供应链视角下的企业社会责任管理研究

将社会责任延伸到包括核心企业的整个供应链视角,探讨供应链视角下的企业社会责任管理,并分别从供应链视角下企业社会责任的整体管理和供应链视角下核心企业的社会责任管理两个方面构建具体的社会责任管理模型,以期对企业社会责任的研究有所拓展和创新.     

Estimating Trend Inflation Based on Unobserved Components Model: Is It Correlated with the Inflation Gap?

Building on the work of Stock and Watson (2007), this paper empirically shows that a negative correlation between innovations to trend inflation and the inflation gap plays an important role in the dynamics of postwar U.S. inflation. Additional features that we incorporate in our model include regime‐switching inflation gap persistence and association between inflation and inflation uncertainty. The resulting estimate of trend inflation is smooth, and our model provides superior out‐of‐sample forecasts than Stock and Watson's (2007) unobserved components model with stochastic volatility or than Atkeson and Ohanian's (2001) random walk model does.     

BIASES IN STATIC OLIGOPOLY MODELS? EVIDENCE FROM THE CALIFORNIA ELECTRICITY MARKET*

Estimating market power is often complicated by a lack of reliable marginal cost data. A number of empirical studies identify industry competition and marginal cost levels by estimating the firms' first order condition within a conjectural variations framework. Few studies, however, have analyzed the accuracy of this technique. In this paper, we use direct measures of marginal cost for the California electricity market to measure the extent to which estimated mark‐ups and marginal costs are biased. Our results suggest that the technique poorly estimates mark‐ups and the sensitivity of marginal cost to cost shifters.     

The Impact of Attribute Importance in the Effects of Option Framing on Choice: Budget Range and Justification as Moderators of Loss Aversion

Loss aversion or an endowment‐based explanation clearly predicts that subtractive option framing (i.e. deleting mode or starting from a full model) will have a stronger effect on choice than additive option framing (i.e. adding mode or starting from a base model). This research examines whether the differential effects of option framing (additive vs. subtractive) on choice vary depending on the importance of attributes that constitute the defaults. Furthermore, this research proposes that consumers’ budget range and justification for choice serve to moderate the differential effects of option framing on choice.     

Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis

This paper examines capital reallocation among firms in Korean business groups ( $chaebol$) in the aftermath of the 1997 Asian financial crisis, and the consequences of this capital reallocation for the investment and performance of $chaebol$ firms. We show that $chaebol$ transferred cash from low‐growth to high‐growth member firms, using cross‐firm equity investments. This capital reallocation allowed chaebol firms with greater investment opportunities to invest more than control firms after the crisis. These firms also showed higher profitability and lower declines in valuation than control firms following the crisis. Our results suggest that chaebol internal capital markets helped them mitigate the negative effects of the Asian crisis on investment and performance.     

TRANSACTION COSTS AND EXPORT CHANNELS OF SMALL AND MEDIUM-SIZED ENTERPRISES: THE CASE OF KOREA

This paper develops hypotheses concerning firm- and industry-specific factors determining the relative importance to manufacturing exporters of different export channels in relatively high transaction cost Korean small and medium-sized enterprises (SMEs). Data from a Korean SME survey demonstrate the validity of several hypotheses and reveal that most sample SMEs rate the external support for international marketing rather low. The paper offers recommendations for reforming such support.     

Experience Goods, Expectations and Pricing*

This paper studies a peculiar problem involved in the pricing of an 'experience good' whose value is not known to consumers until it is actually consumed It shows that the producer faces an expectational problem that does not arise in the framework of a 'search good'. Noticing a link between markets in earlier and later periods due to the expectational problem, the present paper analyzes equilibrium price patterns when a producer can precommit to a certain future price path and when he cannot It also discusses social welfare implications.     

INTERNATIONAL CAPITAL FLOWS,BOOM‐BUST CYCLES,AND BUSINESS CYCLE SYNCHRONIZATION IN THE ASIA PACIFIC REGION

This article documents evidence of business cycle synchronization in selected Asia Pacific countries since the 1990s. We explain business cycle synchronization by the channel of international capital flows and boom‐bust cycles. Using the vector auto‐regression method, we find that most Asian countries experience boom‐bust cycles following capital inflows, where the boom in output is mostly driven by consumption and investment. Empirical evidence also shows that capital flow shocks are positively correlated in the region, which supports the conclusion that capital market liberalization has contributed to business cycle synchronization. (JEL F4)     

INFRASTRUCTURE AND PRODUCTION EFFICIENCY: AN ANALYSIS ON THE KOREAN MANUFACTURING INDUSTRY

This study estimates an aggregate production function of manufacturing industry using panel data of 11 Korean regions covering 1977–1992. While the previous studies regard infrastructure as a direct input for production, the present study proposes that infrastructure has an effect on actual output by enhancing technical efficiency thereby, reducing the gap between maximum potential output and actual output. To investigate the relationship between infrastructure and technical efficiency, a stochastic frontier approach is applied to Korean manufacturing industry. Confirming the presence of substantial technical inefficiency in production, this study shows that an increase in infrastructure reduces the technical inefficiency level. The study also finds that, contrary to expectation, the industrialized regions are less efficient than the less industrialized ones. (JEL O20, H54, C23)