Motivations for corporate social responsibility reporting by MNC subsidiaries in an emerging country: The case of Bangladesh

While many studies of the motivations behind the corporate social responsibility reporting (CSRR) practices of large corporations have been reported internationally, few have focussed on multinational corporation (MNC) subsidiaries. Most importantly, we still do not know how host country institutional norms, or parent corporation policies, influence MNC subsidiaries embarking upon CSRR. By integrating legitimacy theory (LT) and neo-institutional theory (NIT) explanations, this paper offers a theoretical framework for investigating the CSRR practices of MNC subsidiaries in general, and provides empirical evidence on the nature and motivations of subsidiaries’ CSRR practices in Bangladesh, a developing country. Employing a case study method and using qualitative data, the study finds that CSRR practice in Bangladeshi MNC subsidiaries is limited, consisting mainly of employee information. This observation mirrors the overall CSRR trend in Bangladesh. A desire for internal legitimacy emerges as the primary motivation for CSRR practice in MNC subsidiaries. In particular, the external host country environment of the Bangladeshi subsidiaries seems to be a major limitation in the development of CSRR.     

2008年上半年Shibor运行综述

2008年上半年,Shibor及货币市场总体运行良好：Shibor走势基本反映了市场流动性和利率预期,Shibor与其他市场利率一致性有待加强,以Shibor为基准的各产品市场交易量不断放大。各报价行进一步完善自身建设,在树立内部报价工作协调机制、扩大拆借授信、推动Shibor与商业银行FTP的结合,及扩大Shibor的产品应用范围等方面取得了不同程度的进展。     

政府扶持与中小银行发展

本文旨在分析我国政府在中小银行发展中的作用定位问题。首先 ,在现代市场经济条件下 ,中小银行要想获得长足发展 ,必须在充分发挥市场机制基础性资源配置作用的前提下 ,有效发挥政府对市场机制的“拾遗补缺”作用 ,矫正“市场失灵” ;其次 ,我国正处于经济起飞阶段 ,要在短时间内实现经济的跨越式发展 ,就必须借助于政府的力量 ,作为市场竞争弱势群体的中小银行的发展迫切需要政府予以适当的扶持 ;第三 ,在由传统计划经济体制向市场经济体制转轨的过程中 ,中小银行在产权、管理等制度安排上处于不断深化的过程中 ,需要政府提供适宜的制度环境。     

The effects of institutional typologies on the performance of state-sponsored local government investment pools

This paper extends the risk-return argument of modern portfolio theory to the institutional typologies with which state-sponsored local government investment pools (LGIPs) operate. By using fixed-effects regression on monthly panel data from 18 LGIPs across seven years, the author found that institutional typologies with which LGIPs operate matter. An LGIP should be structured and managed based on its ability to mitigate risks. The paper contributes to increasing the accountability and fiscal governance over public money and promotes public funds investment laws in the US, UK and internationally.     

Multinational banks in the crisis: Foreign affiliate lending as a mirror of funding pressure and competition on the internal capital market

We investigate how the lending activities abroad of a multinational bank’s local and hub affiliates have been affected by funding difficulties during the financial crisis. We find that affiliates’ local deposits and performance have been stabilizing loan supply. By contrast, relying on short-term wholesale funding has increasingly proven to be a disadvantage in the crisis, which has seen inter-bank and capital markets freeze. By introducing a liable approximate measure for intra-bank flows, we detect competition for intra-bank funding between the affiliates abroad as well as an increasing focus on the parent bank’s home market activities. In addition, the more an affiliate abroad relies on intra-bank funding in the crisis, the greater its dependence on its parent bank having a stable deposit and long-term wholesale funding position. We consider changes in long-term lending to the private sectors of 40 countries by the affiliates of the 68 largest German banks. To obtain a more precise picture, we clean our lending data from valuation effects.     

The Effect of the Iraq War on Foreign Bank Lending to the MENA Region

This paper examines whether a large geopolitical event, such as the war in Iraq, can affect foreign bank lending from developed countries to emerging markets. Using country-level data, the paper analyzes the effects of economic shocks and the Iraq war on the availability of foreign bank credit to five countries in the Middle East and North Africa. The war has had a nonuniform effect on foreign banks: Although the war has led to higher U.S. lending, it has also discouraged British and Italian banks from lending to the region. Implications concerning the stability and reliability of foreign bank credit in the face of increased geopolitical risks are identified and discussed.     

当前山东省外汇指定银行贸易融资状况分析及对策选择

受金融危机影响,近期我国贸易融资业务大幅萎缩,对外贸进出口产生不利影响.本文以山东省为例,对当前银行贸易融资业务经营情况进行了调查,深入分析了贸易融资业务规模萎缩的原因,并提出了相关的政策建议.     

当前山东省外汇指定银行贸易融资状况分析及对策选择

受金融危机影响,近期我国贸易融资业务大幅萎缩,对外贸进出口产生不利影响。本文以山东省为例,对当前银行贸易融资业务经营情况进行了调查,深入分析了贸易融资业务规模萎缩的原因,并提出了相关的政策建议。     

四大国有商业银行的收缩战略研究——从规模经济的角度探讨银行实施收缩战略的必要性

在不断出现的全球银行业并购案例中 ,人们往往只重视对商业银行的扩张战略进行研究 ,但是收缩战略在当今的银行业中同样发挥着重要的作用。本文首先通过对银行业的背景和银行适度规模的分析 ,探讨商业银行实施收缩战略的原因 ,然后从实证的角度对我国国有商业银行的规模及其效益进行分析 ,证明实施收缩战略的必要性。文章最后针对我国的现实情况 ,提出实施收缩战略的两点具体措施。     

吉林省小微企业信贷融资政策落地兑现问题研究

近年来,吉林省小微企业发展态势良好,但融资难融资贵仍是制约小微企业发展的主要问题.吉林省政府相关部门同省内各商业银行合作为小微企业提供了多样化的金融服务,提出了多项金融支持民营经济的实施意见,加强对小微企业的帮扶,这些政策措施取得了很好的成效,但仍然存在着诸如信贷融资政策难以落地等问题.导致当前吉林省小微企业信贷融资政策难以落地兑现的因素较为复杂,主要包括政府、银行、媒体和小微企业自身等多层面因素.因此,需要政府、银行、小微企业和媒体共同努力,形成上下联动同向发力的协调支撑机制,落实民营小微企业信贷融资政策,真正助力小微企业的发展.     

契约和关系视域下供应链金融物流信用缺失治理机制研究

供应链金融物流是供给侧结构性改革背景下推进"贸易+物流+金融"创新融合发展的新业态、新路径,但参与方的信用缺失严重阻碍了其健康发展。在交易费用理论和社会交换理论支撑下,综合考虑经济交易性因素与社会交换因素,从契约和关系两个层面提出供应链金融物流信用缺失治理机制。研究结果表明:在供应链金融物流信用缺失治理机制中,契约治理机制和关系治理机制可以相互补充、相互促进,共同降低交易费用,维持交易合作长期性,实现治理效果。     

"经济人"假定的范围界定——关于"经济人"用于公共管理领域的评析

“经济人”假定只适用于在市场经济中从事经济活动的人,政府公共部门的人性假定应当是社会人而非经济人。公共选择理论套用“经济人”利益最大化假定,从理论上是以单一人性代替双重人性,以人的单一需求代替多重需求,以私人物品代替公共产品;从方法论上看,由于陷入分析的表面化和片面性,得出的结论与客观现实难以吻合,犯了以现象代替本质的形而上学错误。公共选择学派的经济人假定易于得出政府干预失灵的结论,使理论与实践陷入新自由化思潮而危及经济发展。     

人民币存款利率市场化对我国中小上市银行的影响分析

为研究我国中小上市银行在经营能力、盈利能力和利率风险管理能力方面存在的问题,首先预测了存款利率市场化对中小上市银行盈利能力、资产负债管理能力和面临的利率风险的影响,然后收集了11家中小上市银行近8年的面板数据,从存款利率市场化对盈利能力和利率风险的影响两个方面进行了实证分析,最后得出结论：存款利率市场化缩减了存贷利差,增强了中小银行的盈利能力,同时也对其利率风险管理提出了更高要求。     

Innovative intensity and its impact on the performance of firms in Brazil

This article evaluates whether firms that invest in research and development (R&D) have better future performance and if stock market fully value such intangible investment. The results of annual cross-sectional regressions indicate a strong association between the intensity of R&D and future performance, even after controlling for other variables that affect future performance. However, after controlling for firm characteristics and risk factors, the innovative intensity was not significant in predicting future returns. In general, the results suggest that the R&D intensity is not useful for firm valuation in Brazil.     

Mortgage Choice in the Euro Area: Macroeconomic Determinants and the Effect of Monetary Policy on Debt Burdens

This paper provides novel evidence on the role of the macroeconomic environment for households’ choice between fixed‐interest‐rate and adjustable‐interest‐rate mortgages (ARMs) in the euro area. We find that relatively more ARMs are taken out when economic growth is strong, the interest rate spread is high, or unemployment shows low volatility. A simulation exercise shows that a reduction in mortgage rates as witnessed during the monetary easing in the course of the global financial crisis produces a substantial decline in debt burdens among mortgage‐holding households, especially in countries where households have higher debt burdens and a larger share of ARMs.     

我国中小企业的融资模式研究

我国民营中小企业已成为国民经济和社会发展的重要力量,但其发展常陷入融资困境,我国的融资模式存在很大的局限性。中小企业只有在一个法律法规体系完善、金融体系和信用担保体系健全的金融环境中,才能形成可行的融资模式。中小企业亟需顺应金融环境、市场制度的变化,不断创新,创造符合自身发展的融资模式,进行多元化融资,形成充足的资金流,促成企业的长足发展,才能在竞争激烈的市场中不断做大做强。     

The impact of symbiotic relations on the performance of micro,small and medium enterprises in a small-town context: The perspective of risk and return

This study uses a financial lens to investigate and discuss how symbiotic relationships can enhance business performance, particularly in terms of risk and return for micro, small and medium enterprises (MSMEs). A mixed-method approach, using both Partial Least Square Structure Equation Modelling (PLS-SEM) and thematic analysis, is employed to analyse the information from 200 MSMEs. The findings indicate that symbiotic relationships among businesses help MSMEs to reduce risks and increase returns. The study provides a model that is potentially applicable to other settings and pertinent for policymakers, trade associations and MSMEs.     

The Effect of House Price on Stock Market Participation in China: Evidence from the CHFS Microdata

This is an empirical study on the effect of house price on stock market participation and its depths based on unique China Household Finance Survey (CHFS) data in 2011 and 2013 including 36,213 sample households. We mainly found that, with an increase of one thousand RMB per square meter in macrohouse price, the probability to participate in the stock market will increase by 5.4% before controlling for wealth effect and 2.84% afterwards, indicating the existence of wealth effect. The participation depths of the stock-total asset ratio are expected to decrease by 0.23%, and absolute stock asset is observed to decrease by 5.8 thousand RMB in response to one thousand RMB increase of per square meter house price. The effect of house price on participation decision is also related to housing area, and the negative effect of house price on stock market participation depths gets more intense with the increase of the stock-total asset ratio.     

The effects of environmental,social and governance disclosures and performance on firm value: A review of the literature in accounting and finance

This paper not only attempts to survey the burgeoning literature on environmental, social and governance disclosures and performance and their effects on firm value, but its focus also lies on highlighting stylised observations coming from the most recent work that has not yet become part of the ‘conventional wisdom’ in the field. In addition, it outlines some of the crucial knowledge gaps and interesting questions that have not, as of yet, been addressed and thus outlines a potential agenda for future research on socially responsible investing. Lastly, it introduces the papers published in this special issue of the British Accounting Review.