance on liquidity creation increases during the crisis period. These findings are robust even while controlling for liquidity measures, bank size, and endogeneity problems between governance and liquidity creation.     

The conscious purpose of science is control of nature; its unconscious effect is disruption and chaos

The enormous advances in science promise infinite potential in a world that, paradoxically, has become distinctly finite. The benefits of science are offset by adverse unintended effects. They are perpetuated by the structure of technological development and the underlying assumptions within the world view that brought forth those benefits. Causal layered analysis is a futures research tool that enables the creation of transformative spaces in which we can envisage alternative and preferred futures. It focuses on the deeper dimensions, questioning our assumptions and exposing the contradictions and our prejudices. It is applied here to the introduction of genetic engineering in agriculture in New Zealand as a means to illustrate a role for science whereby the “disruption and chaos” may be minimised if not eliminated.     

Bank Capital and Liquidity Creation: Granger-Causality Evidence

We examine the relation between capital and liquidity creation. This issue is interesting because of the potential impact on liquidity creation from tighter capital requirements such as those in Basel III. We perform Granger-causality tests in a dynamic GMM panel estimator framework on an exhaustive data set of Czech banks, which mainly includes small banks from 2000 to 2010. We observe a strong expansion in liquidity creation until the financial crisis that was mainly driven by large banks. We show that capital negatively Granger-causes liquidity creation in this industry, where majority of banks are small. But we also observe that liquidity creation Granger-causes a reduction in capital. These findings support the view that Basel III can reduce liquidity creation, but also that greater liquidity creation can reduce banks’ solvency. Thus, we show that this reverse causality generates a trade-off between the benefits of financial stability induced by stronger capital requirements and the benefits of increased liquidity creation.     

成员激励对团队知识创造的影响机制研究——基于知识隐性程度的调节作用

团队成员激励是影响团队创造力提升的重要变量之一.采用层次回归分析法进行实证分析,结果表明:团队成员激励的个体成长与晋升、团队环境与气氛维度对团队知识创造均呈现出显著的正相关,团队成员的工作环境与物质奖励维度对团队知识创造的知识内隐化、外显化、组合化维度的影响显著,对知识社会化维度的影响不显著.知识隐性程度部分调节团队成员激励对团队知识创造的影响.     

Hybridized professional groups and institutional work: COSO and the rise of enterprise risk management

The rise of risk management represents one of the major organizational shifts of the past decade. This article examines the emergence and diffusion of the dominant standard in the field, the Enterprise Risk Management – Integrated Framework, first published by the Committee of Sponsoring Organizations in 2004. Drawing on a range of interviews with key stakeholders and an analysis of secondary materials, we find evidence of numerous forms of institutional work including theorizing, rhetorical appeals, mythologizing, constructing normative networks and educating. The diaspora of associated entities provided a key platform for advocating and promoting the ERM technology and provided a stable and influential network of support. Our analysis suggests that, as a large, multi-faceted hybridized professional group, COSO was able to bridge conventional diffusion categories of disruption, creation and maintenance. We argue that the notion of institutional work offers a useful lens for examining the diffusion of innovations in accounting research.     

Firm Age,Investment Opportunities,and Job Creation

New firms are an important source of job creation, but the underlying economic mechanisms for why this is so are not well understood. Using an identification strategy that links shocks to local income to job creation in the nontradable sector, we ask whether job creation arises more through new firm creation or through the expansion of existing firms. We find that new firms account for the bulk of net employment creation in response to local investment opportunities. We also find significant gross job creation and destruction by existing firms, suggesting that positive local shocks accelerate churn.     

Historic Preservation: Preserving Value?

The creation of historic districts has become a common way to preserve historic buildings and neighborhoods. Advocates of historic districts assume that such districts augment, or at least, protect property values for homes within these districts. The existing economic literature supports this conclusion, but most studies seem to fall victim to an endogeneity bias since higher value homes are, all else equal, more likely to be included in districts. This study uses repeat-sales fixed effects (difference-in-differences) analysis to look at homes before and after the creation of districts in the Boston-Cambridge-Quincy MSA between 2000 and 2007, and thus control for this endogeneity bias. Secondarily, we re-examine the effects of a Massachusetts preservation policy, the Community Preservation Act (CPA) which, in part, supports historic preservation. We find evidence that the creation of a local historic district, on average, reduces home prices for homes in that district between 11.6 and 15.5%. This indicates that any restrictions implied by the creation of a district outweigh any benefits to homeowners within the district. If, instead, census block fixed effects are employed, the analysis shows a statistically insignificant impact, the sign and magnitude of which depends on the specification. Taken together with the repeat sales result, this confirms our intuition about the importance of controlling for omitted variables and endogeneity biases. Finally, we find evidence that the CPA also lowers property values, by less than 1%, and that being in a Historic District magnifies the negative effect of the CPA.     

我国商业银行价值创造与EVA的相关性研究

本文以我国上市的商业银行作为考察样本,对经济增加值（EVA）和商业银行市场增加值（MVA）之间的关系做实证分析。结论发现,EVA与商业银行价值创造有着很强的相关性,并且具有一定的解释力。但是在我国证券市场不够成熟的大环境下,EVA对价值创造的解释度和其他的会计指标有重叠。因此,评价商业银行价值创造时,应该将EVA和传统的会计指标结合使用。     

Performance of impact investing: A value creation approach

The purpose of this article is to present an overview about the origins of value creation in impact investing and propose a measure of value creation. According to this point of view, impact investing, i.e. investing in enterprises with a both social and financial objective can be justified only if those enterprises can provide for a higher performance than with a simple portfolio diversification (separate investment in two types of activity). After an overview about the sources of value creation in impact investees as well as about a discussion on existing methods, we propose a method to measure multidimensional value creation.     

Liquidity creation and bank capital structure in China

This paper investigates the relationship between liquidity creation and bank capital structure in China. We test the so-called “financial fragility-crowding out” hypothesis and the “risk absorption” hypothesis on Chinese banks and find that bank capital is negatively related to liquidity creation, which supports the financial fragility-crowding out hypothesis. In contrast, we find that foreign banks in China have a weaker relationship between liquidity creation and bank capital, which is consistent with the risk absorption hypothesis and findings in prior studies.     

利率市场化视角下货币政策对银行流动性创造的影响——基于银行风险承担的中介效应检验

运用1997-2015年中国186家银行的非平衡面板数据,实证检验银行风险承担在货币政策影响银行流动性创造过程中所发挥的中介效应.结果发现:货币政策通过影响银行风险承担而对银行流动性创造产生影响,即银行风险承担在货币政策影响银行流动性创造的过程中起到了中介作用.此外,货币政策通过影响银行风险承担对银行表内流动性创造和表外流动性创造都会产生影响.采用四种货币政策度量指标、两种银行流动性创造度量指标和两种银行风险承担度量指标的稳健性检验均支持了以上结论.进一步的实证研究表明:货币政策对银行风险承担和银行流动性创造的作用都会受到利率市场化水平的影响,即随着利率市场化水平的提升,货币政策对银行风险承担的影响会有所减弱,价格型货币政策对银行流动性创造的影响也会降低.