Entrepreneurial Orientation,Managerial Networking,and New Venture Performance in China

Based on institutional theory, this study investigates the moderating effects of different types of managerial networking (political networking, financial networking, and business networking) on the relationship between entrepreneurial orientation (EO) and new venture performance in China. The study finds that political networking has a negative moderating effect on the positive relationship between EO and new venture performance, financial networking has an inverse U‐shaped impact, and business networking has a positive effect. The findings not only enrich our understanding of the impact of managerial networking on the performance implication of EO in new ventures, but also offer new ventures some guidance on how to use EO and different types of managerial networking to enhance performance in China's transition economy.     

股权结构、公司治理与企业业绩——来自中国上市公司的新证据

在充分考虑股权替代变量之间可能存在多重共线性问题的基础上 ,本文对股权结构在公司治理中作用的各种理论假设进行了检验。研究发现 ,经理人员持股比例与上市公司业绩相关性不显著 ;国有股比例与上市公司业绩显著负相关 ;法人股比例与上市公司业绩正相关 ;社会公众股比例对公司财务业绩的影响虽然是负面的 ,但极不显著 ,而与公司市场业绩显著正相关 ;股权集中度与公司业绩显著负相关。     

基于资源基础观的中外合资企业绩效研究

根据资源基础观,中外合资企业建立的基本动因是为了克服各自资源限制而获得互补性资源。中外企业之间资源的互补性决定了合资企业资源的独特性,也决定了合资企业潜在的竞争优势和潜在绩效。在将合资企业潜在竞争优势和潜在绩效转化为现实竞争优势和现实绩效的过程中,母公司对资源的控制具有重要作用,资源控制的合理安排不仅有利于母公司独特资源向合资企业的有效转移,而且有利于资源在合资企业中价值创造功能的有效实现。     

Corporate Entrepreneurship, Informal Ties, and Firm Performance: Evidence from China

How can a firm achieve superior performance through corporate entrepreneurship in a transition economy? To address this question, we draw upon the resource-based view and the institutional theory to explore distinct roles of business ties and political ties in fulfilling resource needs confronted by different corporate entrepreneurial activities (i.e., internal innovation, venturing and strategic renewal). Using data of 228 firms from the Pearl River Delta area in China, our empirical findings reveal that corporate entrepreneurial activities do not always positively lead to performance in transition economies. Furthermore, the possession of high levels of business ties is more beneficial to the success of internal innovation and strategic renewal, while the possession of high levels of political ties contributes more to the success of venturing.     

New Venture Performance in Transition Economies from Different Institutional Perspectives

Building on institutional theory, this study examines the effects of dysfunctional competition and government ties on new venture performance in transition economies. And, it goes deeper to investigate how these effects are contingent on a new venture's entrepreneurial orientation (EO). It finds that EO weakens the negative relationship between dysfunctional competition and new venture performance but exacerbates the negative linkage of government ties to new venture performance. The findings not only illustrate how government impacts new venture performance in transition economies, but also indicate that new ventures can leverage entrepreneurship to cope with the effects of government‐related factors.     

创业网络与新企业绩效:组织合法性的中介作用及其启示

基于整合制度理论与社会网络视角,从政治网络、投资者网络和顾客关系网络三个方面提出并检验组织合法性在创业网络与新企业绩效关系间的中介效应。基于209份新企业数据,通过多元回归方法对研究假设进行检验,结果显示:政治网络、投资者网络、顾客关系网络与组织合法性正相关;政治网络与新企业绩效关系不显著,投资者网络、顾客关系网络与新企业绩效正相关;组织合法性在顾客关系网络与新企业绩效关系间存在部分中介效应,在投资者网络与新企业绩效关系间存在完全中介效应。     

Economic Transition,Heterogeneous Social Capital,and Corporate Performance: Empirical Evidence from China

A theoretical framework based on information and embeddedness is constructed to analyze the micro structure of the impact of heterogeneous social capital on corporate performance. It is empirically tested based on data collected from a sample of 155 Chinese firms. Results indicate that hierarchical social capital has a positive association with corporate market power but little impact on corporate operational efficiency. Furthermore, social capital can promote operational efficiency but contribute little to corporate market power. There is a complementary structure between the two types of heterogeneous social capital. The embedded inertia of social capital into institutional environment is negatively related with corporate performance. From the perspective of economic transition, firms in developed regions rely far more on hierarchical social capital to acquire market power than firms in developing areas.     

农民专业合作社、联合经营与农业经济增长——中国经验证据实证

基于中国大陆31个省份截面数据,分析农民专业合作社及其联合经营对农业经济增长的影响及机理.结果显示:农民专业合作社对农业经济增长具有显著的正向影响,但效应微弱;农民专业合作社的联合经营对农业经济增长的影响显著为正,且效应显著提升.农民专业合作社联合经营通过促进纵向一体化进程、有效缓解快速城市化中农业主体流失对农业生产的冲击、整合优势人力资源实现人力资本积累等方式促进农业经济增长.     

效果逻辑理论分析:效果逻辑与因果逻辑、创业拼凑比较分析

效果逻辑理论是当前创业决策研究的核心内容,强调充分利用现有资源来应对不确定性环境及突发状况。效果逻辑自提出以来已发展出一套完整的理论,理论内涵不断明晰,测量量表研究取得长足发展。但现有研究对效果逻辑与相关理论的差异分析不够深入。本研究在介绍效果逻辑的产生背景与核心内容基础上,梳理效果逻辑已有研究成果,对效果逻辑与因果逻辑、创业拼凑理论进行比较分析。     

Corporate Social Performance in China: Evidence from Large Companies

Based on a contest analysis of the official websites of top 100 companies in China in 2007, the paper reports the social performance of large Chinese companies. We try to focus on and answer the following three questions about CSP of large companies in China: (1) how is their overall social performance?; (2) what are the social issues they addressed?; and (3) what are the stakeholders they addressed? The results are also compared among different ownership companies and among different industrial companies. The findings indicate that CSR/CSP in China is still in the beginning stage, and?CSR/CSP is different among different industrial companies.

     

Venture Creation Speed and Subsequent Growth: Evidence from South America

Though time is an important dimension of the venture creation process, our understanding of why some entrepreneurs are able to act more quickly than others is limited. Equally, not much is known about the relationship between venture creation speed and the subsequent venture growth. In this paper, we use a resource‐based perspective to provide insights into the factors that quicken or retard venture creation and to explore how speed impacts on subsequent growth. This is important because the topic remains generally underresearched and because even less is understood about venture creation speed in the context of South American economies. Data were collected from face‐to‐face interviews with 647 entrepreneurs in Argentina, Brazil, Chile, and Peru. Using a multivariate regression framework, we find that entrepreneurs make use of their human and social capital resources to shape the speed by which their venture is created. Moreover, their perceptions of unfavorable environmental conditions seem to retard venture creation. Findings also suggest that entrepreneurs who take more time to create a more solid resource base tend to receive better growth outcomes. Implications from the findings are discussed.     

家族控股、终极所有权与企业绩效——来自我国上市公司的经验证据

借鉴Driffield等(2007)的研究方法,运用终极产权论追踪上市公司的终极控股股东,分析我国家族企业金字塔结构下的控股股东和终极所有权对企业绩效的影响。研究发现:第一大股东持股比例与企业绩效呈倒U型关系,第二至五大股东持股比例之和与企业绩效呈U型关系;家族上市公司的企业绩效与家族控股股东的控制权负相关,与现金流权正相关,与超控制权负相关;另外,家族上市公司的企业绩效与是否委派管理层负相关,与董事长与总经理是否合一负相关。同时,按家族控股股东的控制权大小分组检验也得到了类似的结论。     

The Ethical Mutual Fund Performance Debate: New Evidence from Canada

Although the academic interest in ethical mutual fund performance has developed steadily, the evidence to date is mainly sample-specific. To tackle this critique, new research should extend to unexplored countries. Using this as a motivation, we examine the performance and risk sensitivities of Canadian ethical mutual funds vis-à-vis their conventional peers. In order to overcome the methodological deficiencies most prior papers suffered from, we use performance measurement approaches in the spirit of Carhart (1997, Journal of Finance 52(1): 57–82) and Ferson and Schadt (1996, Journal of Finance 51(2): 425–461). In doing so, we investigate the aggregated performance and investment style of ethical and conventional mutual funds and allow for time variation in the funds’ systematic risk. Our␣Canadian evidence supports the conjecture that any␣performance differential between ethical mutual funds and their conventional peers is statistically insignificant.      

Firm R&D,Absorptive Capacity and Learning by Exporting: Firm‐level Evidence from China

The absorptive capacity of firms developed through R&D promotes learning by exporting. In this paper, we estimate the instantaneous and long‐run productivity effects of exporting on the universe of Chinese manufacturing firms. We find that exporting has very different productivity effects for firms with different pre‐export R&D status. It has large and lasting productivity effects for firms with pre‐export R&D, while it has little effects for firms without pre‐export R&D. Furthermore, the effect of exporting increases with the number of years of pre‐export R&D investment.     

Corruption,Types of Corruption and Firm Financial Performance: New Evidence from a Transitional Economy

Using a nationwide survey of provincial institutional quality and a sample of private manufacturing small and medium scale enterprises (the SMEs), this paper contributes to the literature by considering for the first time the effects of corruption on the financial performance of Vietnamese private SMEs. Interestingly, contrary to previous findings, we find that corruption when measured by a dummy variable, does not affect firms’ financial performance after controlling for heterogeneity, simultaneity and dynamic endogeneity. However, the intensity of bribery and the majority of the forms of corruption were found to have negative impacts on firms’ financial performance. Hence, a typical approach using only a dummy variable for bribery might not adequately evaluate the impact of bribe intensity or even ignores the negative impacts of some types of bribes on firms’ financial performance. The findings suggest that anti-corruption measures are vital for the development of the Vietnamese private SMEs.     

外包与生产率和就业:基于中国的实证

文章使用1997、2002和2007年的42部门投入产出表数据,计算了我国22个工业行业的外包比率,并以面板数据模型检验了外包对工业行业劳动力就业及外包对工业行业产出的影响。检验结果表明,材料品外包、服务外包的发展均有效地提升了我国工业行业生产率水平,但服务外包对工业行业生产率的促进效应要远远大于材料品外包,而外包对工业行业就业影响的分析结果是,服务外包对工业行业就业的影响为正效应并且影响显著,材料品外包对于工业行业就业的效应则效果不明显。     

The Impact of Knowledge Resources on New Venture Performance

A new venture's strategy—and thus its performance—is based upon the knowledge the firm has about its market, its opportunity in that market, and its appropriate conduct to take advantage of that opportunity. Resource-based theory underscores knowledge as a type of resource that confers competitive advantage and the potential for sustainability, two factors that are critical for start-ups. Three types of procedural knowledge are considered to be important at start-up: (1) about the industry in which the venture competes; (2) about the type of business approach the venture is pursuing; and (3) about creating, building, and harvesting new ventures. Knowledge useful to the new venture is developed either through relevant personal experiences or by accessing relevant knowledge possessed by others. Hypotheses are developed regarding the impact on the performance of new ventures as a result of these sources of knowledge, and these relationships are explored in a study of new technology-based firms.     

Performance shortfalls and outward foreign direct investment by MNE subsidiaries: Evidence from China

Foreign subsidiaries of multinational enterprises (MNEs) have been conducting outward foreign direct investment (OFDI) into new overseas destinations. Drawing upon the behavioural theory of the firm, we explain that such OFDI can occur in response to performance shortfalls relative to aspirations. When performance shortfalls in subsidiaries are attributed to the institutional distance between them and the home country of the parent firm, these subsidiaries select institutionally closer destinations for their own OFDI. Our study goes beyond the direct investment of MNE headquarters and advances the internationalisation process model by investigating the underexplored, secondary and springboard-based internationalisation, and by underscoring the value of a subsidiary’s OFDI behaviour.     

跨境风险投资的联合投资模式与投资绩效评估——基于中国情境的实证研究

本文基于中国情境阐述了跨境风险资本联合投资、本土伙伴和联合投资网络位置特征与投资绩效的内在关联和作用路径,并对其关系进行实证检验。研究发现:(1)跨境风险资本联合投资比率与投资交易数间呈倒U型关系,本土伙伴数对投资交易数的影响为正,网络中心位置对投资交易数的影响也为正;(2)跨境风险资本联合投资比率与投资专业化程度间呈U型关系,本土伙伴数对投资专业化的影响并不显著,网络中心位置对投资专业化的影响为负;(3)跨境风险资本联合投资比率与投资退出的关系不显著,本土伙伴数对投资退出的影响为正,网络中心位置对投资退出的影响为正。     

企业生命周期、债务融资与企业绩效——来自我国制造业上市公司的经验证据

基于企业生命周期视角,利用我国制造业上市公司2007年至2012年的数据,分别研究债务总体水平、债务期限结构和债务来源结构在企业生命周期的不同阶段对企业绩效的影响。研究结果表明:债务总体水平、短期借款与长期负债对企业绩效的影响在整个生命周期都呈现负相关关系,但影响程度在不同的阶段存在差异。在企业整个生命周期内,短期借款对企业绩效的负效应都强于长期负债。另外在企业生命周期的各个阶段,银行借款均对企业绩效产生负效应,商业信用仅在衰退期对企业绩效产生了正效应,在其他两个阶段均为负效应。