风险资本家的道德风险问题研究

本文主要探讨在考虑机会成本的情况下,作为风险企业家与有限合伙代理人的风险资本家可能产生的道德风险问题,以及如何通过对风险资本家管理支持力度的合理分配,达到可行的帕累托边界,并最终实现风险企业家和有限合伙人的利润最大化。     

Characteristics of technology transfer in business ventures: the case of Daejeon, Korea

This article explores the characteristics of venture business and entrepreneurs in Korea to (1) identify technology transfer activities, (2) analyze the differences between technology transfer in linear and nonlinear venture businesses, and (3) guide more effective venture business policy and strategy. This empirical assessment reveals that entrepreneurs have insightful evaluations about their resources and capacities as well as expectations with regard to functions and features of science parks and incubators. Respondents from “linear model”-based start-ups tend to be older and have higher education, employ more basic research and development (R&D) and have more R&D-oriented careers, and have more varied work experience than “nonlinear”-based start-ups. The functions and features of science parks and incubators were generally not considered a critical influence on start-ups nor on the growth of venture businesses. Accordingly, alternative venture-nurturing strategies are discussed as being key to accelerate venture businesses growth.     

Does an Audit Judgment Rule Increase or Decrease Auditors' Use of Innovative Audit Procedures?

The current audit environment encourages auditors to conduct defensive auditing procedures in lieu of using new, innovative, and potentially more effective audit procedures, due to concerns these procedures may be second-guessed in litigation or by audit inspectors such as the PCAOB. As a result, auditors may prefer traditional “generally accepted” procedures over innovative procedures that are potentially more effective. We test recent proposals that an Audit Judgment Rule (AJR) encourages the use of innovative, and potentially more effective, audit procedures analogous to the similar Business Judgment Rule that affords legal protections to corporate directors. Under an AJR, litigators or audit inspectors could not second-guess auditor judgments, even if they perceive that alternate judgments would have ordinarily been reached, provided the auditor's judgment was made in good faith and in a rigorous manner. However, the AJR's requirements that auditors must defend the rigor of their innovative judgments could potentially backfire and lead auditors to select more traditional procedures. Under the framework of goal activation theory, we conduct an experiment with audit managers and seniors and find that an AJR makes auditors less likely to select innovative audit procedures, particularly when audit risk is high. They do so despite believing the innovative procedures to be more effective than the traditional procedures. Findings from a supplementary experiment with experienced auditors further suggest that national office affirmation of the reasonableness of the procedures does not help overcome this effect. Overall, our findings suggest that an AJR may have the unintended consequence of further increasing auditors' focus on more traditional, and potentially less effective, audit procedures.     

Is it still economic to build a new coal-fired power plant in the U.S.? A real option analysis

In the U.S., virtually no new coal-fired power plants have been built in recent years. Both industry experts and academics seem to believe that no rational firm will build a new coal-fired plant. Will such a trend continue in the future? To provide insights into this question, we investigate the optimal decision of an electricity company with an irreversible and deferrable opportunity to build either a new coal-fired or natural gas-fired power plant as its new base-load resource. According to our real option analysis, the optimal decision depends on the location. In the case of the eastern U.S., it is optimal to choose a natural gas plant if a firm is given a choice among a new natural gas plant, a new coal plant and deferring the investment. However, contrary to the common sentiment in the industry and academia, building a new coal plant in the western U.S. is still more economical than building a new natural gas plant in the absence of emission pricing. Furthermore, introducing carbon pricing to western U.S. states, as California did, can substantially increase the probability that a firm will optimally choose a natural gas plant over a coal plant.     

The customisation framework for roadmapping product-service integration

Product-service integration is becoming a dominant contemporary trend, motivated by how technology can shape areas of potential product/service interactivity and triggers interactions. Since the role of technology differs from case to case, the strategic planning of product-service integration should focus on accommodating the real-life business situation. In response, this paper suggests a customisation framework for product-service roadmapping according to the technological interface involved, and provides practical guidance in its implementation. This framework consists of five steps in three main stages. The first deals with the structural determination of roadmapping, planning ??what to plan??, determining the role of technology and the roadmapping format. The second phase plans the functional determination, dealing the issue of ??how to plan??, including deciding on the relevant roadmapping procedures and methodology. Finally, the roadmap for product-service integration is developed. To illustrate the workings of proposed approach, six case examples are provided for different modes of integration, providing a practical illustration for product-service integration.     

焦作市经济转型研究

<正>一、焦作市转型前经济状况焦作市位于河南省西北部,北依太行山,南抵黄河,因煤而兴。19世纪中叶,英国开始在焦作大规模开采煤炭,直到建国后,焦作一直是全国著名的"煤城",煤炭产业曾在全市国民经济中占据统治地位。但是,进入20世     

Hyperbolic Discounting,Borrowing Aversion and Debt Holding

Analysis of an original Internet‐based survey reveals that debt holding is related to time discounting through: (i) present bias, measured by the degree of declining impatience in the generalized hyperbolic discount function; (ii) borrowing aversion, captured by a sign effect in that future losses are discounted at lower rates than future gains; and (iii) impatience, measured by the overall discount rate. Hyperbolic respondents are classified naïve if their answers reveal them to be time‐inconsistent procrastinators, and otherwise sophisticated. Naïve respondents with more steeply declining impatience are more likely to be debtors. The sign effect relates negatively to borrowing. Survey responses indicative of high or declining impatience are associated with credit card borrowing and other overborrowing indicators.     

Older and More Engaged: The Mediating Role of Age‐Linked Resources on Work Engagement

In the era of a graying workforce, individuals and their employers are concerned with the impact of the graying workforce on the level of engagement at work. Contrary to the myths about older workers being less engaged, statistics have shown that the level of engagement is higher as people age. Within the broad framework of conservation of resources theory in the area of work engagement, the current study aims to clarify how older workers are more engaged at work than younger workers. Building upon socioemotional selectivity theory and continuity theory from a life‐span perspective, we explain how individuals gain more resources as they age, including the abilities to regulate emotion and to maintain a career identity. We argue that this positive relationship between age and resources explains why older people have high levels of work engagement. We tested our predictions with a sample of 613 workers in the United States. The study demonstrates that well‐regulated emotion and strong commitment to career mediate the positive relationship between age and work engagement simultaneously. These findings contribute to the understanding of an aging workforce's engagement in the workplace. © 2016 Wiley Periodicals, Inc.     

The people behind the scenes: Episodic volunteering at fundraising events

Nonprofit organizations (NPOs) have become increasingly dependent on episodic volunteers (EVs), those that would help carry out an event with little training and expectation to commit to future events. Despite its importance to the survival of NPOs, the use of EVs with respect to fundraising has received little research focus. Furthermore, none of the existing studies identified examined how fundraising EVs differ from other EVs. This study seeks to contribute to our understanding of fundraising EVs using a global perspective. Data were generated using surveys distributed in seven countries, tallying more than 4,000 respondents. Variables included demographic characteristics, previous donation and volunteer history, motives, mode of volunteering, and overall experience. The data were analyzed by applying between-group (logistic regression on participation) and within-group analysis (ordered logistic regression on willingness to participate in the future). Data were further analyzed by examining differences by country. We found that country, gender, religion, income, employment, history of donations, mode of volunteering, and several motives, both intrinsic and extrinsic, were significant in the logistic regression analysis of participation in fundraising episodic volunteering. The ordered logistic analysis unexpectedly found that the only predictors to foster a willingness to engage again were the responsiveness of the event team and a desire to fulfill spiritual satisfaction. In recruiting and selecting EVs for fundraising events, NPOs should consider previous or current donors and those with regular volunteering experience and they should market volunteer opportunities towards those in search of spiritual fulfillment and meaning. Moreover, NPOs should prioritize quick and clear communication with fundraising EVs in order to foster a willingness to volunteer again. Lastly, NPOs should regularly assess for country-specific factors and contexts that may affect episodic volunteering in fundraising events. Our paper illustrates who fundraising EVs are, their motives, how they choose to volunteer, and what contributes to their willingness to volunteer again. Given the limited research on fundraising EVs, this study serves to help lay the foundation of research for this unique subgroup. Our aim was to not only address the dearth of literature but serve as a springboard for future research on fundraising EVs.