Using a sample of U.S. firms from 1995 through 2015 and the customer satisfaction scores from the American Customer Satisfaction Index, we find strong evidence that firms with higher customer satisfaction scores enjoy lower cost of equity capital, even after controlling for other factors that determine the cost of equity. In addition, results from a propensity score matched sample analysis, a difference-in-differences analysis, and instrumental variable regressions suggest that our findings are robust to accounting for endogeneity. We also document that customer satisfaction is positively related to investor recognition and financial report quality. The effect of customer satisfaction on the cost of equity increases with the level of information asymmetry, consistent with customer satisfaction mitigating information asymmetry. Overall, our findings suggest that customer satisfaction lowers a firm’s risk and significantly attenuates its financing costs.
This paper examines the relationship between bribery and firm survival when facing different levels of market competition, credit constraints, and other institutional limitations. Using panel data from surveys of small- and medium-sized enterprises in Vietnam over a 10-year period and a semi-parametric Cox proportional hazards model approach, we provide empirical support for the “greasing-the-wheels” hypothesis of firm survival. Effects are found to be more pronounced for formally registered and larger firms, explained by their greater bargaining power vis-à-vis public officials. Moreover, bribery as a “risk-of-exit” reducing strategy is found only for firms not institutionally or financially constrained and for firms operating in sectors with low levels of competition. 相似文献
物联网的开放性和多样性导致其容易受到各种恶意的攻击。为了有效维护特定区域物联网网络空间安全,针对物联网中典型的窄带物联网(Narrow Band Internet of Things,NB-IOT),提出了一种基于中间人的物联网终端探测和识别技术。通过参数优化配置以及网络伪装,建立物联网终端伪接入点,同时更新跟踪区识别码,使得物联网终端进行位置更新,最终提取出物联网终端的数量以及身份信息,为后续物联网空间大数据采集和非法终端的识别奠定基础。通过实验验证,该技术探测和识别概率较高,具有一定的应用前景。 相似文献
Using firm-level data, this paper examines the effects of foreign investment on the exporting behaviour of domestic firms in the Vietnamese manufacturing and service sectors. Applying the Heckman selection model on panel data and following the Wooldridge approach, we find that investment by foreign firms has a significant positive effect on the decision of domestic firms in the same and upstream sectors to export. The proportion of exports of domestic firms declines through horizontal and forward linkages, but increases through backward linkages in the manufacturing sector. However, there is only weak evidence in support of export spillovers on domestic firms in the service sector. We also find that the presence of foreign firms has differing effects on the exporting activities of low- versus high-tech firms in the manufacturing sector. 相似文献
A bstract . Despite strong theoretical arguments and models about international migration, very few empirical studies rigorously test these arguments and models. The purpose of the present study is to analyze determinants and consequences for international migration, focusing particularly on the returns to post-hoc international migration. The present study compares residential well-being of Korean international migrants in the United States with that of their hypothetical well-being if they had not migrated. Our suggested models of the selectivity corrected returns to various characteristics for immigrants and nonimmigrants enable us to estimate the "opportunity well-being" of individuals and households; that is, the well-being of immigrants-had-they-stayed and of nonimmigrants-if-they-had-immigrated. The data for our analyses are drawn from the 1990 Korea Census Data and the Public Use Microdata Samples (PUMS) of the 1990 U.S. Census. In either case of migrants-had-they-stayed or of nonimmigrants-had-they-migrated, international migration to the United States has a significant and positive effect on the probability of homeownership, especially for women. The results show that the predicted probability of homeownership attainment increases as a result of migration by 15 percent to 16 percent for women and by 8 percent for men. The study concludes that migrating to the United States offers better opportunities for homeownership than staying in Korea does, particularly for women. 相似文献