Exploring Value‐Based Management Sophistication: The Role of Potential Economic Benefits and Institutional Influence

The complexity of value‐based management (VBM) is often not captured in empirical research. In particular, potential differences in the extent of VBM implementation are not considered. Firms are predominantly classified dichotomously into either VBM “adopters” or “non‐adopters.” In this study, we aim to fill this gap by introducing a framework to assess differences in the extent of VBM implementation (VBM‐sophistication) based on publicly available data. This approach enables us to study determinants of VBM‐sophistication based on a hand‐collected data set comprising 2,683 firm‐year observations from 16 European countries between 2005 and 2014. Specifically, we investigate (i) whether potential economic benefits associated with VBM implementation lead to a higher level of VBM‐sophistication, and (ii) if this relation is influenced by extra‐organizational institutions (e.g., industry norms). Our results indicate that companies exhibit higher VBM‐sophistication if certain firm characteristics that increase the potential economic benefits of VBM are present. Moreover, our study provides evidence that this effect is enhanced by extra‐organizational institutions that pressure and support firms in realizing the potential benefits of higher VBM‐sophistication.     

Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

Can environmentally oriented CEOs and environmentally friendly suppliers boost the growth of small firms?

The core question addressed in the natural resource‐based view (NRBV) of the firm is how to develop and exploit resources beneficial for both the natural environment and firm performance. Due to the resource constraints and increased competition facing small manufacturing firms, achieving this is a challenge for such companies. Building on the NRBV and resource orchestration literatures, we examine the relationship between green purchasing capabilities (GPCs), CEO's environmental orientation (EO), and firm growth. Results from 304 Swedish small manufacturing firms indicate a significant relationship between GPC and growth, and this relationship is positively moderated by the EO of the CEO.     

An evaluation framework for developing green infrastructure by using a new hybrid multiple attribute decision-making model for promoting environmental sustainability

With the expansion of urbanization caused by the growth of population and industrial activities, the urban/city and suburban areas are facing a variety of environmental threats. Although more research and urban policy has advocated and practiced the development of green infrastructure (GI) to support urban sustainable environment, the evaluation framework for the development of GI for promoting environmental sustainability is still insufficient. Moreover, the Analytic Hierarchy Process (AHP) commonly applied in published literature, makes an unrealistic assumption of independent relationships among dimensions/criteria in decision making for satisfying the real-world problem. Therefore, the purpose of this study is to construct the evaluation framework, including four dimensions and related ten criteria, using a new hybrid-modified multiple attribute decision-making (MADM) model for developing and improving the GI for promoting environmental sustainability. This MADM model is combined with three different methodologies of MADM, including the Decision-Making Trial and Evaluation Laboratory (DEMATEL) for constructing the influential network relation map (INRM) to explore the complex influential inter-relationships and DEMATEL based on Analytic Network Process (DANP) for determining the influential weights with the VIse Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) for evaluating and presenting improvement strategies for six different GIs. The empirical study indicates that DEMATEL and DANP Results suggest that decision-makers should pay more attention to the improvement of Design (D₄) and Materials (D₂) in terms of dimensions when utilizing the GI to promote environmental sustainability. Because these dimensions are enhanced, Species (D₁) and Energy (D₃) will be improved in synchronization. From the perspective of criteria, five are key core criteria and need to be focused on first: increasing the green coverage rate (B₉), utilizing sustainable materials (B₄), using ecological engineering (B₈), shaping species biodiversity (B₁), and reducing energy consumption (B₅). Modified VIKOR reveals that “grass swales” are a comparatively better choice among six GIs for promoting environmental sustainability toward achieving the aspiration level. Therefore, this MADM model is beneficial to provide a more convincing assessment framework and improvement strategies for the development of GI for promoting environmental sustainability. As a result, these modified MADM models can be shown more conveniently and reasonably than traditional methods such as traditional AHP or ANP method.     

PARTISAN ADVOCATES

This paper studies the problem of an uninformed decision maker who acquires expert advice prior to making a decision. I show that it is less costly to hire partisan agents than impartial agents, especially under advocacy, and that the decision maker prefers partisan advocacy to other forms of institutions. I also extend the literature, originating with Dewatripont and Tirole ( 1999 ), to a setting with contracts that condition on information provided and not just the decision made.     

Measuring Production and Irrigation Efficiencies of Rice Farms: Evidence from the Punjab Province,Pakistan

We employ a non‐parametric approach, data envelopment analysis, to estimate the technical and irrigation efficiency of rice farms in the Punjab Province of Pakistan. We use a cross‐sectional dataset of 80 rice growers, including 45 tube‐well owners and 35 water buyers. Mean technical efficiency scores show that tube‐well owners and water buyers are operating at fairly high efficiency levels, indicating that access to technology is not a major constraint. However, irrigation inefficiency is pronounced, with water buyers being more inefficient than tube‐well owners. A bootstrap truncated regression is used to investigate the determinants of technical and irrigation efficiency. We suggest that groundwater management policies should be designed to address efficiency enhancing factors such as knowledge of crop water consumption requirement, better credit opportunities, outreach extension services and training programs.     

存在冲突证据下的证据推理多属性决策方法

针对传统的证据推理方法对证据冲突处理能力的不足,在引入冲突参数的基础上提 出了新的证据推理算法,通过证明,新算法完全满足证据合成的4个公理。基于方案集间冲 突参数对决策结果影响差异最小化原则,提出了新的冲突参数优化模型,最后通过实例仿真 ,论证了新算法对解决证据间存在冲突时的多属性决策问题的可行性和优越性。     

Chinese dietary culture influences consumers' intention to use imported soy‐based dietary supplements: an application of the theory of planned behaviour

The over‐saturated dietary supplement (DS) market in developed countries such as the US spurs the need for foreign market expansion, and the Chinese market provides a great potential for the foreign soy‐based DS industry. This study examined Chinese consumers' intention to use imported (US‐made US‐brand) soy‐based DS based on the Theory of Planned Behavior (TPB). Two alternative models were also examined in which Chinese dietary culture variables, including soyfoods favourability and dining‐out sociability, as well as their interactions with attitudes, were integrated into the TPB model. A cross‐sectional, self‐administered survey was conducted with a sample of 215 subjects (137 females; 78 males) in Shanghai, China. The TPB variables attitude, subjective norm, perceived behaviour control and behavioural intention, as well as the Chinese dietary culture variables: soyfoods favourability and dine‐out sociability were measured. Multiple linear regressions were used to analyze the three models. The statistical results indicated that all three models were statistically significant to predict intention (Model 1: R² = 0.473, P < 0.001; Model 2: R² = 0.505, P < 0.001; Model 3: R² = 0.525, P < 0.001). The results also showed that attitude, perceived behavioural control, and dine‐out sociability were significant (positive) determinants of intention. Soyfoods favourability acted a significant (negative) moderator of the relationship between attitude and intention. Subjective norm had no significant impact on intention. In conclusion, the TPB model was useful to predict Chinese consumers' intention to use imported soy‐based DS, but not all the TPB components weighed significantly in exploring DS consumption in China. The selected Chinese dietary culture variables were much more important predictors than subjective norm. This study makes a significant contribution in the application of the TPB model and in market strategy development for imported dietary supplements in China.     

高精度移相器制造工艺技术研究

移相器是某雷达高功率隔离器的重要组成部分,其结构复杂、尺寸精度高、加工难度大。文章提出通过在生产过程中运用高速切削加工技术、低温真空钎焊技术、三坐标测量技术等相关技术,有效的降低了移相器加工难度,提高了产品质量。     

电网故障模型中贝叶斯网络和DS证据理论的应用

由于电网的复杂性和多变性,导致电网故障中存在信息不确定性问题,这就需要依靠贝叶斯网络和DS证据理论的自动生成方法。文章主要描述了这两种方法的原理,讨论了贝叶斯网络和DS证据理论在电网故障模型领域应用的可能方式和情况,并运用一些实例证明了这种方法的可靠性。