The effect of foreign ownership on SMEs performance: An efficiency analysis perspective

This paper uses both Data Envelopment Analysis (DEA) and Free Disposal Hull (FDH) models in order to determine different performance levels in a sample of 353 foreign equities operating in the Greek manufacturing sector. Particularly, convex and non-convex models are used alongside with bootstrap techniques in order to determine the effect of foreign ownership on SMEs’ performance. The study illustrates how the recent developments in efficiency analysis and statistical inference can be applied when evaluating performance issues. The analysis among the foreign equities indicates that the levels of foreign ownership have a positive effect on SMEs’ performance.     

Effectiveness of cause‐related marketing for differential positioning of market entrant in developing market: An exploratory study in Indian context

Cause‐related marketing is being increasingly used for forging strong relation between the brand and the customer. It is primarily being used by the well‐established brands to further strengthen their position in the market as it leads to a positive image of the brand, and customers are more receptive towards such brands because they tend to provide them with tangible as well as intangible benefits. This study tends to identify the effectiveness of cause‐related marketing as a marketing tool for newly launched products in developing market of India, which has so far remained a less explored area. A sample of 150 consumers was taken, and case studies were undertaken for validating these findings. The findings suggest that cause‐related marketing campaigns, even at early stages of brand development, can lead to customer trial and differential positioning thus providing these new entrants with an opportunity to interact with the customers. The proposed framework can provide useful insights to brand managers to design cause‐related marketing campaigns for newly launched brands. The results and findings have been deduced from real‐time market research, and it can help in furthering research in the field of cause‐related marketing in India and other developing economies with similar market conditions.     

The effects of vehicle ownership on employment

Vehicle ownership may promote work if employment opportunities and job searches are enhanced by reliable transportation. For example, vehicles may serve to reduce potential physical isolation from employment opportunities. I examine the effects of vehicle ownership and vehicle quality on employment for single mothers with no more than a high school education using National Longitudinal Survey of Youth data. I control for potential bias by jointly estimating employment and vehicle ownership in a maximum likelihood framework using state welfare eligibility asset rules as instruments. Results show that vehicle ownership increases employment. Positive effects of vehicles do not differ for urban and rural residents, but they do change with economic conditions. Further, welfare recipients are significantly more likely to exit the program and become employed if they own a vehicle.     

Family ownership and environmental performance: The mediation effect of human resource practices

Previous literature has found that listed family firms underperform their nonfamily counterparts in terms of environmental performance, but has not explained why this occurs. We address this research gap by hypothesizing that training and development practices (i.e., managerial practices devoted to providing training and development for the workforce) mediate the relationship between family blockholders and environmental performance. Using a sample of 33,901 firm‐year observations from 2002 to 2016 distributed across 56 countries and employing the structural equation model technique, we find that investment in training and development practices explains almost half of the negative relationship between family blockholders and environmental performance. Our study contributes to the agency theory debate on principal–principal problems by explaining why family blockholders could damage other blockholders and minority shareholders.     

The national innovation policy effect according to firm location

The regional nature of innovation and innovation policy was investigated. The aim of this study was to determine whether the specific economic and institutional conditions of a region had an influence on the results of a national policy intended to support entrepreneurial innovation. The analysis compared the effect of the national R&D subsidies on the innovation effort of firms located in central regions, which concentrate an important percentage of the national innovation activity, together with those firms located in periphery regions. Significant regional differences were detected with regard to the national R&D subsidies’ effect and distribution. The central regions manifested a higher subsidy effect compared to the periphery regions. The results of this study have allowed us to conclude that the region plays an important differentiating role in connection with the final result of the innovation policy aimed at the entire national territory. Therefore, this study recommends including the geographical location of the firm in future evaluations.     

The effects of ownership structure and diversification strategy on performance

This study developed and tested a model that attempts to describe the influence of ownership structure and diversification strategy on performance. Results based on data from a crosssectional set of 228 Fortune 500 firms suggested that ownership structure and diversification explain differences in performance between firms.     

Long-term performance of divesting firms and the effect of managerial ownership

We study the long-term performance of firms that divest assets to assess whether gains arise from reducing agency costs. We find that divesting firms underperform control firms before the divestiture and outperform control firms following the divestiture. The poor performance experienced by divesting firms is unrelated to managerial ownership, but the post-divestiture improvement in performance is strongly related to stock ownership by the CEO. The results support the argument that divestitures remove assets that generate negative synergies and that managerial ownership provides strong incentives to improve operations following the divestiture.     

国有银行产权改革再思考

文章从国家经济发展的宏观角度进行分析,提出在现阶段国家退出国有银行的步伐应放缓,保持对国有银行的控股地位,国有银行在某种程度上也应继续承担“社会”责任。     

论地下车库权利性质及归属

车库权利的争议源于权利性质的模糊认识。本文认为，地下车库权利本质上是一种空间利用权，在权利归属上应遵循“谁投资、谁收益”的原则，同时兼顾社区业主利益，对空间利用权的转移进行必要的限制。     

The impact of psychological ownership on employee retention in mergers and acquisitions

Research has demonstrated that turnover rates among employees and executives in the acquired firm are much higher during an M&A event. Recent empirical and review articles on M&A have also shown that employee retention/turnover can best be understood by looking at psychological attributes and perceptions of M&As, thus drawing significant attention to the psychological and ‘human’ side voids to theoretically exploit and enhance understanding of people-related problems in M&A endeavors. In this article, we develop a moderated mediation model and propose that acquired firm employees' psychological ownership is positively related to acquired firm employees' retention through the direct and mediating effects of employees' commitment and involvement in M&A. We also propose that the effect of acquired firm employees' psychological ownership on employees' commitment and involvement and, ultimately, acquired firm employees' retention is moderated by loss of acquired firm autonomy. We also discuss implications for theory and practice, as well as future research directions of such an employees' psychological ownership perspective on retention effects.     

The effect of scale and mode of ownership on the financial performance of the Turkish banking sector: results of a DEA-based analysis

Turkey and the International Monetary Fund (IMF) agreed to a stand-by arrangement at the outset of 2000. Consequently, Turkey implemented an exchange-rate based stabilization program to combat its high inflation. However, two financial crises followed: one in November, 2000 and the other in February, 2001. As the result some banks became problematic. This necessitated restructuring of the banking sector to increase its financial efficiency.This paper presents a financial performance index for commercial banks. The index allows one to observe the effects of scale and of the mode of ownership (public/domestic, private/domestic/foreign) on bank behavior and, therefore, on bank performance in a developing economy. It documents the effects of financial liberalization, cross-country movements, and the impact of financial crises originating in neighboring countries e.g. Russia. The study applies Data Envelopment Analysis (DEA) to selected fundamental financial ratios using 1989-99 data from commercial banks in Turkey. Year-by-year results explain the effects on this sector of major shifts in both national macro-economic policy and various international developments. The banks that were taken over by the regulatory government agency most recently in the analyzed period were observed to perform poorly with respect to their DEA performance index values.     

The effects of marginal changes of ownership on multi-level objectives in corporate groups

Changes in the intra-group linkages affect the ownership of members of the group by their parents and can have different effects on the various objectives of the group. This paper shows how one can use the standard formula for calculating ownership in a group of companies to derive a linear approximation to the marginal changes in the group structure as the result of changes in intra-group linkages. These marginal effects can be used in linear multi-objective and/or decentralized planning systems in the group. An example is provided on some tax-planning effects of marginal changes of intra-group ownership.     

The role of ownership structure in integrated reporting policies

Integrated reporting (IR) is used to demonstrate a firm's capacity to create value in the short, medium, and long term. It can better represent existing relationships between the company and its stakeholders, with a particular focus on investors. Attention to IR has grown considerably in recent years. However, studies on the determinants of IR quality are still limited. This study aims to bridge this literature gap by being the first study to analyse the role of ownership structure in IR context. To this end, it uses agency theory and is based on a sample of 152 international companies that have adopted IR. The results indicate a positive effect of institutional ownership and a negative effect of ownership concentration, managerial ownership and state ownership on the quality of integrated reports. These results are also consistent with the level of alignment of integrated reports with the <IR> framework. To our knowledge, this is the first study that analyses the role of ownership structure in the IR policies.     

The effect of ownership on sustainable development and environmental policy in urban waste management: An explicatory empirical analysis of Italian municipal corporations

This paper investigates the effect of ownership on sustainable development and environmental policy in Italian municipally owned corporations (MOCs) dealing with urban waste management, trying to understand if multiple ownership can generate better performance compared to single ownership and if the presence of private partners could be crucial in this. The research question is answered by analyzing 41 MOCs of the largest Italian cities operating in urban waste management. In this specific sector, public administrations have tried to improve their offer in terms of sustainable development, environmental policy, and efficiency. The paper covers the Italian case study, where urban waste production per capita is higher than the European average figure. The waste cycle management service is operated in Italy at local level through totally publicly owned companies (monoadministration or multiadministration), mixed (public–private) companies, or via a full externalization achieved by means of public tenders. Through a multinomial ordered probit panel, we show that MOCs with multiple owners perform better than those having a single owner and perform much better with the presence of a private partner, confirming those academic findings according to which collaborative arrangements can increase efficiency, do better than public sector bureaucracy, and lower the costs of service provision. The results of this paper can be used by academics, practitioners, and policy makers alike. To the best of our knowledge, this is the only study that applies this perspective to the analysis of the current international waste management scenario with relation to MOCs having multiple ownerships.     

Rationality in supplier selection decisions: The effect of the buyer's national task environment

Our study sheds light on two fundamental questions in supply management: First, does adherence to highly rational decision processes help buyers make better supplier selection decisions? Second, is the influence of procedural rationality on decision effectiveness moderated by buyers’ (differently dynamic) task environments? We empirically test these questions using a sample of 150 supplier selection decisions taken in China and 150 decisions taken in Germany, countries that expose buyers to dynamic decision environments and stable decision environments, respectively. Our findings suggest that the influence of decision process rationality is stable across decision makers’ task environments. Both in China and in Germany, such process rationality is positively related with higher decision quality, and no significant differences in relationship strengths emerge between the two country samples.     

The impact of national culture on systemic risk

We investigate the effects of national culture on systemic risk using a comprehensive dataset from global banks in 58 countries over the period 2003–2016. Our results reveal that systemic risk measures are associated with cultural values. In particular, our results show that individualism and masculinity are the main drivers of banks' contribution to systemic risk. In addition, the impact of cultural variables on the systemic risk measures is nonlinear. This variation may be driven by both information in the national cultural measures and the skewness of the systemic risk measures. The findings have implications for prudential policies: designing uniform prudential and regulatory policies in banking to avoid financial distress for countries with heterogeneous cultures might not have the desire impact; rather, they might be more effective if the type of culture in each individual country is considered.     

深化所有制结构改革的几点思考

国有企业制度如何进行改革?关键是要找到合适的改造它们的所有制形式,建立起充满生机和活力的现代企业制度,并使其能与生产力发展的要求相适应,并与市场经济兼容。     

The impacts of lending, race, and ownership on rental housing rehabilitation

This paper presents an empirical analysis of landlords' rehabilitation investment decisions in a large sample of buildings in one city—focusing on impacts of lending patterns, race, and ownership. The study finds that availability of loans from major institutional lenders—banks and savings and loans—in a neighborhood has a substantial independent impact on repair decisions, after controlling for a multitude of other neighborhood and building variables. For all landlords taken together, loan availability problems rather than owners' discriminatory attitudes seem to discourage some otherwise profitable repairs in black neighborhoods. But significant differences appear between owner-occupant landlords and others. After detailing these findings, the paper summarizes several policy directions they suggest.     

基于消费者心理特征的品牌差异化定位策略研究

本文认为,由于消费者存在生理限制、认知特性、从众性行为、具有首因效应与晕轮效应和对信息自动分类等心理特征,要求企业在品牌定位工作中,依据消费者认知和产品信息两方面的差异化,从创建新品类、独特形象设计和品牌文化等三个方面实现品牌差异化定位。