Labor Regulations,Employment and Wages: Evidence from India's Apparel Sector

While India is among the world's largest producers and exporters of apparel products, the sector has not performed to its potential. This study analyzes why this might be so from the perspective of the structure of production in the sector, the most striking aspect of which is a firm size distribution heavily dominated by small firms. Using nationally representative firm‐level and labor force survey data, we argue that the dominance of firms operating at scales too small to apply modern production and management technologies is one proximate reason for India's relative underperformance. Further, we note that India's labor regulations and the associated enforcement regime are important policy drivers of Indian firms' tendency to avoid placing “too many workers under one roof”.     

Corporate risk management and firm value: evidence from the UK market

The paper evaluates the effect of corporate risk management activities on firm value, using a sample of large UK non-financial firms. Following recent changes in financial reporting standards, we are able to collect detailed information on risk management activities from audited financial reports. This enables us to gain a better understanding of risk management practices and to investigate value implications of different types of hedging. Overall 86.88% of the firms in the sample use derivatives to manage at least one type of price risk. The hedging premium is statistically and economically significant for foreign currency derivative users, while we provide weak evidence that interest rate hedging increases firm value. The extent of hedging and the hedging horizon have an impact on the hedging premium, whereas operational risk management activities do not significantly influence the market value of the firm.     

家族创始人职业经历与企业财务保守行为研究

基于创始人自身特征的异质性,文章研究了家族创始人职业经历与企业财务保守行为的关系。研究发现,与家族创始人具有企业部门职业经历的企业相比,创始人具有公共部门职业经历的企业财务杠杆更低,短期借款占比更小,现金持有更多,且连续三年采用低杠杆的可能性更高。进一步地,企业所处行业的产品市场不确定性越高,家族创始人公共部门职业经历与企业财务保守行为的正相关关系越强。此外,家族创始人具有公共部门职业经历的企业会计及市场业绩均更好。研究表明,家族创始人具有公共部门职业经历的企业财务决策更为保守,原因在于这类家族创始人的风险厌恶程度较高,使企业更易形成相对保守的文化氛围。文章从创始人职业经历异质性的角度发展了家族企业财务保守成因的研究,以及管理者个人特征与企业财务决策关系的研究,同时有助于投资者识别企业财务风险。     

灾害事件、规模与企业慈善捐助:中国背景

近年来,针对灾害事件的企业慈善行为研究是企业社会责任研究的热点问题。文章主要探讨在中国背景下,不同来源国（地区）的企业针对灾害事件的慈善捐助在数量上有无差异,以及国内企业的慈善捐助数量是否受企业财务状况的约束。通过研究收集到的283家国内企业和428家外资企业在5·12汶川地震后的捐助数据,结果发现：（1）不同来源国（地区）的企业在5·12地震后的捐助水平并无明显差异;（2）国内企业的捐助数量主要受到企业规模而非企业利润（ROA）的影响。     

市场开放进程中的工业企业集聚与人口城市化——长三角地区人口城市化的动因探析(1984—2002)

在渐进的市场改革和开放进程中,长三角地区以城市人口不断增加为表现的人口城市化进程并没有遵循城市化进程的国际经验,即城市化主要来自工业化的推动,而主要由于工业企业集中、政府干预和市场促进等多种因素的相互作用,人口城市化发展的演进特征则是上述诸多因素共同作用的结果。确切地说,不断增加的工业生产活动并没有对长江三角洲地区的城市化进程发挥明显作用,特别是在城市化加速发展阶段,市场开放进程中不断向市区集聚的工业企业的集聚行为(而非工业化)在很大程度上促进了城市化的快速发展。考察和分析了不同阶段长三角人口城市化发展的不同特征和区域差异。     

基于报酬机制失效下的创业投资企业声誉机制分析

创业投资的报酬分配机制并不是一种有效的激励机制,因为它未能使投资者的效用达到最大化,为了弥补报酬激励合同的不完备性,通过构建声誉模型,分析了声誉机制对创业投资企业的激励作用,并对我国构建创业投资企业声誉机制提出了政策建议。     

How knowledge flow affects Korean ICT manufacturing firm performance: a focus on open innovation strategy

The paper presents an integrated viewpoint of technological innovation strategy by considering both the firm and industry levels. Further, we provide a new open innovation framework by adopting a knowledge flow perspective using patent citation information. Finally, we consider a firm’s outbound open innovation performance using cites per patent information together with financial performance to look at both the practical and the potential effects of technological innovation strategy. Through these analyses, this study examines determinants of open technology innovation activity in the information and communication technology manufacturing industry in Korea and draws managerial and policy implications for effective industry promotion and improvement of technology innovation capability.     

Environmentally oriented innovative strategies and firm performance in services. Micro‐evidence from Italy

This paper aims at analysing the impact of environmentally oriented innovative strategies on firms’ economic performance in terms of employment, turnover and labour productivity growth. We exploit a unique dataset of 773 Italian service firms with 20 or more employees, based on 1993–1995 Community Innovation Survey (CIS) II data on innovation strategies and 1995–1998 System of the Enterprise Account (SEA). Using a Gibrat‐like empirical model, our findings show a negative link between environmental motivations and growth in employment and turnover in the short term, which then associates to a not significant or even negative effect on labour productivity growth, a result which is explainable by various factors: non‐mature markets; early movers that need more time to grasp the benefits of innovative actions; weaknesses of some service branches. The effect on employment is in part compatible with the existing evidence and may be based on efficiency improvements (dematerialisation processes), which also impact on efficiency by reducing workforce numbers. The effect on turnover of environmental innovation strategy is negative, implying either a short‐medium effect, possibly balanced in the long run by net benefits in terms of higher added value, or a real negative impact, which may be contingent on the period of observation, when environmental strategies where not at the heart of strategic management policies. Neither Porter‐like effects nor virtuous circles among environmentally strategies and performance seem to be present, at least in the short run and for services firms, calling for the necessity of further analyses on medium‐ long‐term effects and performances of specific service branches. Though effects on performances could turn out positive in the long run when mature green markets and investments provide their benefits, our evidence highlights that services could still find hard times in tackling the well‐known low productivity ‘disease’ even in the environmental realm.     

New ventures in Cleantech: Opportunities,capabilities and innovation outcomes

Facing the challenge of climate change, innovations that imply environmental benefits create business opportunities for entrepreneurs. This paper analyzes innovation capabilities of startups in Cleantech and how the innovation outcomes of those startups develop over time. Based on the Mannheim Foundation Panel and applying propensity score matching, a cohort of 567 Cleantech startups is analyzed and compared with a control cohort of non‐Cleantech startups. We find that startups in Cleantech have, on average, higher technological capabilities compared with all other startups. Our econometric evidence shows that Cleantech startups are more likely to combine existing technology in a novel way. Finally, we find that Cleantech startups develop more market novelties in subsequent years when compared with their control group peers.     

基于交易费用理论的企业边界纵向一体化研究

交易费用理论认为，企业的最优边界在市场费用等于企业协调成本那一点，交易费用中的企业规模实质上是企业的纵向规模即纵向边界，企业纵向规模的扩张主要通过纵向一体化来实现。虽然纵向一体化能够有效地削弱人的机会主义和有限理性，克服不确定性，降低交易成本，但它并不必然是企业发展的一种好办法，企业发展到一定阶段，纵向分拆策略是有效的。企业的纵向边界呈现扩张与收缩交互进行的局面。