中国互联网企业创业初期成功影响因素研究

在回溯国内外企业成功与失败影响因素研究文献的基础上,以200家中国互联网企业为代表,深入研究了影响互联网初创企业成功的主要因素,从中选出有代表性、容易进行客观判断的14项影响因素进行Logistic回归。结果表明,5项因素显著影响中国互联网企业初创成功,其中,领域先驱企业、BAT体系或获得BAT投资等因素对企业具有正向影响;成立后马上获得第一笔投资、“海归”创始人以及市场分散程度等因素具有负向影响。最后,对显著影响因素进行讨论,进而提出关于市场与产品类型选择、互联网产品发展战略以及融资与战略合作关系等方面建议。     

Policy volatility and growth

The paper aims to examine how fiscal and monetary volatility might affect the balanced economic growth rate using a standard monetary growth model characterized by nominal wage rigidity and productive public spending. The model shows that any type of shock — monetary or fiscal — can generate either a negative or positive relationship between short-run volatility and long-run growth, critically depending on the size of government and the elasticity of output with respect to labor/capital. In particular, given the labor income share, it shows that excessive government spending may cause the impact of fiscal volatility on long-run growth to turn from positive to negative. In addition, a rise in the volatility of the monetary shock is capable of generating either an increase or decrease in the mean of growth. With the range of the labor share values in reality, the model produces results consistent with the fact that the relationship between volatility and growth is generally found empirically to be more negative in developing than in developed countries. The model can be seen as a further explanation for the ambiguous empirical evidence in the existing literature.     

Financial Expert CEOs and Earnings Management Around Initial Public Offerings

This study examines the association between financial expert CEOs and earnings management (EM) around initial public offerings. We identify financial expert CEOs as those having past experience in either banking or investment firms, large auditing firms, or finance-related roles. We find strong evidence that newly listed firms with financial expert CEOs are less likely to engage in either accrual-based or real EM in the offering year than those with non-financial expert CEOs. In particular, our results are robust after controlling for the potential selection issue that occurs due to non-random matching of CEOs to firms. In addition, we employ alternative measures of financial expertise, including past experience in a CFO position, financial experience variety, and professional qualifications. We document that CEOs who used to work as CFOs and those who gained varied financial experience are less likely to manage earnings through both accruals and real activities. Moreover, CEOs who have a professional qualification in finance and/or accounting are also associated with lower accrual-based EM.     

An inquiry into the transformation process of village-based industrial clusters: The case of an iron and steel cluster in northern Vietnam

While village industries are known to play an important role in the development of rural areas in developing countries, little is known about village industries in transition economies. This paper inquires into the transformation process of a village industry in northern Vietnam from a traditional to a modern cluster where new iron and steel products are produced. We found that proprietors’ human capital acquired by formal education and experience in marketing and management as well as their family ties are critically important for upgrading product lines and improving management, marketing, and consequently the overall performance of the village enterprises.     

Developing service climate in local vs. foreign firms in smaller Asian emerging markets: a resource-based and social exchange perspective

While research on drivers of service climate has focused on organisational resources and human resource practices such as training, employee autonomy and inter-departmental support, how these resources interrelate and influence service climate has not been examined, especially in the context of smaller Asian emerging market. Drawing on the resource-based view and its extension on dynamic capability, and social exchange theory, this qualitative study investigates how local and foreign firms in smaller Asian emerging markets create a favourable service climate. Our findings suggest three inter-related groups of factors that influence service climate, namely firm-based, market-based and culture-based drivers. Notably, foreign service firms perform better than their local counterparts in several firm-based drivers (e.g. service-oriented human resource management practices, work facilitation resources). Our study proposes a conceptual framework that integrates inter-relationships of organisational resource-based factors and explains how internal and external factors drive service climate in firms in smaller Asian emerging markets.