Financial crises and venture capital development: evidence from Indonesia

This exploratory study examines how financial crises impede or support venture capital (VC) development in the context of Indonesia and the 1997–1998 Asian financial crisis (AFC). Using a mixed-methods research methodology, the study finds that financial crises have divergent effects on VC development. Financial crises support VC development through accelerated VC practise diffusion, but impede that development by slowing VC enabling conditions. The effects of the substantial macro institutional changes often associated with financial crises are insufficient to overcome these impediments, resulting in a smaller VC industry.     

金融危机对消费者行为的影响及企业的营销策略研究

金融危机对中国消费者的心理、行为产生了影响:消费者信心下降、消费趋于理性,导致消费者购买力和档次降低、消费计划延迟,尤其是使消费者对促销和渠道的偏好发生改变.企业必须采取相应的营销措施和策略,改变营销环境,扩大销量,提高市场占有率,以便在危机时期迎合消费者,增强其信心,满足其需要,增加企业利润,从而实现企业和消费者的双赢.     

Inequality,leverage and crises: Theory and evidence revisited

Rajan points to rising income inequality as a root cause of the recent financial crisis through high household leverage. The Rajan hypothesis has ignited debate over the relationship between inequality, leverage and crises. Kumhof, Ranciere, and Winant prove the validity of this hypothesis with a theoretical formulation, but empirical studies provide mixed evidence using different samples and estimators. To clarify this controversy, we re‐examine the issue by using the same data as in the literature and provide additional evidence after taking into account the role of asset bubbles and policy interventions. Our regression is based on a new tractable theoretical model that is supported by key stylised facts, and all our analyses confirm the existence of the inequality–leverage–crisis nexus.     

From mandatory to voluntary: consumer cooperation and citizenship behaviour

Customer participation of mandatory (ensuring the completion of a service delivery) and voluntary behaviours (achieving the optimal results of the service) influence the outcomes of service organizations. This study examines how service firms transform from coproduction to cocreation in sharing economy by enhancing customer voluntary behaviour through encouraging customer mandatory behaviour. This study explores the mediating effect of perceived value on the mandatory–voluntary relationship, and the driving effect of customer readiness on mandatory behaviour. A total of 181 valid questionnaires were collected from the Taiwanese bed and breakfast sector and analysed by structural equation analysis. The results reveal: (1) the strong impact of customer mandatory behaviour on voluntary behaviour, (2) the partial mediating effect of perceived value on the mandatory-voluntary relationship, and (3) the distinct effects that cooperation has on helping others and word-of-mouth. The findings support the influential roles of customer readiness factors, especially ability, on triggering mandatory behaviour.     

Relational foundations of an unequal consumer credit market: Symbiotic ties between banks and payday lenders

Banks have financially supported payday lenders for decades. In this article I qualitatively demonstrate how these financial relationships have reinforced and expanded a bifurcated consumer credit market, and why these relationships matter for consumer access to financial services. I use archival financial documents from publicly traded payday lending companies between 1996 and 2014, available through the Securities and Exchange Commission, to construct the bank-payday lender network and reveal motivations for these financial relationships. I find that bank-payday lender relationships are sustained over many years, and that these relationships are mutually beneficial, enabling payday lender expansion and providing a way for banks to quietly profit from high-interest lending in the face of other regulatory constraints. Further, I show that these relationships have significantly reshaped the consumer credit market over the past two decades. I conclude by considering broader implications of symbiotic institutional relationships in contemporary markets.     

企业集团财务危机的"溢出效应"与大股东的支持行为

在剖析企业集团财务风险的成因和传导机理的基础上,考察影响集团成员企业陷入财务危机的概率及其外溢成本的相关因素,实证结果表明集团成员企业陷入财务危机,确实给关联成员企业带来负面的外部性影响,而大股东的资金支持行为对控制集团内部财务风险的蔓延有积极作用,可以减少成员企业发生财务危机的概率。     

Retailer corporate social responsibility and consumer citizenship behavior: The mediating roles of perceived consumer effectiveness and consumer trust

Retailers often face pressure from stakeholders to address social and environmental issues. The purpose of this study is to investigate the influence of retailer corporate social responsibility (CSR) on consumers' perceptions and behavior. Drawing on the theoretical foundations of social identity theory and signaling theory, this study presents and validates a unique model which examines the mediating effects of perceived consumer effectiveness and consumer trust on the relationship between retailer CSR and consumer citizenship behavior. Using a sample of 407 consumers in China, results of structural equation modeling show that retailer CSR is positively associated with consumer citizenship behavior. Additionally, perceived consumer effectiveness and consumer trust positively mediate this association. Taken together, these findings provide support for retailers to develop CSR programs that remind and reinforce consumers’ perceptions about socially responsible behaviors.     

金融危机下公允价值困境及对策

公允价值计量不是经济危机产生的直接原因,但公允价值计量存在缺陷.本文运用公司行为金融理论,分析公允价值计量对企业投资行为异化的影响机理,用Ohlson估价模型分析公允价值计量降低会计信息相关性的临界条件;用公允价值目标资产贴现模型和可转债估价Black - Shoes模型,分析公允价值计量不可靠;并用银行的风险管理工具和金融监管指标分析公允价值计量传递金融顺周期性.最后,给出了完善公允价值计量的动态减值准备模型,该模型具有逆周期机制,能实现金融稳定,克服公允价值顺周期缺陷.     

全球金融危机下贸易保护主义的特点、危害与应对

金融危机引发的贸易保护主义有五大特点,即贸易保护主义产生的深层性,贸易保护主义的全球性,贸易保护主义的虚伪性,贸易保护层次和手段多样性,贸易保护主义应对的复杂性。金融危机引发的贸易保护主义给世界经济贸易带来五大危害,即使经济全球化逆转,严重冲击全球贸易、引发贸易战,使多哈回合久拖不决,把整个世界拖向更为深重的经济危机,引发社会动荡和政治危机。其危害性已引起世界关注,国际社会通过各种会议,采取共同行动,加以抵制;世界贸易组织也采取了许多积极的应对贸易保护主义的措施。金融危机引发的贸易保护主义通过三个渠道影响中国,使中国对外贸易出现萎缩,并成为世界贸易摩擦中最大受害成员,作者建议中国采取十二项应对贸易保护主义的策略。     

金融危机下贸易保护对中国出口影响的实证分析——以对美出口机电产品遭遇技术性贸易壁垒为例

伴随着美国金融危机引起的世界经济衰退,贸易保护主义出现抬头趋势。文章以机电产品对美出口遭遇技术性贸易壁垒为例,通过协整分析、脉冲响应、方差分解等方法对金融危机下贸易保护对我国出口的短期冲击进行实证研究。结果表明,金融危机下经济的不景气反而促进了中国的出口,但有可能恶化出口商品结构,而贸易保护和总需求下降是严重抑制中国出口的主要因素,引入金融危机冲击这一虚拟变量后,贸易保护的影响加剧。因此,扩大国内外需求和冲破贸易壁垒限制是解决出口下行的根本途径。     

Cross-channel free-riding consumer behavior in a multichannel environment: An investigation of shopping motives,sociodemographics and product categories

Cross-channel free-riding, in which consumers use one retailer′s channel to prepare a purchase and then switch to another retailer′s channel to purchase, can substantially erode profit margins. This research aims to understand such free-riding from a consumer empowerment perspective, investigating shopping motives and sociodemographic covariates, as well as how this behavior might differ across product categories. A survey study of decision-making behavior shows that cross-channel free-riders mainly seek to fulfill price comparison, convenience and flexibility needs. The likelihood of free-riding is higher when consumers adopt cross-channel rather than single-channel behavior, which highlights a negative outcome of multichannel retailing. The likelihood of cross-channel free-riding differs across products but not sociodemographic covariates. The findings can be used to develop recommendations for managing retention strategies.     

Critical consumer issues in St. Lucia: an examination of consumer challenges and related learning among rural adults according to income levels

Consumer education is a relatively new and growing interest in St. Lucia. Neither the government nor the National Consumer Association has established a consumer education programme to address the growing consumer concerns in the country. The purpose of this study was to examine critical consumer issues, related learning challenges and strategies among rural adults in St. Lucia according to income levels. Rural adult consumers are most disadvantaged in terms of levels of education, income and access to resources, which may help to prevent and mediate consumer concerns. The specific research questions examined were: (1) What is the nature of problems experienced by rural St. Lucian adult consumers in the marketplace? (2) How do rural St. Lucian adult consumers solve the challenges they encounter in the marketplace? (3) What is it like for rural St. Lucian adult consumers as they go about trying to learn to solve the consumer issues they face? and (4) What do rural St. Lucian adult consumers perceive to be the requisites for effective decision making in the marketplace? Data were collected using a questionnaire comprising of 29 questions divided into four sections (problems, strategies, solving consumer problems and making effective decisions) and two biographical questions. A total of 500 rural adult consumers were surveyed verbally through door‐to‐door contact. The findings of this study revealed that middle‐income rural adult consumers experience more problems in the marketplace than those with each lower or higher level of income. Middle‐income rural adult St. Lucian consumers in particular seek more information and are comfortable with using more strategies than the lower‐ and higher‐income rural adult consumers. This research gives us a better understanding of the problems faced by rural adult consumers based on their income. Research results will be useful to the government of St. Lucia and the National Consumer Association when they decide to establish an adult consumer education programme for St. Lucia.     

Calendar effect and the role of seasonality in consumer comment behavior: A longitudinal study in the restaurant industry

This study’s purpose was to assess the impact of temporal, seasonal and calendar effects, on guests’ comments in hospitality. The current study analyzed the differences in food and service quality using guests’ comments collected by a national restaurant firm over a period of one year. Comments were analyzed for season of the year, weekend versus weekday, busy versus slow days, and day of the week. Findings included statistically significant differences of (positive and negative) comments between day of week and busy/slow periods. Most notably, positive food quality comments were submitted more often during busy periods, indicating a possible need for training of employees who work during slow periods.     

经济全球化与危机背景下的贸易保护主义——历史脉络、根源与前瞻

虽然传统贸易理论一直推崇自由贸易的福利效应,但自国际贸易产生以来,贸易保护就如影随形。特别是在当前全球金融危机尚未消退之际,各国出台的一系列贸易保护措施对国际贸易形成了新的障碍和压力。为了更深入地理解和应对贸易保护主义行为,文章在对贸易保护主义理论产生发展的历史脉络进行梳理的基础上,从全球化、比较优势、经济危机及国家利益四个方面对其产生根源进行了剖析,并对其未来三大发展趋势和特点进行了理论前瞻。     

Assessing the Role of Nationalistic Feelings in Consumers' Willingness to Take Action Against Foreign Products: An Exploratory Study in Brazil

ABSTRACT

This study draws on the social dominance theory and the intergroup relations theory to explore the impact of nationalistic feelings on consumers' willingness to take action against foreign products. This exploratory study was conducted in Brazil, using two countries as treatment conditions: Paraguay and the USA. Consistent with expectations, the mere existence of a commercial conflict involving the home country and a foreign nation seems to be sufficient to raise nationalistic feelings (a “them” against “us” feeling). The results also show that consumers' willingness to take action against products of the adversary country prompted by these nationalistic feelings might be mediated by their perception of group (nation) economic power (dominance).

RESUMEN. Este estudio se basa en la teoría del dominio social y la teoría de las relaciones intergrupales para explorar el impacto que los sentimientos nacionalistas ejercen sobre la buena voluntar de los consumidores de actuar contra los productos extranjeros. Este estudio exploratorio fue realizado en el Brasil, usando dos países como condiciones de tratamiento: Paraguay y los Estados Unidos. De conformidad con las expectativas, la mera existencia de un conflicto comercial involucrando el país de origen y la nación extranjera parece ser suficiente para despertar sentimientos nacionalistas (un sentimiento de “ellos” contra “nosotros”). Los resultados también muestran la buena voluntad de los consumidores de tomar alguna acción contra los productos provenientes del país adversario, disparados por este sentimiento nacionalista que puede ser mediado por su percepción del poder (dominio) económico del grupo (nación).

RESUMO. Este estudo utiliza a teoria do domínio social e das relações entre grupos, para explorar o impacto do sentimento nacionalista na vontade do consumidor de rejeitar produtos estrangeiros. Este estudo exploratório foi realizado no Brasil, utilizando dois países como base de consulta: o Paraguai e os Estados Unidos. De acordo com as expectativas, a mera existência de um conflito comercial, envolvendo o país de residência e um país estrangeiro, parece ser suficiente para elevar os sentimentos nacionalistas (um sentimento “deles” contra um “nosso”). Os resultados também demonstram que a vontade do consumidor de rejeitar os produtos do país adversário, estimulada por tais sentimentos nacionalistas, pode ser influenciada pela sua percepção de poder (domínio) do grupo (nação) econômico.     

Young adults’ borrowing to purchases of desired consumer products related to present‐biased temporal discounting,attitude towards borrowing and financial involvement and knowledge

The aim is to investigate how present‐biased temporal discounting caused by feelings of financial deficit, attitude towards borrowing and financial involvement and knowledge determine young adults’ likelihood of borrowing to purchases of desired consumer products. A sample of 273 young adults aged 18–30 years answered an online questionnaire including experimental treatments to induce present‐biased temporal discounting, followed by questions about attitude towards borrowing, financial involvement/knowledge and financial resources. In different treatment conditions, participants rated the likelihood of borrowing to purchases of desired consumer products at prices judged to be unaffordable or to replace purchases of equally expensive products in the future but not immediately. In a control condition, participants rated the likelihood of borrowing to an equally expensive, already purchased product to be paid immediately. A higher likelihood of borrowing to purchases of the desired and already purchased unpaid products was observed, but the difference to the needed products was not statistically significant. Likelihood of borrowing was strongly suppressed by a negative attitude, in all between‐group conditions equally influenced by self‐assessed financial resources but unaffected by financial involvement/knowledge. Both financial involvement/knowledge and a negative attitude decreased choices of months of instalment payments with the consequence that the monthly repayment cost increased.     

金融危机前后加拿大MNEs对华FDI变化轨迹——基于国际化风险感知与企业资源基础观视角

经济全球化不断深化促进了各国之间的经济联系,也使得国际金融危机引发的国际化风险在各国之间加剧传导扩散。面临宏观环境风险、行业环境风险和企业内部风险的困扰,跨国公司的对外直接投资会发生什么样的变化并未在已有的研究文献中受到关注。文章通过以管理者国际化风险感知、企业资源优势和跨国公司的对外直接投资决策构建的齿轮互动模型详细分析了国际金融危机引发的跨国公司国际化风险及其传导扩散。最后以国际金融危机前后加拿大跨国公司对华直接投资的数据,探究了加拿大跨国公司对华直接投资的变动轨迹,并通过实证分析揭示了其变动机理。     

对短期负债与国际金融危机关系的重新审视--基于双重代理的分析

按照金融危机理论，短期负债是造成国际金融危机的重要原因，为了防止金融危机的爆发，应该通过对短期资本流入征税等措施来限制甚至禁止短期外债。但基于双重代理的分析，短期负债会使政府采取对投资者更为有利的政策，这在确保贷款方回收贷款的同时，也提高了借款企业以及借款国的福利水平。因此，危机的原因应归结为借款方对借款能力的耗竭，而不是短期负债。     

从金融资本对商品期货市场的影响看我国加强储备的必要性

世界金融资本的规模空前发展,在世界货币和商品期货市场上扮演着越来越重要的角色,对商品价格产生了巨大影响,甚至导致了商品定价机制的重大变化。金融资本运作导致的商品价格剧烈波动对我国获取和利用国外资源造成了困难,进而对我国经济安全构成威胁,因此,我国应尽快构建应对体系,其中建立一定规模的储备是不可或缺的举措。建立国际市场交易量大、金融属性强、我国对外依存度高的大宗商品储备,有利于应对我国资源供应和金融安全双重风险。     

Measuring Consumer Ethnocentrism: An Assessment of Reliability,Validity and Dimensionality of the CETSCALE in a Developing Market

ABSTRACT

Based on 305 surveyed consumers in Zimbabwe’s two major cities (Harare and Bulawayo), the study sought mainly to measure consumer ethnocentrism and to test psychometric properties of the CETSCALE in Zimbabwe using structural equation modeling. It was established that the construct of consumer ethnocentrism comprises two dimensions, namely negative influence of foreign products, and preference for domestic products. Consumer ethnocentrism was found to be moderately high. The psychometric properties of the CETSCALE tested above the required thresholds. Consumer ethnocentrism was found to negatively influence consumer attitude towards imported poultry products. The study has implications for managers and future researchers.