The contingent value of marketing strategy innovativeness for product development performance in Chinese new technology ventures

This study extends research on entrepreneurial behavior by investigating the relationship between the marketing strategy innovativeness (MSI) and new product performance in technology-based new ventures in China. Specifically, premised on contingent resource-based view we argue that MSI is a firm capability that must be bundled with external managerial relationships and be deployed in the appropriate environment to ensure its success. We found that the team's extra industry relationships and market dynamism enhanced the impact of MSI on new product performance. In contrast, top management team's intraindustry relationships, financial relationships, and technology dynamism hindered the impact of MSI on new product performance.     

代客境外理财业务新政对我国银行业的影响和对策

2006年4月,经国务院批准,中国人民银行推出了“外汇管理新政”, “外汇管理新政”放行商业银行代客境外理财业务,对我国银行业来说,带来的将是机遇大于挑战。本文在对代客境外理财业务新政解读基础上,对实施代客境外理财业务新政的目的以及对银行业的影响进行了分析,并提出了银行业的应对之策。     

中国经济真的动态无效吗

史永东与杜两省、史永东与齐鹰飞、袁志刚与何樟勇相继考察了中国经济的动态效率,结果均表明中国经济是动态无效的.本文首先通过实证研究进一步检验上述结论,并进而追问中国经济为什么会发生动态无效.笔者的分析表明,这种无效性只是一种表象,它是由我国的粗放式经济增长方式决定的,其根源在于静态资源配置,特别是投资配置的无效性.在此基础上,本文进而指出,上述作者提出的消除无效性的政策建议是不恰当的,真正有效的途径只有转变增长方式,提高增长绩效.     

Co-evolution of the strategic reorientation of port actors: insights from the Port of Rotterdam and the Port of Barcelona

This paper explores changes in the strategic orientation of port authorities and terminal operators towards the hinterland network in the Ports of Rotterdam and Barcelona. Port authorities and terminal operators are economically, institutionally and geographically related organizations. The argument here is that such organizations experience a mutually influential and interactive effect in their strategy over time. The research explores the evolution of the market, institutional and governance forces behind these organizations’ strategic orientation, while acknowledging their interdependence and interrelationship. To that end, it builds a conceptual framework analysing these organizations’ strategies in different points in time. It draws upon firms and port theories to design a co-evolutionary framework, which is later refined with insights gained from an empirical study of the port context.     

外资进入和我国企业的生产率：“溢出”抑或“挤出”效应

我国改革和开放是同时推进的，引进了众多外资企业来推动我国经济发展。那么，外资企业的进入是否有助于我国内资企业的成长？本文分析我国工业企业超大样本数据，探讨外资进入的影响，研究我国内资企业的生产率能否向效率前沿收敛。结果发现，我国不同类型的内资企业均存在效率前沿的收敛趋势，内外资企业生产率差距不断缩小。外资进入对我国内资企业的短期影响主要表现为溢出效应，但是对于同行业的其他外资企业呈现挤出效应，特别是其他独资外企。我们进一步发现外资进入的长期影响是挤出效应，但是对于国有企业和民营企业的影响却不尽相同。     

The impact of equity ownership groups on investment: Evidence from Ukraine

We empirically investigate the impact of different ownership groups on companies’ investment in Ukraine with a novel dynamic investment model where investment is based on present and historical levels of profitability (market-to-book value of equity) and lagged investment. Groups include state, insider, non-domestic, financial and financial and industrial group (FIG) ownership. Contrary to the literature, we find that the past level of profitability significantly affects investment; the majority presence of and increases in state ownership have a negative impact on firms’ investment, as is the case for non-domestic and financial companies’ ownership. Insider and FIG ownership have no impact on investment. We explain the results by the extent of liquidity concerns (hard and soft budget constraints), measured by cash flow interacted with a dummy variable of majority ownership of the respective group, and the extent of asset stripping for the corresponding ownership group and relate them to over- and under-investment, and to the free cash flow or cash constraint hypothesis.     

Stage-gate process for life sciences and medical innovation investment

Life science innovation has led to significant improvements in clinical outcomes and has been a source of financial growth for individuals and institutions capable of performing appropriate investments in this sector. Several groups have developed methodologies to assist medical technology innovators in the design and development activities. Unfortunately, these tools have not aided the general investment community to profit from these enterprises. This situation has contributed to a general reduction in risk capital directed towards life sciences compared to other industries. We review the current investment practices in the life science sector and present a comprehensive stage-gate model that aims to captures this investment process. An analysis of best practices and in-depth interviews with 68 life sciences investors and entrepreneurs worldwide are used to support such model. A single case-control study comparing life science investment execution within two similar investment firms was conducted to evaluate feasibility in the implementation of these practices. The stage-gate model includes (I) General vision and investment strategy definition; (II) Venture search, screening and rapid pre-evaluation; (III) Due diligence and negotiation of terms; (IV) Portfolio management, evaluation, and exit. The difference in execution of investment and results from a post-performance Root Cause Analysis were consistent with a reduction in perceived risk from the case company trained with the proposed model compared to the control. This suggests that our developed model and process may be useful in encouraging life sciences investment via evidence-based evaluations.     

The ‘squeezed middle’: Identifying and addressing conflicting demands on intermediate quality farmland in Scotland

The growing demand for a wide range of private and public goods and services from a finite land resource is increasingly challenging for planners at local, regional, national and international scales. The Scottish Government's development of a Land Use Strategy has given salience to resolving conflicts and enhancing synergies in land use. In Scotland, the poorest quality farmland is often designated for nature and landscape conservation and the highest quality farmland often protected for food production. This means that many of the competitive pressures on land are experienced in what we term the ‘squeezed middle’. The paper identifies the multiple (and not exclusively economic) drivers of land use choices and, through an ecosystem services lens, explores three particular areas of land use conflict. These are (i) the continued high level of public support for farming, which has done little to address the problem of low farm incomes; (ii) the pressure to increase woodland planting on farm (and other) land; and (iii) conflicts associated with intensive game management, especially on sporting estates. Using the Scottish situation as an example, the heterogeneity of land use pressures means that there is a danger of the principles of the Land Use Strategy becoming lost in translation from national policy to practical land use decision-making. The appropriate scale for delivery of integrated ecosystem services may therefore be more local than current pilot projects, and may require more active participation of land managers. It may also require policy instruments that are more flexible in adapting to the local context, including payments for ecosystem services.     

高管过度自信、研发投入跳跃与企业绩效——来自中国上市公司的经验证据

基于间断平衡理论和高阶梯队理论，以2007-2017年中国沪深两市902家制造企业为样本，实证分析研发投入跳跃对企业绩效的影响以及高管过度自信的调节作用。结果显示：研发投入正向跳跃和负向跳跃均有助于提升企业绩效，高管过度自信正向调节研发投入跳跃与企业绩效间的关系。引入高管过度自信这一重要高管特征作为调节变量，有助于重新认识管理者心理偏差对企业创新行为和绩效的影响，较好地弥补了研发投入跳跃对企业绩效影响机制的研究空缺，丰富了创新间断平衡理论研究。研究表明，企业应重视高管心理特征的影响并结合自身实际情况，合理选择研发投入策略以改善企业绩效。