Across borders and beyond boundaries: How the Olivetti Company became a multinational

‘Ing. C. Olivetti & Co.’, the office machine producer founded in 1908, is one of the few Italian enterprises that was quick to set up a process of internationalisation both in European markets and in other continents. This article shows the evolution of Olivetti as a multinational business from its origins until the 1960s when the manufacturer was owned and controlled by the Olivetti family. It focuses on the role that ‘entrepreneurial cognition’ plays in shaping business as the company pursues new business opportunities across borders. It argues that the internationalisation of Olivetti was pursued in at least three ways: (1) as exploitation of entrepreneurial opportunities in response to major historical events, local and global tensions; (2) as the result of entrepreneurial perceived high self-efficacy; and (3) as consequence of heuristic decision-making processes.     

Bank affiliations and corporate dividend policy in pre-World War I Belgium

We investigate the impact of universal banks on the dividend policy of affiliated companies, in an environment characterised by poor investor protection, booming stock markets and strong banks. Our results, based on a unique sample of 428 listed companies in pre-World War I Belgium, are consistent with the hypothesis that companies with good investment opportunities and a bank director on their board paid higher dividends to establish a good reputation with investors. However, our results also indicate that companies with several bank directors and companies in which the bank had an equity stake paid lower dividends.     

Japanese foreign direct investment in India: An institutional theory approach

This article charts the history of Japanese corporate engagement with India. While there has been a profound historic relationship between the two nations, economic interaction is commonly portrayed in the context of geographical and psychic distance. As institutions set the rules of corporate engagement, we analyse the evolving regulatory and policy regime for foreign direct investment (FDI) in post-independence India and the corporate strategies of Japanese multinational enterprises (MNEs) in response to this institutional change. Using a firm-level dataset we show that the trajectory of Japanese investment in India broadly follows that of other nationalities of foreign firms. Differentiated responses to institutional changes are detected by industry. Our analysis reveals important instances of Japanese firm flexibility and pragmatism vis-à-vis the rapidly growing Indian market.     

社会责任履行与企业信誉资本生成——基于问卷调查的实证分析

信誉是企业利益相关者对企业的一种综合评价,社会责任影响利益相关者行为,因此对企业信誉可能产生积极的影响。通过问卷调查的实证分析,发现顾客责任、环境责任和慈善责任对企业信誉有显著的正向影响,而政府责任和员工责任对企业信誉影响不明显。     

综合化通信设备信号流程设计与实现

介绍了综合化通信设备通用信号处理模块的硬件框架平台,提出了综合化通信设 备的信号流程设计,着重给出其流程的实现过程,并分析其流程设计的优点,最后指出所提 设计可为其他类似系统的通信设备移植提供参考。     

The informational relevance of corporate social responsibility: evidence from DS400 index reconstitutions

This study examines the relationship between corporate social responsibility and financial performance by analyzing the intra‐industry wealth impact of additions and deletions to the Domini Social 400 index. Results from the event study analysis indicate that additions to the index generate a positive share price response for the announcement firm and a negative response by rival firms. The opposite reaction is observed for index deletions. Additionally, the share price response is more pronounced for informationally opaque industries. Our study highlights the importance of external monitoring agencies in providing meaningful information that helps resolve investor uncertainty regarding the quality of a firm's relationships with its primary stakeholders. Copyright © 2011 John Wiley & Sons, Ltd.     

公司治理对上市公司审计师变更影响的实证分析

对审计师变更原因以及公司治理对审计师变更影响的国内外研究文献进行了梳理。以我国沪深A股上市公司为研究样本,综合运用统计检验和Logistic分析方法,实证检验了公司治理评价体系的6个维度、15个指标对上市公司审计师变更的影响。结果表明:公司治理对审计师变更的影响显著;其中,第一大股东持股比例、独立董事比例、董事会会议次数与审计师变更显著负相关,是否发生诉讼仲裁事项、信息披露是否充分与审计师变更显著正相关。     

负债制度阈值下债务结构对公司成长性的影响

在证监会IPO申请审核标准的约束下,中国存在70%和20%负债制度阈值。以2001-201 0年中国A股9860家上市公司为样本,研究发现,当负债小于20%时,长期债务或银行借款对公司增长起限制作用,而且银行借款对公司价值造成负面影响;当负债超过70%时,由于债权人的预算软约束,长期债务不减反增,助长了公司非理性高速增长,以及银行放任公司高风险高增长,造成公司价值毁损;当负债在20%与70%之间时,预算软约束状况得到改善,但负债的正面治理效应仍不显著。     

企业社会责任披露质量对投资者交易行为的影响研究——基于对我国上市公司的经验分析

笔者从投资者交易行为视角,以2010年年报披露期内发布社会责任报告的384家上市公司为样本,检验了企业社会责任披露质量对买卖价差、换手率以及股票收益波动率的影响后发现:企业社会责任披露质量越高,买卖价差越低,而且投资者比较重视社会责任披露的整体性和内容性质量;企业社会责任信息披露质量、整体性质量、内容性质量以及技术性质量均与股票换手率呈显著正相关.     

辐射沙脊群围垦海域海天一体化观测系统

研究沙脊群水沙动力场、动力地貌演变和遥感遥测信息集成的方法。以海洋动力地貌理论为指导,以遥感为核心,综合集成传统站网观测、地形测量和海洋水动力模型,采用现代信息技术,建立海天一体化动态观测系统。以南黄海辐射沙脊群为原型,建立以遥感监测为主体的海天一体化动态观测系统,进行沙洲 水道地貌、海洋动力场遥感大面积同步监测,为海洋开发与保护提供基础信息。