央企全面风险管理提升公司价值了么?

风险管理的有效性一直是一个存在争议的话题。金融危机以来,此起彼伏的风险事件使得各界对这一问题的探讨更加激烈。风险管理是否能够提升公司价值?国资委在2006年开始实施的《中央企业全面风险管理指引》是否发挥了预期的效果?文章以114家开展企业风险管理项目的央企上市公司为样本,使用2006——2010年间的数据对企业风险管理的价值提升效果极其特征进行实证检验。研究发现,在金融危机这一高度不确定情境下,企业风险管理具有显著的价值提升效果,但其价值提升作用具有滞后性特点。这一结论在采取不同计量方法时依然稳健。     

创新政策与企业能力驱动稀土产业链延伸的组态路径研究

驱动稀土产业链延伸不仅关系中国战略性新兴产业以及国防科技工业的健康发展,而且是应对以美国为首的西方发达国家对中国实施高科技产品技术封锁的智睿之策。从创新政策与企业能力两个层面构建了驱动稀土产业链延伸的理论分析框架,并以 44 家中国 A 股稀土产业链上市公司为研究样本,以 2017 年和 2020 年为动态观测点,运用组态思维和 fsQCA 方法,探究财政补贴、税收优惠、风险承担水平、原料保障能力、规模水平和产权属性等前因条件耦合形成的不同组态对稀土产业链延伸的影响路径及其动态演变。结果表明：单个前因条件并不构成实现稀土产业链延伸的必要条件,但是提高财政补贴、原料保障能力和规模水平在驱动稀土企业实现产业链延伸路径中发挥着较普适的重要作用;驱动稀土产业链延伸是由多个前因条件协同作用的结果,各前因条件的有效结合以“殊途同归”的方式促进稀土企业实现产业链延伸;驱动稀土企业实现产业链延伸的路径具有较为明显的动态变化特征,呈现出以单一条件主导为主向双元条件联动主导的演变趋势。研究结论拓展和深化了产业链延伸的理论框架,为制定切实可行的中国稀土产业链延伸政策提供了具有重要参考价值的理论依据。     

Board characteristics and efficiency of value added by banks: Evidence from an emerging economy

This paper estimates the efficiency of value added by banks using their total resources (physical capital resources and intangible resources) and finds an association between board characteristics and efficiency of value added. The paper is grounded in the theory of resource and knowledge based view of the firm, and agency theory, and tries to establish links between these two theories. This study departs from existing literature of examining the effect of board characteristics on financial performance, corporate sustainability, and corporate environmental responsibility, and tries to understand the relationship between board characteristics and the efficiency of value added by banks through their resources. This is also the first study of its kind to study the relationship between board structure characteristics and value creation in Indian banks using the Value Added Intellectual Coefficient (VAIC) methodology. Using the data for 41 commercial banks in India from 2008 to 2017 and by employing Prais-Winsten Regression, this study finds that board meetings and CEO-Chairman duality significantly and positively influence the efficiency of value added by banks through their total resources and intellectual capital resources. At the same time, independence in the boards negatively influences the efficiency of value added through physical capital resources. Overall, the findings of the paper indicate that board governance influences bank performance measured in terms of efficiency of value added. Policymakers, regulators, and bank managers should frame appropriate policies to ensure more board meetings, and the presence of board duality.     

Antecedents of mobile payment loyalty: An extended perspective of perceived value and information system success model

Drawing on the information system success model and perceived value theory, we develop a research model to examine factors that may affect user satisfaction and loyalty of mobile payment platforms. Empirical data was collected from users using Alipay and WeChat Pay in China, and a total of 410 valid responses were gathered for data analysis. The results show that the multi-dimensional formative perceived value including benefits and sacrifice is important determinant of mobile payment user satisfaction and loyalty. The three benefit dimensions of functional value, experiential value and social value are more important value components than the two sacrifice dimensions of risk and cost, and experiential value is the dominant component of mobile payment users' value perception. As for the antecedents of perceived value, system quality and service quality mainly affect perceived benefits, while information quality has a greater impact on risk. The research results provide the contribution of specific value dimensions to users' perceived value and the impact of quality characteristics on specific perceived value for mobile payment platform providers, thus helping them to adopt effective strategies to strengthen market competitiveness and retain existing users.     

Exploring the factors that drive consumers to use contactless delivery services in the context of the continued COVID-19 pandemic

The spread of the COVID-19 pandemic has resulted in the launch of contactless delivery services. This research integrates resource matching, service quality evaluation, and perceived value theories to explore the factors that promote the use contactless delivery services. The data was obtained through questionnaire surveys, and research hypotheses were verified through the structural equation modelling approach. With the exception of convenience, the results show that privacy, reliability, security, and flexibility have a significantly positive effect on consumers' intention to use “contactless” delivery services through consumers' perceived value. This study contributes to the literature by introducing theoretical frameworks from various paradigms and enriches the academic research on existing theoretical structure models. It also helps optimize resource allocation and realize the social environment related to coexisting with the COVID-19 pandemic.     

Is online-to-offline customer care support essential for consumer service?

Customer satisfaction is the main pillar for convenient and profitable retailing. The retail sector continuously tried to develop new strategies to improve consumer satisfaction. It is impossible to provide each service directly to the consumer by the retailer. In this direction, the retailer establishes customer care to provide the best service to consumers. Consumer care can provide promotional or prevention services, increasing the consumer's satisfaction level. This study is developed to show the impact of retailers' customer care service for an offline-to-online retailing strategy. The demand is consumer support, advertisement, and selling price dependent. For maintaining consumer service, some free home delivery policies are offered, when consumers ordered more than a certain percentage of the amount. Finally, the total profit of this O2O retailing system is calculated by the classical optimization technique. Some special cases are discussed in the numerical section to prove the impact of customer care services. Numerical results prove that customer care support enhances the profit by 48.20%, whereas investment in the advertisement and home delivery strategy helps the retail industry to earn 44.80% and 16.74% more profit, respectively. Finally, from this study, it is clear that customer care activities are essential to increase the profit of the retailing sector.     

The impact of adopting customization policy and sustainability for improving consumer service in a dual-channel retailing

In recent decades sustainability and dual-route retailing have been adopted by many big industries. Companies are now bound to maintain such strategies that fulfill the sustainable goals developed by the United Nations. Industries face a huge penalty if carbon emissions exceed a certain boundary. Moreover, factories should maintain sufficient flow in retail chains and product quality. This paper demonstrates 3-pillar sustainability in dual channel retailing, empowering firms to integrate the financial-economic pillar with the non-financial (environmental, social, and ethical) pillar. The core product is made available through the traditional channel and customized products are through online channels. The model is enabling the customers with customization provisions where they can influence the products. Thus, as a novel approach, the article incorporates a presumed threshold limit on the product's (standard and customized) selling price difference. Due to customization, a new product is developed which needs extensive quality checks. The study introduces an investment in checking the quality of the customized product which reduces the probability of customization defects exponentially. Additionally, current research adapts the carbon emission cost, penalties charged to a firm for overshooting the limit, and social costs in a smart supply chain. It also exemplifies that production is directly proportional to financial investments in meeting sustainability objectives. The numerical analysis reflects that as production increases, penalty costs decrease at a significant rate but after reaching optimal production penalty cost again starts to increase. It is observed that the downfall of penalty is 20% more for the single-channel than dual. Adaptation of the customization policy makes the retailing strategy more cost-effective. The model exemplifies that it is more economical to adopt dual-channel retailing compared to single-channel as there is approximately a 14.0625% reduction in total cost in dual-channel retailing. Moreover, an 80% improved quality is observed with a financial investment, which improves consumer satisfaction.     

Pricing risky corporate bonds: An empirical study

This paper empirically studies a model for pricing risky corporate bonds proposed by Baaquie—based on the seminal Merton. The proposed model provides an exact solution for the price of a risky corporate bond with a finite maturity and explains the market price of corporate fixed coupon bonds as being the result of the market risk that is carried by the bond. Baaquie's model is empirically tested using 42 fixed coupon bonds issued by 23 US corporations, between 2011 and 2017. It is found that the proposed model estimates most bond prices quite accurately. Market time (similar to the concept of psychological time), which is distinct from calendar time, is quantified in the paper and is an exogenous behavioral parameter that plays a pivotal role in improving the accuracy of the pricing model for long-maturity risky bonds.     

Consumer value of virtual music festivals

Virtual music festivals (VMFs) are a great opportunity for the music industry to improve high quality digital events; as an alternative consumption phenomenon, VMFs can reach hybrid audiences and help in the challenge of digitalization. This study aims to investigate the multidimensional structure of consumer value in VMFs (intra-variable perspective), as well as the effects of value on cognitive versus affective satisfaction and loyalty (inter-variable perspective). Using a qualitative–quantitative approach—focus group and survey with festival attendees (n = 246)—, a value structure of VMF is tested with partial least square–SEM as a reflective-formative-formative third-order model. Benefits and sacrifices are second-order constructs, while five positives (escape, novelty, enjoyment, musical content, and socialization) and two negatives (monetary and nonmonetary costs) are first-order ones. Results show VMFs value as a multidimensional trade-off, where socialization is not contributing to value, but a balance between cognitive (musical content) and affective (enjoyment, and less escape and novelty) exists. Furthermore, consumer value intensifies both cognitive and affective satisfaction, but just the former affects loyalty. These findings provide new insights to better understand the decision-making processes of virtual festival attendees.     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.