Competitive pressure and firm investment efficiency: Evidence from corporate employment decisions

This study examines the link between product market competition and labour investment efficiency. We find that competitive pressure distorts the efficiency of corporate employment decisions by creating an underinvestment problem. This finding withstands a battery of robustness checks and remains unchanged after accounting for endogeneity concerns. Additional analysis shows that the relationship between product market competition and labour investment efficiency is stronger for firms facing higher competitive threats, greater financial constraints, higher information asymmetry and higher labour adjustment costs. Our results suggest that as competition increases bankruptcy risk, it leads managers to underinvest in labour to avoid incurring labour-related costs.     

Covid-19 in America: Global supply chain reconsidered

This research asks: To what extent has America's reliance on the global supply network aggravated the country's public health and economic crisis; and how did the American government respond to supply chain weaknesses during the early years of the Covid-19 pandemic? This study first assesses important conceptual considerations that explain the expansion of global value chains and the growth of trade interdependencies among nations. Next, an analytical case study observes (1) America's supply chain vulnerability through three major waves of infection, (2) the difficulty to mend weaknesses in the supply linkages once the novel coronavirus spread globally and (3) American government's failures to both anticipate and respond to supply shortages, especially in the health sector. Trump administration's policies failed to ensure a reliable supply of simple personal protective equipment (PPE) for healthcare professionals and hospitals throughout the first three waves of infection. Moreover, state and federal governments' substantial reliance on large manufacturers who have established procurement relationship with government led to continuous nationwide supply shortages throughout 2020. The federal government's inability to engage small and medium manufacturers in the production of critical supplies of PPE and diagnostic tests deepened and prolonged the devastating impacts of the pandemic. Our case study demonstrates that the American government needs to rethink the country's substantial reliance on the global supply chain, and the specific requirements to boost domestic manufacturing capacity. The revitalisation of America's manufacturing ability and the local supply networks will boost the productive power of the nation, strengthen resiliency, reduce vulnerability in disruptive times and prepare the nation for future crises.     

陕甘宁地区传统村落空间布局及与乡村振兴的有效衔接

目的 探究陕甘宁地区传统村落的空间分布特征，探寻其与乡村振兴的有效衔接。方法 文章借助ArcGIS10.2软件、Geo Da软件、EXCEL软件，采用最邻近指数、地理集中指数、核密度估算、空间自相关和重心研究模型定量分析了陕甘宁传统村落的空间分布特征；空间重心方法分析三次产业发展趋势。并在此基础上将传统村落分布与人口、经济、交通等区域发展空间数据叠加，寻求其与乡村振兴衔接的有效路径。结果 陕甘宁的传统村落在空间上的分布类型为凝聚型，区域分布极不平衡，主要包括榆林延安的陕北片区和渭南关中片区两大核心集中区，其次为白银市、甘南藏族自治区、陇南天水、铜川咸阳、安康5个低密度分布区；分布特征呈现“核心—边缘型”；分布密度上属于典型的分布稀疏省；陕甘宁传统村落空间分布具有显著的空间自相关性，高高集聚和低低集聚占总数的94.18%；第一产业重心区域间发展趋于平衡，第二、第三产业重心表现为向东北方向集聚趋势。结论 陕甘宁传统村落在市域尺度的分布极不均衡，空间自相关程度显著，依据研究结果可将陕甘宁传统村落区域分为与区域发展吻合较好、与区域发展吻合较差、偏远地区三大类型，并分别从产业、经济、交通、文化、生态等方面与乡村振兴做好衔接。