机构投资者真的有助于降低盈余管理吗？——来自中国上市公司混合与平衡面板数据的证据

本文采用中国上市公司2004～2008年相对较长时期数据,在控制机构投资者持股比例与盈余管理程度内生性基础上,通过混合与平衡面板数据模型回归分析发现：机构投资者持股比例与正向盈余管理显著正相关,其中国有控股企业的这种相关性较非国有控股企业更显著;国有控股企业中机构投资者持股比例与负向盈余管理显著负相关,而非国有控股企业中则变成显著正相关;机构投资者持股比例与盈余管理绝对值显著正相关,其中国有控股企业的这种相关性较非国有控股企业也更为显著。这些证据充分说明中国机构投资者仍然是短视的,对盈余管理不存在制约作用反而推动了企业的盈余管理。     

区域创新与企业经营增长影响研究

针对半导体企业经营增长问题,依据创新空间理论,运用逐步回归和后向回归方法,基于中国证券监督管理委员会(China Securities Regulatory Commission,CSRC)2004—2019年半导体上市公司财务报表数据,构建多元完全回归分析模型.结果表明:创新空间,技术投入、地理区域、所有者背景、经营年限和融资负债对经营增长具有显著促进作用;碳排放、金融市场化、政府效率、技术投入和融资负债对经营增长表现为非直线性U型趋势;创新空间对技术投入影响经营增长的效益具有正向放大作用;韩国三星投资空间选择关注半导体生产所需的稀缺性资源获取.     

基于波特钻石模型的中国汽车金融产业竞争力分析

本文以汽车金融为独立金融产业,在波特钻石模型基础上引入金融竞争力若干指标,对我国汽车金融产业的生产要素、国内需求、支持性产业和相关产业、公司结构、战略和竞争分析进行分析。研究发现我国汽车金融产业竞争力存在复合型汽车金融人才匮乏、资金来源限制多、消费征信制度缺失、汽车信贷产品单一、市场开发不够,产业集中度低等问题。最后从产业政策、法律制度与监督管理三方面提出了汽车金融产业竞争力的提升对策。     

我国油茶产业发展现状及对策——湖南、浙江调研报告

介绍了湘、浙两省油茶产业发展的曲折道路,总结了近年来在发展油茶产业所取得成效和经验。主要包括加强领导,科学规划,政策扶持,优良品种推广,规模集约化经营等。目前,两省油茶林面积为131.8万hm2,单位面积产油量在70～80kg/hm2,年总产油约11万t。在分析了目前所存在的问题和今后发展潜力的基础上,提出改革对策与建议。     

我国林业生物质能源发展相关政策概述

介绍了我国林业生物质能源发展的背景、现状和相关的政策,以及林业生物质能源相关的法律、能源林建设规划、相关的产业规划和财税扶持政策。提出今后我国林业生物质能源发展相关建议。     

微波带状线低通滤波器的设计制作与性能改善

讨论了带状线低通滤波器因实际制作的导带宽度发生变化引起滤波器性能下降时,如何改善滤波器性能的方法。我们采用惠普公司ＥＥＳＯＦ软件,对滤波器的结构和电气参数和分别作了灵敏度分析,以此为改善滤波器性能的依据。经实验对比,改进后的滤波器性能有了明显改善,且性能稳定。     

Adoption of farm‐based irrigation water‐saving techniques in the Guanzhong Plain,China

This article analyses adoption of farm‐based irrigation water saving techniques, based on a cross‐sectional data set of 357 farmers in the Guanzhong Plain, China. Approximately 83% of the farmers use at least one farm‐based water‐saving technique. However, the traditional, inefficient techniques border and furrow irrigation are still prevalent whereas the use of advanced, more efficient techniques is still rather rare. We develop and estimate an adoption model consisting of two stages: awareness of water scarcity and intensity of adoption. We find that awareness of water scarcity and financial status enhance adoption of more advanced techniques whereas access to better community‐based irrigation infrastructure discourages it. We furthermore find both community‐based irrigation infrastructure and farm‐based irrigation water‐saving techniques have mitigating effects on production risk. From the results it follows that adoption can be stimulated via financial support and via extension aimed at enhancing awareness of water scarcity.     

The differential effects of CEO narcissism and hubris on corporate social responsibility

Research Summary: While prior studies have predominantly shown that CEO narcissism and hubris exhibit similar effects on various strategic decisions and outcomes, this study aims to explore the mechanisms underlying how narcissistic versus hubristic CEOs affect their firms differently. Specifically, we investigate how peer influence moderates the CEO narcissism/hubris—corporate social responsibility (CSR). With a sample of S&P 1500 firms for 2003–2010, we find that the positive relationship between CEO narcissism and CSR is strengthened (weakened) when board‐interlocked peer firms invest less (more) intensively in CSR than a CEO's own firm; the negative relationship between CEO hubris and CSR is strengthened when peer firms are engaged in less CSR than a CEO's own firm. Managerial Summary: Some CEOs are more narcissistic while others may be more hubristic, but these two groups of CEOs hold different attitudes toward the extent to which their firms should engage in corporate social responsibility (CSR). Our findings with a large sample of U.S. publically listed firms suggest that narcissistic CEOs care more about CSR, but hubristic CEOs care less. Interestingly, when narcissistic CEOs observe their peer firms engaging in more or less CSR than their own firms, they tend to respond in an opposite manner; in contrast, hubristic CEOs will only engage in even less CSR when their peers also do not emphasize CSR. Our findings point to a fundamental difference between CEO narcissism and hubris in terms of how they affect firms' CSR decisions based on their social comparison with peer firms.     

The impacts of governance and institutions on inbound tourism demand: evidence from a dynamic panel data study

This study explores the impact of governance and institutions on inbound tourism demand in Malaysia using a dynamic panel data approach for 45 tourism source countries over the period 2005–2015. The results show that institutions play a very important role in explaining the behaviour of inbound tourism demand. To obtain a better picture, we investigate the response of international tourists to disaggregated institutional quality. We find that international tourists are more concerned about political stability, governmental effectiveness, regulations, laws, and corruption than voice and accountability. Therefore, policymakers should focus on ways to improve institutional quality to significantly increase international tourist arrivals.     

Seeing relationships through the lens of psychological contracts: the structure of consumer service relationships

Serving as mental models, psychological contracts guide consumers’ service interactions with their service providers. This study incorporates a psychological contract perspective into the relationship marketing literature, exploring service customers’ beliefs about the terms and conditions of the resource exchange process and the types of relationships they form with service providers. It provides new insights that explain why and how some customers respond favorably to a company’s relationship overtures and investments while others do not. A latent class analysis on a sample of 700 consumers across three different service industries reveals that consumers form four distinct types of psychological contracts: relational, standard, transitional, and captive. To further validate the differences between the contract types, open-ended responses from the respondents were sorted by each class. The distinctive themes that emerged provide a richer understanding of the characteristics of each class beyond those inferred from the quantitative results. Each contract type is also profiled against its underlying level of trust, satisfaction, and commitment to understand the relationship between the contract types and these traditional relationship marketing variables. Marketers can differentiate their relationship marketing strategies and allocate their resource investments more effectively by segmenting consumers according to their psychological contract type.