The effects of formal and informal CEO power on debt policy persistence

We explore the general trends of debt policy persistence and how formal and informal CEO power may influence the persistence based on four dimensions of debt policy. Using a sample of Chinese listed firms during 2008–2018, we clearly identify, for the first time, that the general trends of debt policy persistence include an initial downward trend phase (of 4–5 years) and a subsequent stable trend phase. We divide CEO power into formal and informal CEO power and find that CEOs’ formal power can help to increase debt policy persistence, while the role of informal power is the opposite, providing evidence that CEO power has a double-edged effect on debt policy persistence. Further, our results show that the most important dimensions through which formal and informal CEO power have their respective effects are ownership power and financial expert power. Lastly, it is CEOs’ formal power rather than their informal power that plays a dominant role in promoting the persistence of debt policy.     

高管本地任职与企业价值:基于家乡认同视角

在中国,家乡认同是具有代表性的传统文化,也是一种重要的非正式制度,但目前鲜有文献关注其在公司经营中的作用,本文以2003~2019年中国沪深A股上市公司作为研究样本对高管的家乡认同在企业价值创造中的作用进行实证检验。研究发现,高管本地任职有利于公司价值增长,这主要是由家乡认同驱动的,而非社会资本,并且这种关系在民营企业、有本地大客户的企业、流动性较弱和宗族观念强的地区更加显著。本文直接从家乡认同这一角度揭示了本地高管对公司价值的影响,为这一独特情感在高管决策以及企业经营中的作用提供了实证证据,对上市公司选择高管具有启发意义。     

Local speculative culture and stock price crash risk

Using unique city gambling conviction data in China as a proxy for a local speculative culture, we examine the impact of such a culture on stock price crash risk. We find that firms in regions with a stronger speculative culture are more likely to experience future stock price crash risk. The results are consistent after using 2SLS regression analysis (IV) and staggered difference-in-difference (DID) analysis to mitigate endogeneity concerns. Further analysis shows that overinvestment, excessive debt, accounting conservatism and charitable donations are the main channels through which local speculative culture affects stock price crash risk. We also find that the positive relationship between local speculative culture and stock price crash risk is more salient for small firms and firms with managers with a cultural backgrounds similar to the local culture. Our study implies that the local culture plays an important role in the practice of corporate governance.     

Does ICTs decrease the spread of informal economy in Africa?

This paper assesses the effect of information and communication technologies (ICTs) on the informal economy. We applied the Generalized Method of Moments (GMM) on a sample of 45 African countries from 2000 to 2017. According to the findings, the use of ICTs (mobile phone and internet) decreases the spread of the informal economy in Africa. These results are robust to a battery of robustness checks. Furthermore, the results of the mediation analysis show that the effect of ICTs on the informal economy is mediated by financial development, human capital and control of corruption. From a policy perspective, we suggest a quantitative and qualitative consolidation of technological infrastructures, for a sustainable mitigation of the rise of informal sector in Africa.     

HOUSING INFORMALITY IN THE GLOBAL SOUTH: Insights from a Policy Comparison between Accra and Buenos Aires

Informal settlement growth in various countries has led to distinctive actions that enhance low-income populations’ accessibility to adequate, safe and affordable housing and basic services. This trend indicates the need for comparative studies between countries and cities to understand the factors that lead to policy learning opportunities. We conducted an experimental comparison between Accra, Ghana, and Buenos Aires, Argentina, to understand, first, how policies on informal settlements have been formed, and secondly, what inquiries should be made to address housing informality in the global South. A comparison shows that these cities/countries have shared moments of neoliberalization and that their poor residents have experienced similar struggles regarding housing availability and the pursuit of extensive governmental interventions. Therefore, their experiences are worth examining. Our comparison indicates that first, Buenos Aires/Argentina has adopted more inclusive policies regarding informal dwellers than Accra/Ghana, and secondly, that diversifying housing solutions are an inevitable dynamic in cities/countries experiencing a surge in housing pressure across classes, races and geographies. In this article we articulate how the governments of these countries have dealt with these challenges and conceptualize the coproduction needs of housing informality in developing countries. We encourage policymakers facing informality in the South to respond to the questions we raise about facilitating policy learning.     

More than just empathy: The influence of moral emotions on boycott participation regarding products sourced from politically contentious regions

The primary objective of this research is to assess the influence of moral emotions (empathy and anger) on consumer buying decisions of products made in disliked sources in the context of third-country national consumers. The study employs data collected from the UK, France, and Germany consisting of 260, 261, and 244 respondents, respectively. The empirical results provide evidence to the influence of moral emotions on consumers’ attitudes towards buying Israeli goods. Concurrently however, the results show that, while anger towards Israel comprises the main factor that prompts boycotting intention, empathic concerns towards Arabs in the West Bank and Golan Heights (the Territories) have negligible influence on buying decisions. In addition, the results point to differences across the populations studied in the current research, especially with respect to the influence of involvement and subjective norms on behavioral intention. Implications are identified together with consideration of the study limitations.     

员工地位竞争动机、知识分享行为与创新绩效——基于嵌入性悖论视角

组织中个体创新常常面临嵌入性悖论。相对于传统地位竞争的反功能视角，人们日益认识到地位竞争尤其是威望型地位竞争，可以为个体提供创新资源和动力。有效化解这一悖论，关键在于明晰何种类型的地位竞争以及何种程度的嵌入性可以促进个体创新。对一家大型多业务单元传媒集团227名员工进行实证调查，分析结果表明：威望型地位竞争可以通过促进个体知识分享行为提升个体创新绩效；非正式地位较低的个体更有可能具有威望型地位竞争动机；正式地位与非正式地位对个体地位竞争动机有交互影响，处于高正式地位的成员如果在非正式网络中处于边缘位置，则更可能在地位竞争中表现出威望型地位竞争动机。     

COVID-19-associated income loss and job loss: Evidence from Indonesia

COVID-19 pandemic has substantially altered socioeconomic conditions around the world. While numerous existing studies analyze the impact of the COVID-19 pandemic among developed states, little is known about its effects on people’s lives and social discrepancies in emerging economies. To this end, we empirically analyze the 2020 Indonesian Labor Force Survey data, hypothesizing that COVID-19 has given idiosyncratic risks and impacts on people by gender, age, education, occupation and regions. We find that income loss and job loss are prominent among males, younger and less educated people as well as among self-employed and part-time non-agricultural workers. These tendencies are not pronounced for people enjoying high income and mobility, but tend to be evident for urban residents and those having dependents. Notably, self-employed people have the highest risk of losing income, while part-time urban workers face the highest probability of losing their jobs. The propensity score matching method also demonstrates that these losses are most evident for the regions susceptible to COVID-19. Overall, we suggest that socioeconomically disadvantaged groups require additional support to strengthen their resilience in the face of exogenous shocks, such as the one caused by the global coronavirus pandemic.     

广西县域乡村人居环境质量评价及时空分异特征

目的 基于乡村人居环境五大子系统评价乡村人居环境质量并解析其时空演变分异特征，以制定有效提升广西乡村人居环境质量的对策与建议。方法 文章构建乡村人居环境质量评价指标体系，综合运用改进熵权法、ArcGIS空间分析方法对广西乡村人居环境质量进行测度，探究其时空分异特征。结果 （1）2006—2020年广西乡村人居环境质量整体提升显著，空间上呈现由“散点状”向“东北高西南低”的演变发展特征；但在东西方向，呈现出由东、西部水平相当，到西部高于东部，再到东部逐渐又高于西部的交替演变发展特征；而在南北方向，呈现出由“南高北低”向“北高南低”的演变发展特征。（2）广西乡村人居环境自然系统质量整体稳定发展，空间上呈现出“东北部、西部高，东南部低”的演变发展特征；人类系统质量整体提升明显，呈现由“南高北低”向“散点状”的演变发展特征；社会系统质量整体提升显著，空间上呈现出“西部降低，东部提高，东、西部差距不断扩大的演变发展特征；居住系统质量整体提升巨大，空间上呈现由“散点状”向“相对均衡”的演变发展特征；支撑系统质量整体提升较大，呈现“相对均衡”向“散点状”的演变发展特征。结论 乡村人居环境质量演变发展的时空差异特征明显，应实施差异化、针对性的乡村人居环境质量提升措施，以有效促进乡村高质量发展。