中国投资塞内加尔：一个SWOT分析

2005年12月,塞内加尔和中国恢复中断了10年之久的外交关系。此后,两国都在努力维持良好的双边关系并继续促进两国之间商业关系的改善。中国现已被广泛视为一个经济大国,其在塞内加尔的一些领域的市场明显可见并日益增加,特别是在农业方面。然而中国还没有享受到所有在塞内加尔投资的优势与它提供的机会。在与中国的合作中,塞内加尔还没有完全显示出它的经济吸引力上的潜能,幸好这个国家良好的技术力量和金融影响力使它有条件去开发这些机遇,也能使其踏出领导非洲发展具体化的领先一步。尽管有着这些优势,塞内加尔像其它许多非洲国家一样,也面临着发展受限的严重问题。一种以SWOT（优势、劣势、机遇、威胁）方法为基础的分析能让我们更好地了解引进中国投资塞内加尔的议题,并能帮助我们得出引进投资最好的方法。     

中国投资塞内加尔:一个SWOT分析

2005年12月,塞内加尔和中国恢复中断了10年之久的外交关系.此后,两国都在努力维持良好的双边关系并继续促进两国之间商业关系的改善.中国现已被广泛视为一个经济大国,其在塞內加尔的一些领城的市场明显可见并日益增加,特别是在农业方面.然而中国还没有享受到所有在塞內加尔投资的优势与它提供的机会.在与中国的合作中,塞內加尔还没有完全显示出它的经济吸引力上的潜能,幸好这个国家良好的技术力量和金融影响力使它有条件去开发这些机遇,也能使其踏出领导非洲发展具体化的领先一步.尽管有着这些优势,塞內加尔像其它许多非洲国家一样,也面临着发展受限的严重问题.一种以SWOT(优势、劣势、机遇、威胁)方法为基础的分析能让我们更好地了解引进中国投资塞内加尔的议题,并能帮助我们得出引进投资最好的方法.     

Does crude oil move stock markets in Europe? A sector investigation

The aim of this article is to investigate the responses of European sector stock markets to oil price changes. We use linear and asymmetric models and study the association of oil and stock prices. Our findings suggest that the strength of this association varies greatly across sectors. Moreover, for some sectors we find strong evidence of asymmetry in the reaction of stock returns to changes in the price of oil.     

Firm Internationalization and Corporate Social Responsibility

Using a large sample of 3,040 U.S. firms and 16,606 firm-year observations over the 1991–2010 period, we find strong evidence that firm internationalization is positively related to the firm’s corporate social responsibility (CSR) rating. This finding persists when we use alternative estimation methods, samples, and proxies for internationalization and when we address endogeneity concerns. We also provide evidence that the positive relation between internationalization and CSR rating holds for a large sample of firms from 44 countries. Finally, we offer novel evidence that firms with extensive foreign subsidiaries in countries with well-functioning political and legal institutions have better CSR ratings. Our findings shed light on the role of internationalization in influencing multinational firms’ CSR activities in the U.S. and around the world.     

Investor protection,taxation, and dividends

We test the impact of taxes and governance systems on dividend payouts across countries. We show that, unlike previous studies, firms in strong investor protection countries pay lower cash dividends than in weak protection countries when the classical tax system is implemented, but they repurchase more shares to maximise their shareholders' after-tax returns. In weak protection countries, cash dividends and repurchases are low and less responsive to taxes. Our results suggest that when investors are protected, they weigh the tax cost of dividends against the benefit of mitigating the agency cost, but, when they are not, they accept whatever dividends they can extract, even when this entails high tax costs.     

Opportunistic behaviors in franchise chains: the role of cohesion among franchisees

This paper explores social processes between franchisees as a way to control franchisee opportunism. Based on the literature of socio‐psychological and interorganizational relationships, we argue that cohesion among franchisees is negatively associated with opportunistic behaviors that are potentially harmful to the whole chain. We use multilevel and multisource data to show that perceptions of cohesion among franchisees relate both to a) how franchisees apply know‐how from franchisors (i.e., deviation from chains standards), and b) whether they transfer or withhold information that could be useful to the franchise system (i.e., information withholding). Our results underscore the importance of relationships among franchisees, an underexplored component of franchising. Copyright © 2010 John Wiley & Sons, Ltd.     

Examining the Boundaries of Ethical Leadership: The Harmful Effect of Co-worker Social Undermining on Disengagement and Employee Attitudes

In recent years, scholars have sought to investigate the impact that ethical leaders can have within organisations. Yet, only a few theoretical perspectives have been adopted to explain how ethical leaders influence subordinate outcomes. This study therefore draws on social rules theory (SRT) to extend our understanding of the mechanisms linking ethical leadership to employee attitudes. We argue that ethical leaders reduce disengagement, which in turn promotes higher levels of job satisfaction and organisational commitment, as well as lower turnover intentions. Co-worker social undermining is examined as a moderator of the relationship between ethical leadership and disengagement, as we suggest that it is difficult for ethical leaders to be effective when co-worker undermining prevails. To test the proposed model, questionnaires were administered to 460 nurses in Romanian hospital settings over three time points separated by two-week intervals and the hypotheses were tested using generalised multilevel structural equation modeling (GSEM) with STATA. The findings revealed that ethical leadership has a beneficial effect on employee attitudes by reducing disengagement. However, the relationship between ethical leadership and disengagement was moderated by co-worker social undermining, such that when undermining was higher, the significance of the mediated relationships disappeared. These results suggest that while ethical leaders can promote positive employee attitudes, their effectiveness is reduced in situations where co-worker undermining exists.

     

Do single‐stock circuit breakers provide a safety net for Canadian investors?

This study looks at the market impact of recent regulatory changes in Canada that provide for trading halts on individual stocks that experience large upside or downside movements. The focus is on all stocks traded on the Toronto Stock Exchange since the inception of the single‐stock circuit breaker rule (SSCB) in February 2012, to replace the short‐sale uptick rule. The results support pricing efficiency: material information that caused the circuit breaker is incorporated in stock prices on the day of the halt (neither overreaction nor underreaction), with no decline in market liquidity. Using trade‐by‐trade data constructed on five‐minute trading intervals, we refine the daily results, and show that shocks in realized volatility are focused in the 10‐minute trading interval surrounding the halts. While circuit breakers provide a limited safety net for investors when their stocks are subject to severe volatility, they do not allow for a quick turnaround for stocks experiencing severe price decline events.     

Community development using a sustainable tourism strategy: a case study of the Jordan River Valley touristway

This paper presents the results of a 10‐year collaboration among Yarmouk University, the University of Arkansas and the Jordanian government to develop a sustainable tourism strategy against the backdrop of political and economic uncertainty. It reports our efforts to develop a touristway through the Jordan River Valley that integrates the valley's heritage, archeology, and Christian and Islamic religious sites. It also analyses our community development work in Umm Qais, the touristway's northern anchor, and how our plan contributes to Northern Jordan's economic development. We conclude with a discussion of the specific insights gained from our experiences that may serve others addressing similar issues. Copyright © 2007 John Wiley & Sons, Ltd.