企业融资需谨记10大原则

在过去的一年里,由于全球经济衰退的影响,风险投资人们都捂紧了钱袋,对企业而言获得融资变得更加困难.近日,DFJ Gotham Ven-tures公司投资人Mark Davis撰文提醒企业在筹资过程中应该遵循十大法则,这样能大大提高筹资成功率.     

The asymmetric relationship between executive earnings management and compensation: a panel threshold regression approach

Prior research shows that chief executive officers (CEOs) are rewarded for their earnings management. We re-examine this issue using a panel threshold regression approach, which allows the effect of earnings management on the CEO compensation to change across the level of earnings management and CEO compensation. Our results show that the effect of CEOs’ discretionary accounting choices on their compensation is not homogeneous across various degrees of earnings management and compensation. In particular, for firms with moderate (inordinate) levels of earnings management and CEO compensation, earnings management is rewarded (penalized).     

Achievements and gaps in tef productivity improvement practices in the marginal areas of Northern Ethiopia: implications for future research directions

Tef is the most important crop in Ethiopia and is well-adapted to growing environments, but grain yields are low. The government is therefore promoting the adoption of improved varieties, inorganic fertilizers and new planting techniques. This study gathered information on the use of new agronomic practices and barriers to their adoption through a semi-structured questionnaire administered to 60 farmers or respondents from each of 4 districts of Tigray region in northern Ethiopia viz Laelay-Maichew, Medebay-Zana, Ahferom and Alamata. Data were coded and analysed using SPSS software. Except for animal feed and crop rotation, there were significant differences between districts in the relative importance of several criteria for different uses. Improved varieties were used by the majority of respondents in all districts and fertilizers in all except Alamata where severe moisture stress dictated the choice of variety and reduced fertilizer application. Weed control was mainly by hand except in Alamata where chemical control was common because of the predominance of broad-leaved weeds. Transplanting maximized the yield of tef, but a cost–benefit analysis showed that row sowing was more profitable. The study concluded that new varieties better adapted to the likelihood of reduced rainfall and that respond efficiently to fertilizer inputs need to be developed. Until suitable technologies are available, high labour costs would in part dictate some agronomic practices, even if this led to lower yields.     

Impacts of considering climate variability on investment decisions in Ethiopia

Extreme interannual variability of precipitation within Ethiopia is not uncommon, inducing droughts or floods and often creating serious repercussions on agricultural and nonagricultural commodities. A dynamic climate module is integrated into an economy‐wide model containing a detailed zonal level agricultural structure. This coupled climate‐economic model is used to evaluate the effects of climate variability on prospective irrigation and infrastructure investment strategies, and the ensuing country‐wide economy. The linkages between the dynamic climate module and the economic model are created by the introduction of a climate‐yield factor (CYF), defined at the crop level and varied across Ethiopian zones. Nine sets of variable climate (VC) data are processed by the coupled model, generating stochastic wet and dry shocks, producing an ensemble of potential economic prediction indicators. Analysis of gross domestic product and poverty rate reveal a significant overestimation of the country's future welfare under all investment strategies when climate variability is ignored. The coupled model ensemble is further utilized for risk assessment to guide Ethiopian policy and planning.     

A typology of students based on academic entitlement

Two hundred ninety-three university business students were surveyed using an academic entitlement (AE) scale updated to include new technologies. Using factor analysis, three components of AE were identified: grade entitlement, behavioral entitlement, and service entitlement. A k-means clustering procedure was then applied to identify four groups based on the relative strength of the AE components: the model student, under the radar, instructor as servant, and the privileged. These groups were further characterized by additional demographic (i.e., parental income) and classroom variables (i.e., instructor response times). Findings can help business educators gain better insight into the AE construct and devise more effective instructional strategies.     

Identifying New Product Successes in China

To examine the generalizability of the work of Cooper regarding the correlates of new product success and failure, Mark Parry and Michael Song surveyed new product development managers at 129 state-owned enterprises in the People's Republic of China. Their analysis of 258 reported product successes and failures indicated that relative product advantage and the acquisition of marketing information were highly correlated with new product success, just as in Canada. In addition, several factors not significantly correlated with success in Canadian firms emerged as significant correlates of success in the PRC. These included the level of competitive activity, the timing of the product launch, and the level of proficiency in executing activities in the early stages of the product development process.     

Obtaining collaboration benefits: the role of collaboration-specific investment and absorptive capacity in China

This study examines the role of collaboration-specific investment and absorptive capacity on the attainment of interorganizational collaboration benefits. Grounded in the extended resource-based view, and using survey data from Chinese executives, we study the driver for, and test the impacts of, collaboration-specific investment and organizational learning on collaboration performance. Our findings indicate that resource similarity between the collaborative partners affects the level of collaboration-specific investment and learning, and demonstrate an approach that firms can use to obtain both abnormal common and private benefits from participation in an interorganizational collaboration. Specifically, the findings suggest that collaboration-specific investment has a direct effect on the enhancement of absorptive capacity and attainment of common and private collaboration benefits. Furthermore, due to the direct effect of absorptive capacity on attainment of collaboration benefits, commitment of collaboration-specific investment has an indirect effect on the attainment of common and private collaboration benefits. This study is the first to apply both the competence-capability framework and extended resource-based view to study interorganizational collaboration. In fact, this study aims to determine mechanisms for a collaboration-participating firm to obtain more benefit, whether common or private. Our findings provide support for the importance of learning capability as a factor in the acquisition of collaboration benefits.     

Theorizing Financial Crimes as Moral Actions

Abstract

The paper maintains that all acts of financial crimes can be explained within a general theory of moral action and analyzed as such. In this regard, the paper presents such a theory – Situational Action Theory (SAT) – and argues that acts of financial crimes result from a perception-choice process involving rational deliberation and experimental habituation, themselves being the outcomes of interactions between individuals and their environments. To examine this argument, the paper draws on two recent high-profile fraud cases to critically discuss the extent to which these crimes should be meaningfully and innovatively analyzed as moral actions and the moral context in which they occur. The findings indicate that the feature most relevant to a criminogenic is its moral context in relation to the opportunities and frictions that it generates. As such, environmental factors along with psychosocial processes of moral education become particularly important in the explanation of why certain moral contexts emerge in particular kinds of settings at a particular point in time. In this regard, SAT can be used as a powerful overarching framework to gain a more comprehensive understanding of peoples’ choice processes to breach moral rules and devise effective crime prevention strategies to combat fraud.