Investment, uncertainty and irreversibility

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm‐level data and is based on a survey of 210 rice‐milling firms in the Mekong River Delta in Vietnam, which was carried out during the year 2000. We show that uncertainty reduces investment of rice millers in the presence of irreversibility, as is predicted by the real options approach to investment. We do not find evidence that the negative association between uncertainty and investment is influenced by the degree of irreversibility.     

Corporate Social Performance,Competitive Advantage,Earnings Persistence and Firm Value

In this paper, using a generalised valuation framework inspired by Ohlson, we show that corporate social performance (CSP) is value relevant and that, in particular, it appears to be associated with a higher coefficient on earnings. This could be attributable to either a lower cost of equity for these firms, or greater earnings persistence. We show that, once industry membership is controlled for, any cost of capital effect is minimal. Regression tests based on realised earnings confirm that the valuation effect is attributable mainly to greater earnings persistence in firms with higher levels of CSP. These outcomes are consistent with higher CSP conferring a competitive advantage on firms.     

Are Socially Responsible Firms Associated with Socially Responsible Citizens? A Study of Social Distancing During the Covid-19 Pandemic

Journal of Business Ethics - The literature on the interplay between geographic communities and organizations has largely ignored the role of individual residents. In adopting a meso-perspective,...     

“双循环”新发展格局下经济增长动力研究——基于TFP分解的视角

利用全球投入产出表数据,基于投入产出的优化模型计算全要素生产率(TFP)增长率,并将其分解为三种效应:技术进步效应、国内需求效应与贸易条件效应,以此考察新世纪以来的中国经济增长动力,为"双循环"新发展格局下的经济增长途径选择提供参考。研究发现:技术进步是中国TFP增长的主要动力,技术进步速率的下降是我国经济增长放缓的重要原因;2008年以后,技术进步效应对TFP增长的贡献在快速下降,而国内需求效应和贸易条件效应的支撑作用未能有效维持TFP增长率保持此前高位;对技术效应的产业结构分解可知,我国的比较优势在于制造业和仓储物流等行业,比较劣势在于产业链上游的原材料、基础材料制造等行业。反事实分析表明,保持人口增长是提振国内需求效应,促进TFP增长的重要动力。当前我国"双循环"新发展格局的实现瓶颈主要在于内外需求不足和技术进步速率下降,通过产业政策加强协同创新、短板创新,合理调整生育政策,可以切实推动"双循环"新发展格局下我国经济的高质量发展。     

乡村振兴金融服务中涉农贷款增长放缓问题调查与思考——以安徽为例

在当前乡村振兴金融服务中涉农贷款增长放缓问题突出。通过对安徽省数据进行分析和重点调研省内8个地市有关情况,我们认为导致涉农贷款增长放缓的原因是多方面的,既有需求下降的原因,也有供给不足的问题,此外统计范围变化和不良贷款处置也对涉农贷款增长产生了影响。针对涉农信贷中存在的问题,本文提出了加强涉农金融产品创新、加大不良贷款处置、强化风险分担、避免政策"一刀切"和完善统计制度等相关政策建议。     

Consumer coping strategies: a study of consumers committed to eating local

This paper deals with consumer coping strategies when consumers experience difficulties in implementing an innovation. The particular setting for exploring this issue is a group of consumers in Michigan who are committed to eating local. The paper explores how these consumers cope or balance their commitment to eating local with the constraints they face on buying and preparing local food Following a literature review of coping strategy and consumer coping strategies in relation to innovations, the paper presents the results of three focus groups conducted with members of a Student Organic Farm, a food cooperative and a Slow Food Convivium. The consumers we interviewed mostly adopt problem‐centred, confrontative strategies: they change their food‐consumption habits including shopping, purchasing, cooking, storing and obviously, eating. None of these changes are easy to implement, and most require re‐allocations of time as well as trade‐offs to overcome time and cost barriers. In return, some of these consumers feel empowered. This study allows us to offer a working hypothesis that the process is dynamic: the more committed consumers are, the more they adopt problem‐centred, confrontative strategies and forget more fatalist emotion‐centred or avoidance strategies. These findings contribute to literature on consumers' coping strategies and suggest future research avenues.