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61.
Abstract

A critical omission in employee creativity literature is lack of a clear understanding of why and how employee–organization exchange (EOX) affects employee creativity. We collected three-phrase data from 384 employees working with 64 supervisors in Guangdong Province, China. Results of Mplus (using design-based modeling approach) suggest that (i) need satisfaction mediates the EOX-creativity relationship, (ii) leader-member exchange (LMX) enhances the positive EOX-need satisfaction relationship, (iii) creative self-efficacy (CSE) neutralizes the positive need satisfaction-creativity relationship, and (iv) the indirect effect of EOX on creativity via need satisfaction is stronger for employees with high quality LMX and with low CSE. Using inducement-contribution framework, the study integrates social exchange and self-determination theories to explicate the mediating role of need satisfaction in the EOX-creativity relationship. Further, the study contributes to the understanding of the EOX-creativity relationship by examining the boundary conditions of LMX (as a synergistic enhancer) in the first stage and CSE (as a neutralizer that diminishes gains) in the second stage of indirect effect.  相似文献   
62.
    
We consider the dynamic mean–variance portfolio choice without cash under a game theoretic framework. The mean–variance criterion is investigated in the situation where an investor allocates the wealth among risky assets while keeping no cash in a bank account. The problem is solved explicitly up to solutions of ordinary differential equations by applying the extended Hamilton–Jacobi–Bellman equation system. Given a constant risk aversion coefficient, the optimal allocation without a risk-free asset depends linearly on the current wealth, while that with a risk-free asset turns out to be independent of the current wealth. We also study the minimum-variance criterion, which can be viewed as an extension of the mean–variance model when the risk aversion coefficient tends to infinity. Calibration exercises demonstrate that for large investments, the mean–variance model without cash yields the highest certainty equivalent return for both short-term and long-term investments. Furthermore, the mean–variance portfolio choices with and without cash yield almost the same Sharpe ratio for an investment with large initial wealth.  相似文献   
63.
    
This study comprehensively reexamines the debate over behavioral and rational explanations for the investment effect in an updated sample. We closely follow the previous literature and provide several differences. Our tests include five prominent measures of corporate investment and corporate profitability in q‐theory and recent investment‐based asset pricing models. Both classical and Bayesian inferences show that limits‐to‐arbitrage tend to be supported by more evidence than investment frictions for all investment measures. When idiosyncratic volatility and cash flow volatility are used in measuring investment frictions, the inference is more favorable for the rational explanation.  相似文献   
64.
    
Subjective probabilities play an important role in marketing research, for example where individuals rate the likelihood that they will purchase a new developed product. The tau‐equivalent model can describe the joint behaviour of multiple test items measuring the same subjective probability. In this paper we stress the use of confidence intervals to assess reliability, as this allows for a more critical assessment of the items as measurement instruments. To improve the reliability one can use a weighted sum as the outcome of the test rather than an unweighted sum. In principle, the weights may be chosen so as to obtain maximal reliability. We propose two new confidence intervals for the maximal reliability in the tau‐equivalent model and we compare these two new intervals with intervals derived earlier in Yuan and Bentler (Psychometrika, 67 , 2002, 251) and Raykov and Penev (Multivariate Behavioral Research, 41 , 2006, 15). The comparison involves coverage curves, a methodology that is new in the field of reliability. The existing Yuan–Bentler and Raykov–Penev intervals are shown to overestimate the maximal reliability, whereas one of our proposed intervals, the stable interval, performs very well. This stable interval hardly shows any bias, and has a coverage for the true value which is approximately equal to the confidence level.  相似文献   
65.
    
A Markov‐switching model of postwar quarterly real GNP growth is used to examine the duration dependence of business cycles. It extends the Hamilton model and the duration‐dependent model of Durland and McCurdy, and compares quite favorably to simpler models in out‐of‐sample forecasting. When an expansion begins, the probability of the expansion ending is 0.2, but it gradually decreases as the expansion ages. When a contraction begins, the probability of the contraction terminating is 0.07, but it increases rapidly as the contraction ages. Output growth slows over the course of an expansion. The hypothesis of the 7–10‐year cycle is not supported.  相似文献   
66.
    
This article investigates the effect of the firm information environment, characterized by the analyst characteristics, on firms’ capital structure choices and whether this effect varies according to country-level institutional environments. Using a comprehensive international data set that covers 19 939 firms across 41 countries between 2000 and 2010, we document two key findings. First, firms with lower analyst coverage, higher forecast dispersion and higher forecast errors have higher leverage. Second, the effect of the firm information environment on corporate leverage is attenuated in countries with stronger governance mechanism and better information transparency. This result suggests that a firm’s information environment is an important factor influencing its capital structure decision and that country-level institutional environments matter to this effect.  相似文献   
67.
This paper addresses the issue of labour shortage in Hong Kong. Labour shortage is a secular phenomenon caused mainly by a stagnation in the growth of the labour force. The major long-term factors that explain this stagnation are a decline in fertility, a fall in the labour participation rate, a reduced intake of immigrants and a rising outflow of emigrants. Labour imposes a capacity constraint on the growth of the economy. This paper considers policies which may alleviate the supply constraint on the economy, including reducing emigration, importing labour and increasing immigration intake. These policies, which would lead to a faster expansion of the labour force, are evaluated and compared.  相似文献   
68.
    
There has been a long debate concerning whether unions are exclusive or inclusive with respect to immigrants and ethnic minorities. In the exclusive view of unions, unionization is expected to increase the likelihood of employers asking questions that discriminate against immigrants and ethnic minorities and decrease the likelihood of employers asking Equal Employment Opportunity (EEO) questions related to immigrant or ethnic minority status. The contrary is expected for the inclusive view. Our analysis, using New Zealand data for job applications, provides some support for the inclusive view of unions, as the higher the unionization rate, the more likely EEO information is sought, but no relationship is found between unionization rate and discriminatory questioning. This suggests that unions are probably helpful in promoting diversity but not yet in combating discrimination against immigrants and ethnic minorities in hiring.  相似文献   
69.
Ship routing and scheduling is an important activity for ship operators at both planning and operation levels. Ship operators, as commercial entities, have to closely monitor routing and scheduling in relation to their financial implications. This paper presents an integrated approach for port selection, ship scheduling and financial analysis. It aims to discuss the architecture and the major features of an integrated intelligent system for liner shipping. Currently many liners still perform ship routing and scheduling manually based on professional knowledge and experience. The proposed system is developed with an international liner company and is flexible to account for user inputs according to the real situation in the port selection module. Also the system provides two modes in the scheduling module: automatic and manual. The automatic mode makes use of an optimisation model to find the optimal proforma schedule (PFS). The manual mode allows manual modifications to be performed to accommodate the existing liners to allow for a smooth implementation. The financial analysis module examines the financial consequences of the PFS which are crucial for making commercial decisions. As a whole, the solution algorithm calls for an integrated approach that can integrate data from various sources with different levels of certainties and accuracies, knowledge gained from practical operations and optimisation routines. The system will be useful for ship operators in liner shipping.  相似文献   
70.
Despite huge investment made by casinos on their physical structures, little has been know if physical environment actually affects psychological responses of gaming customers. This paper explores how dimensions of servicescape influence customer satisfaction and behavioral intentions in the casino environment. Using Bitner's model of physical surroundings, we hypothesized how ambience, navigation, seating comfort, interior decor, and cleanliness affected cognitive and affective satisfaction of gaming customers. We further proposed that gaming customer satisfaction would affect their desire to stay and intention to revisit. Data from 513 gaming customers of Macau offered support to most of our hypotheses. Implications for research and managerial practices were also discussed.  相似文献   
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