Corporate social responsibility culture and international M&As

We examine the role of corporate culture in M&As by utilizing a unique corporate social responsibility (CSR) dataset, providing in-depth information on multiple dimensions of organizational culture in 22 developed markets. In accordance with the prediction of the culture clash theory, a wider divergence between the CSR corporate cultures of the acquiring and target firms is associated with lower acquirer announcement and long-run returns as well as synergistic gains for the combined firm. Cultural misalignment also increases the time required to finalise a deal, reduces the likelihood of deal completion and the percentage of stock payment. Our results are robust to alternative explanations (e.g., similarities in national culture, acquirer CSR performance, institutional configurations), different regression specifications, and additional cultural misalignment measures. Our findings highlight the importance of the need for a deeper understanding of the role of CSR for the target selection process, integration planning, and financing choice of M&As to corporations and their investors.     

创业者调节焦点、组织间信任与新企业资源识取——有调节的中介效应

对面临着资源约束的新企业而言，如何从供应链上下游识别并获取所需资源在一定程度上决定了新企业的生存与发展。大多数研究强调了创业者调节焦点在影响新企业战略决策与行为的重要作用，然而现有文献在深入揭示创业者调节焦点对新企业资源识取的作用机理方面仍较为薄弱。针对这一问题，该研究以213家一汽—大众供应链上的新企业为研究对象，整合注意力基础观、调节焦点理论，考察了创业者调节焦点与新企业资源识取之间的逻辑关系，并探讨了善意信任和能力信任的中介作用以及权力不对称的调节作用。结果表明：（1）创业者促进焦点与预防焦点均会对能力信任产生正向影响，两者之间的差异并不显著；与能力信任相比，促进焦点对善意信任正向作用更强；预防焦点不对善意信任有显著的影响。（2）善意信任、能力信任对促进焦点与新企业资源识取的关系起到中介作用，能力信任对创业者预防焦点与新企业资源识取的关系起到中介作用。（3）权力不对称负向调节了创业者预防焦点与资源识取之间的间接关系。     

快速跳频雷达频率合成器的实现

本文结合实际工程,基于频率数字变换（Ｆ／Ｄ）锁相环路辅助捕获方法,提出了一种实用的由单片机控制的缩短频率转换时间的有效技术途径,以宝贝人有快速跳频能力的雷达频率合成器。