Managing the service brand value of the hotel industry in an emerging market

This study integrates the resource-based view (RBV) of a firm and institutional theory to investigate how top management team (TMT) leaders promote the quality of employees’ service by leveraging the resource-based advantages (e.g., service brand value, TMT leadership, human capital (HC) management, and service culture) of their hotel brands to compensate for institutional influences at the global, regional, and local levels in an emerging market. The results show that a hotel develops its resource-based advantages by creating service brand value, which is cultivated by the TMT's transformational leadership through HC investment and the creation of a service culture to improve the quality of service behaviors. At the same time, resource-based and institutional advantages are applied in a complementary fashion to achieve successful market expansion in China as an emerging market.     

Style investing and firm innovation

We document that transient, dedicated and quasi-indexed institutional investors exhibit a high degree of within-group heterogeneity with respect to their investment styles (i.e., growth, value, and balanced). We find that growth institutional investors enhance firm innovation in terms of R&D expenditures, R&D intensity, quantity and quality of patents and patent radicalness while value institutional investors impede innovation. Balanced investors have no significant association with innovation. Findings are consistent with style investing literature that growth and value styles are substitutes. Using investment styles, we present evidence that reconcile literature’s mixed findings on how transient and dedicated investors affect R&D and innovation, and why quasi-indexed investors, the largest group among all investors, have an insignificant effect. We also show that the effect of institutional investors depends on the firm’s relative level of innovativeness.     

中小企业信贷融资约束及其对策研究——从制度性约束和信息不对称视角考察

中小企业迅速发展已成为我国经济社会发展的重要推动力。然而,中小企业发展的最大障碍问题仍然是"融资难"。本文借助于"金融缺口"理论考察中小企业信贷约束困境,并从制度性约束和信息不对称视角,深层分析了信贷约束的原因,为化解我国中小企业信贷约束,应从融资制度安排上进行重点设计。     

中国上市公司资本结构问题研究

实践证明,西方资本结构理论难以解释中国上市公司强烈股权融资偏好的现实。本文以客观数据和制度分析的方式分析了中国上市公司的资本结构形成机理,并认为,只有重构中国证券市场制度、市场体系和法律法规,才能为上市公司的融资决策行为真正市场化提供良好的制度环境,进而实现上市公司资本结构的优化。     

Turnpike trusts and the transportation revolution in 18th century England

There is a long debate in economic history about the causes of the transportation revolution and its economic impact. This paper examines the effects of turnpike trusts in 18th century England. Turnpike trusts were organizations that financed road improvements by levying tolls. They replaced the authority of parishes, which financed road improvements using local taxes. The analysis shows that turnpike trusts contributed to lower freight charges and passenger travel times. It also shows that turnpike trusts, generated a social savings of at least 0.5% of national income in 1800 and 1820.     

注册会计师职业演进及其审计制度安排:基于REMM的解构

人性假说是认识个体行为的基础,不同假说对个体的行为作出了不同的解释和预测。本文以REMM假说为基础,对注册会计师职业的发展及其制度安排进行了剖析。研究发现:注册会计师职业的演进以追求经济收益、垄断地位和规避风险等为主线;注册会计师职业的内核性制度安排本质上是其利益的保护装置,尽管支撑性制度安排构成了其行为约束,但注册会计师对支撑性制度安排作出了典型的REMM反应。     

改革开放以来集体林权制度改革的分权演化博弈分析

在维护国家生态安全和农户生计等方面,中国集体林发挥着不可或缺的重要作用。改革开放以来,中国政府启动了多轮集体林权制度改革,本文采用分权多中心决策主体演化博弈理论,研究了集体林权制度变迁的动态过程。分权多中心决策主体的观念改变是集体林权制度改革的前提,分权多中心决策主体采取功能、权力、自适应学习和同构等形式,开展了集体林权制度改革的重复演化博弈,中央政府为多轮集体林权制度改革的主要介入者,集体林权制度改革所呈现的间歇性均衡和多重均衡是分权多中心决策主体持续演化博弈的结果。     

Interacting effects of uncertainties and institutional forces on information sharing in marketing channels

Marketing channel members in China face difficulties created by market uncertainty and opportunistic costs resulting from behavioral uncertainty, both of which undermine channel performance. In this article, we argue that channel members can use information sharing to maintain channel performance under uncertain circumstances. With empirical data from China, we develop and test a theoretical framework which explores the effects of market uncertainty and contractual commitment on information sharing and supplier operational performance. Moreover, we also find that regulatory protection moderates the relationship between market uncertainty and information sharing. Normative and cognitive protection moderates the relationship between contractual commitment and information sharing. Indeed, information sharing serves as a mediator between uncertainties and supplier operational performance. Consequently, Chinese channel managers are advised to increase the use of more information sharing to counter market and behavioral uncertainties in marketing channels.