More words but less investment: Rookie CEOs and firms’ digital transformations

In digital economy, firm’s digital transformation is an important means of achieving high-quality development. Adopting career concerns theory, we examine rookie CEOs’ impact on firms’ digital transformations, using Chinese A-share listed firms from 2007 to 2019. (1) Rookie CEOs disclose more digital transformation information, but invest less in substantial transformation, i.e., “more words but less investment”. (2) Under high performance pressure and difficult digital transformation, rookie CEOs are more likely to adopt the above strategy. (3) Internal and external governance mechanisms help effectively monitor and mitigate such behaviors. (4) The above strategy helps CEOs decrease short-term, but not long-term, dismissal probabilities. Our findings elucidate firms’ digital transformation practices and the decision styles of CEOs with different experience levels.     

八道湾组全直径岩心不同压裂液下真三轴压裂裂缝延伸特征

选用新疆焉耆盆地博湖坳陷,宝浪苏木构造带,下侏罗统八道湾组X井全直径岩心制备300 mm的立方体试样,分别开展滑溜水压裂液、瓜胶压裂液和超临界二氧化碳压裂,研究不同压裂液下的破裂压力和裂缝延伸形态特征。结果表明：瓜胶压裂液压裂下的破裂压力最高,滑溜水压裂液次之,超临界二氧化碳的破裂压力最小,压裂时间最短,可以形成更加复杂的缝网,与滑溜水和瓜胶压裂液相比,破裂压力分别降低了26.0%和33.3%;滑溜水压裂液压裂岩样表面可以形成分支缝,全直径岩心可以形成转向裂缝;瓜胶压裂液压裂岩样表面和全直径岩心均形成较为平直的双翼裂缝;超临界二氧化碳压裂岩样表面裂缝形态复杂,裂缝易发生转向,迂曲度大,主缝为双翼非对称缝,可以诱导产生多条贯穿主裂缝,裂缝整体分布呈现“Y”形和“H”形,全直径岩心内裂缝复杂程度高,可形成缝网和转向裂缝,裂缝面具有凹凸不平特性,这对于压裂裂缝自支撑具有重要作用。室内物理模拟实验研究结果可为现场压裂施工设计提供参考。     

基于经济阈值效应的地方政府举债压力弹性研究

地区所处经济阶段差异会使地方政府行为激励产生异质性,进而影响地区举债压力弹性。从经济阈值效应的独特视角,探究不同经济门槛区间压力波动引起的地方政府举债行为变化,利用举债压力弹性解释地方政府债务规模扩张成因。基于我国283个地级市数据,构建门槛面板模型对理论假设进行经验检验。研究发现:从低到高的经济阈值区间下地方政府举债压力弹性翻倍增长,尤其是在第三经济阈值区间,举债规模扩张呈现加速度特征;财政压力对地方政府举债的刺激作用,只有在第三经济阈值区间才会得以释放;"土地财政"的存在强化了地方政府举债对压力变化的敏感度,并助推了地方政府举债压力的弹性波动。经济处于发达阶段的地方政府的举债压力敏感度,显著高于处于欠发达阶段的地方政府,因此,高水平的城市举债压力弹性及其潜在的债务风险应成为下一步关注的焦点。     

关井套压为零时安全问题探讨

当溢流关井后,在关井立压、套压均为零的情况下该如何处理,从实际案例出发,打破直接敞口循环排污这一思维定势,从气侵的特性着手,在关井套压为零条件下提出值得进一步分析检查的不安全因素和比较稳妥的做法,以达到更早地控制溢流、降低溢流量和减少压井作业难度的目的。     

人体下肢运动能力测评研究

人体在短距离奔跑及跳跃时,足底压力的大小并不仅仅和体重相关,还反映了下肢运动能力的强弱。为了能够客观评价下肢的运动能力,设计了一套测试系统。采用压力传感器对足底压力进行测量,数据通过单片射频收发器件NRF24L01无线模块传输到微机中,记录下不同测试条件下的压力峰值。实验采集了12位测试者在慢走、快跑时的足底压力,分析了足底压力峰值与体重之间的关系。结果表明:压力峰值与体重的比值较小的人,下肢运动能力较弱一些;压力峰值与体重的比值较大的人,下肢运动能力较强一些。根据测评结果,可对人们的身体素质提升提出相关建议,对处于成长期的青少年尤为重要。     

中国农村人口流动性压力的形成及其化解基础

从20世纪90年代初期开始,我国人口增长性压力逐步降低,但与此同时流动性压力不断增大,并逐渐取代增长性压力而成为中国人口发展的主要矛盾。目前,农村人口流动不但对计划生育工作,而且对社会稳定;不但对城市发展,而且对农村发展;都产生了不可忽视的压力。优化农村流动人口的管理和计划生育工作是化解人口流动性压力的基础。要须坚持“以人为本”的根本理念,以构建城乡一体化的人口发展和计划生育管理与服务模式为目标,以育龄人口为重点,创新管理模式和政策机制,加强对农村流动人口的管理。     

人民币升值压力及其汇率调整

对人民币升值的内、外压力进行分析,并在此基础上系统分析人民币升值的影响,可得出人民币升值实际上并不可怕的结论．展望未来,更加灵活的汇率制度才是符合国内经济资源合理配置和宏观经济稳定的最佳选择．     

When companies improve the sustainability of the natural environment: A study of large U.S. companies

In light of the call for companies to abandon current approaches to environmental management, this study adds to the environmental strategy literature and uses the evidence of competitive dynamics among companies to identify a mechanism by which companies invest in proactive environmental strategies and thereby improve the sustainability of the natural environment. An examination utilizing fixed effects regressions on a sample of large U.S.‐based companies reveal that even after controlling the number, environmental and financial performance of leading (environmental) companies, laggard (environmental) companies are more likely to invest in proactive environmental strategies when their leading peers display higher sustainability orientations. Neither the expectation of government regulation nor social movement pressure was found to be influential in this relationship. Therefore, the future dominance of companies' investments in the sustainability of the natural environment will be driven by companies themselves as long as competitive advantages are expected.     

The untold story of commodity futures in China

We investigate the behavior of commodity futures risk premia in China. In the presence of retail-dominance and barriers-to-entry, the term structure and momentum premia remain persistent, whereas hedging pressure, skewness, volatility, and liquidity premia are distorted by time-varying margins and strict position limits. Furthermore, open interest, currency, and inflation premia are sensitive to institutional settings. The observed premia cannot be attributed to common risks, sentiment, transactions costs, or data-snooping, but are related to liquidity, anchoring, and regulation-induced limits-to-arbitrage. We highlight the distinctive features of Chinese futures markets and assess the challenges posed to theories of commodity risk premia.     

Feelings of ownership and volunteering: Examining psychological ownership as a volunteering motivation for nonprofit service organisations

Given many nonprofit service organisations rely on volunteers to provide valued services to their communities, examining the factors that impact the retention and recruitment of volunteers is of central importance for the success and longevity of many community-based services. Psychological ownership is a phenomenon whereby objects that are not physically or legally possessed can be the target of ownership feelings. While such psychological ownership has been examined in the paid-employment literature as an antecedent for prosocial behaviours, there has been no examination of psychological ownership within the volunteering literature. As such, this paper examines the role of psychological ownership as a factor in volunteer retention for predominantly community-based nonprofit service organisations by examining how the sense of ownership over the nonprofit service provider affects volunteering attitudes and intentions. Alongside ownership, previous volunteering behaviours, and time pressures are also examined as contributing factors. Results indicate that volunteering does increase ownership perceptions, and those ownership perceptions have positive outcomes for volunteering behaviours. However, time pressure is a significant moderator of these relationships and different volunteering behaviours can be observed for high and low time-pressured volunteers.