Corruption and valuation of multinational corporations

This paper examines the relationship between U.S. MNCs' valuation and corruption in countries where the MNCs' foreign subsidiaries are located. We uncover that country-level corruption has a multi-dimensional impact on MNCs' valuation. We find that the impact of intangibles is less pronounced for MNCs operating primarily in corrupt countries, consistent with the view that the lack of property rights protection and information asymmetry problems are more prevalent in corrupt environments. We also find that the expansion of a MNC network dominated by corrupt countries negatively affects MNCs' valuation, suggesting that investors may recognize it as an additional risk. However, more importantly, we find that geographic diversification in corrupt countries significantly increases firm value if the MNC has high levels of intangibles such as technological know-how and marketing expertise. Assuming that transactions costs in corrupt countries are higher, our findings are consistent with the notion that the advantages from internalizing the cross-border transfer of intangibles are greater in the presence of corruption. Our findings remain unchanged when we account for endogeneity at the country-and firm-level, when we use alternative corruption measures, and when we re-estimate models by omitting MNCs with operations in locations with big “negative” shocks during the sample period. Moreover, we show that firms with expertise in dealing with corruption enjoy greater benefits from internalization.     

The Social Reality of Depression: DTC Advertising of Antidepressants and Perceptions of the Prevalence and Lifetime Risk of Depression

This study is rooted in the research traditions of cultivation theory, construct accessibility, and availability heuristic. Based on a survey with 221 subjects, this study finds that familiarity with direct-to-consumer (DTC) print advertisements for antidepressant brands is associated with inflated perceptions of the prevalence and lifetime risk of depression. The study concludes that DTC advertising potentially has significant effects on perceptions of depression prevalence and risk. Interpersonal experiences with depression coupled with DTC advertising appear to significantly predict individuals’ perceived lifetime risk of depression. The study ultimately demonstrates that DTC advertising may play a role in constructing social reality of diseases and medicine. The findings strongly suggest that the social cognitive effects of DTC advertising are far-reaching, impacting pharmaceutical marketing strategy as well as presenting issues regarding public health and the business ethics of advertising drugs to consumers. Jin Seong Park is a doctoral student at the University of Florida in Gainesville. He earned his MA from Marquette University and BA from Korea University in Seoul, Korea. His research interests include health communication and DTC drug advertising, mood and heuristics in consumer information processing and judgments, and international advertising. Jean M. Grow is an assistant professor at Marquette University. She earned her PhD from University of Wisconsin-Madison and her BFA from the School of Art Institute of Chicago. Her scholarly work focuses on controversial advertising case studies. She has published extensively on Nike women's advertising, and her most recent scholarship focuses on DTC advertising of pharmaceuticals and public service announcements for Hepatitis C. In 2005, she coauthoured a book on creative strategy, Advertising Strategy: Creative Tactics from Outside/In (with T. Altstiel). Prior to joining the academy, she worked in the advertising industry with agencies such as DDB Needham, Foote Cone & Belding, J. Walter Thompson, and Leo Burnett.     

立足信息行业 以特色求发展 以创新铸辉煌

信息化是覆盖现代化建设全局的战略举措."以信息化带动工业化.发挥后发优势.实现社会生产力的跨越式发展".是我国国民经济和社会发展的基本战略之一.大学科技园是国家创新体系的重要组成部分、是具有中国特色高等教育体系的组成部分,是高校进行产学研结合、服务社会、培养人才和国际交流的重要平台,也是一流大学的重要标志.     

建环境 搭平台 搞服务 促发展——北京科大科技园的特色发展之路

北京科技大学是一所以工为主.工、理、管、文、经、法多学科协调发展的全国重点大学.经过50多年的发展,尤其是经过近几个五年计划和"211"工程建设.北京科技大学在"新材料研究与制备技术"、"制造业信息化技术"等领域形成了鲜明的特色和优势学科群,某些研究领域已经达到国际领先水平.学校在学科、人才、科研、装备、信息等方面的综合优势.为科技园建设与发展打下了坚实的基础.提供了良好的环境和广阔的空间.     

A comparative analysis of inter-industry wage differentials: before and after the Korean financial crisis

Korean economy has changed rapidly since the 1997 Korean financial crisis. This article investigates whether the inter-industry wage differentials in the Korean manufacturing industry are consistent over time and how the inter-industry wage structure has changed after the financial crisis. We used the 1995 and 1999 survey report on the wage structure–Korea. Our empirical results provide evidences for a wider inter-industry wage differentials and changes of the wage structure. After the crisis, company size, region (live in capital), sex, tenure, education are more critical to determine wages. According to factor analysis, the job quality factor is most closely related to wages before the crisis, while the industry attributes factor does in 1999.     

The Chiang Mai Initiative and Beyond

More than three years have passed since the inception of the Chiang Mai Initiative (CMI) in May 2000. Although much progress has been made, the present structure of the CMI is still incomplete. The purpose of this paper is to provide a view on the current process and future prospects for regional financial and monetary cooperation in East Asia. Looking forward, the most realistic scenario is that the countries participating in the CMI will muddle through, continuously discussing modalities of policy dialogue, the types of the surveillance system the CMI needs, and also augmentation of swap amounts without making any substantial progress.     

整合资源配置 构建创新模式 努力建设创新型科技园区

哈工大国家大学科技园成立于1999年12月,是国家科技部.教育部首批确立的15家国家级大学科技园建设试点单位之一.2001年5月验收合格,被正式批准成为国家级大学科技园.     

Cultural Orientation and Attitudes Toward Different Forms of Whistleblowing: A Comparison of South Korea,Turkey, and the U.K.

This article reports the findings of a cross-cultural study that explored the relationship between nationality, cultural orientation, and attitudes toward different ways in which an employee might blow the whistle. The study investigated two questions – are there any significant differences in the attitudes of university students from South Korea, Turkey and the U.K. toward various ways by which an employee blows the whistle in an organization?, and what effect, if any, does cultural orientation have on these attitudes? In order to answer these questions, the study identified six dimensions of whistleblowing and four types of cultural orientation. The survey was conducted among 759 university students, who voluntarily participated; 284 South Korean, 230 Turkish, and 245 U.K. Although all three samples showed a preference for formal, anonymous and internal modes of whistleblowing, there were significant variations related to nationality and cultural orientation. The findings have some key implications for organizational practice and offer directions for future research.     

激情成就梦想 创新孵化希望

上海,一颗闪耀东方的璀璨明珠.一座现代化的国际大都市,她饱含东方的神韵,却又融合西方文化.有着百年历史积淀的上海理工大学是一所以工学为主,理学、经济学、管理学.文学协调发展的上海市重点大学.为上海乃至全国培养了大量的专业人才.