Multichannel marketing: the operational construct and firms’ motivation to adopt

Multichannel marketing has been gaining attention to its importance in both practice and research in the recent years with the rapid diffusion of Information Communication Technology. Due to the relative recency and rapid proliferation of research in the subject, the literature lacks a well-defined construct of multichannel marketing generalizable to different types of firms, and lacks understanding of the actual reasons that firms adopt multichannel marketing. Through comparing and complementing the extant literature with practitioners’ perspectives from interviews with 32 Italian firms, the authors propose a comprehensive and generalizable framework of the multichannel marketing construct, and identify and categorize the firms’ motivations to adopt the multichannel marketing practice. Furthermore, some unforeseen but interesting factors emerged from the interviews. Future research opportunities and managerial implications of the study are discussed.     

"泛珠三角"区域经济协调发展机制的构建——来自欧盟的启示

"泛珠三角"区域是指广东、福建、江西、湖南、广西、海南、四川、贵州、云南等内地9省区以及香港、澳门两个特别行政区.内地9省面积、人口、经济总量分别占全国的五分之一、三分之一和在分之一,加上香港和澳门,"泛珠三角"区域在全国的地位十分重要.     

International Evidence on the Matching Between Revenues and Expenses

This study investigates the time‐series trend and determinants of matching between revenues and expenses in a sample of 42 countries. We find that the decline in matching documented by Dichev and Tang ( 2008 ) is not unique to the United States, but is a worldwide phenomenon. Our results show that matching is weaker in countries with (i) wider use of accrual accounting; (ii) a larger proportion of firms reporting significant special items; (iii) slower economic growth; (iv) more research and development activities; (v) larger service sectors; and (vi) stronger investor protection. We find no evidence that mandatory adoption of International Financial Reporting Standards affects matching. Changes in accounting and economic factors collectively explain the downward trend in matching. Overall, the results suggest that both accounting and economic factors are important determinants of matching over time and across countries.     

Trading costs and price discovery

The price discovery roles of a set of related markets or securities have been investigated in many different settings where trading costs effect is often commingled with other trading arrangement factors. In Hong Kong, regular futures and mini futures contracts as well as their underlying spot asset are all traded on a same electronic trading platform. The trading arrangements thus provide us with a unique setting where we can isolate the impacts of transaction costs on price discovery. Using Hasbrouck’s (J Finance 50:1175–1199, 1995) information share approach, it is found that in Hong Kong, the regular futures contracts market plays a dominant role in price discovery while the mini futures and cash index markets play minor roles. The results in this paper provide an unequivocal support to the trading costs hypothesis.     

Optimal contracts for research agents

We study the agency problem between a firm and its research employees under several scenarios characterized by different Research and Development (R&D) unit setups. In a multiagent dynamic contracting setting, we describe the precise pattern of the optimal contract. We illustrate that the optimal incentive regime is a function of how agents' efforts interact with one another: relative performance evaluation is used when their efforts are substitutes, whereas joint performance evaluation is used when their efforts are complements. The optimal contract pattern provides a theoretical justification for the compensation policies used by firms that rely on R&D.     

Does Integrated Reporting Matter to the Capital Market?

Integrated reporting (<IR>) is an emerging international corporate reporting initiative to address limitations to extant corporate reporting approaches, which are commonly criticized for being both voluminous and disjointed. While <IR> is gaining in popularity, current momentum has been limited due to a lack of clear evidence of its benefits. Utilizing the most suitable setting currently available, being discretionary disclosures made by listed companies on the Johannesburg Stock Exchange, this study provides evidence that analyst forecast error reduces as a company's level of alignment with the <IR> framework increases. Further, the improved alignment is associated with a subsequent reduction in the cost of equity capital for certain reporting companies. The results are obtained after controlling for factors relating to financial transparency and the issuance of standalone non‐financial reports, which suggests that <IR> is providing incrementally useful information to the capital market over and above existing reporting mechanisms.     

HRM系统驱动员工知识共享行为的中介机理

基于302名员工的调查数据,采用层级回归模型检验了承诺型人力资源管理系统对员工知识共享行为影响的中介机理。结果发现:员工之间的关系氛围在员工感知的承诺型人力资源管理系统与员工的知识共享行为间发挥显著的正向中介作用,组织对员工知识共享的承诺在二者间发挥弱显著的正向中介作用;员工的知识共享动机在组织对员工知识共享的承诺与员工的知识共享行为间发挥弱显著的负向中介作用。     

近年来江苏城市化发展特征、问题与对策

1990年以来江苏城市化呈现人口向城镇聚集速度加快、城市化发展动力模式发生根本转换、城镇体系日趋合理等新特点;但也存在土地利用效率低、“土地城市化”速度过快、城市化区域差异显著等问题。为此应提出提高土地利用率、以都市困为重点促进城市化、实施“三沿战略”、推动制度配套改革等对策。     

创新型科技人才资源开发战略的国内外比较研究

创新型科技人才资源的开发,在世界各国的科技管理领域占有十分重要的地位,通过比较分析世界各国尤其是发达国家和地区创新型科技人才开发的主要做法,检讨我国在此方面存在的问题和差距,借鉴发达国家的成功经验,把我国人力资源的潜在优势转变为现实的人才优势,为改革开放和现代化建设提供有效的人才智力保障。     

证券市场波动性影响因素的理论研究

证券市场波动性的影响因素研究长期以来一直是现代金融领域研究的主要问题之一,特别在我国证券市场还不完善的前提下研究就显得更有意义。已经有大量文献对证券市场波动性进行了研究,本文从宏观经济周期、货币供给、交易行为、机构投资者行为几个方面对相关文献进行了综述,对其研究成果进行了简要的回顾。