Dividend Changes and Future Earnings Performance： Evidence from UK Market

This paper investigates the dividend signaling hypothesis, described here as the relationship between dividend changes and future earnings performance. We find that managers pursue different patterns in UK from that in US when making dividend policy. A positive and significant association between dividend changes and the growth of future earnings is observed in the immediately following year after dividend announced There isn＇t significant link in the longer future. These phenomena are caused by managers＇ near-eyesight in UK market. In addition, an interesting finding is that dividend decreases have larger negative influence on earnings growth than positive impact on earnings prospects of dividend increases. This is consistent with the infrequent occurrence of dividend reduction.     

科学创新的人文动源系统

创新是当今世界发展的主题,科学创新是创新链条的初环,研究科学创新的动力系统成为一种必然.科学创新的人文内涵表现在各种人文要素对其影响上,这些结构要素的系统动力学效应成为科学创新的动力源泉.这些人文要素大体包括哲学、宗教、政治制度、法律、社会道德、文学和艺术等.它们主要从诱发基本观念、规范、情感三个角度对科学创新产生影响.     

供应链管理绩效评价及激励机制

本文通过分析供应链管理的特点、目标和内容，提出供应链管理绩效评价指标体系，其中矩阵指标具有一定的创新，且较好地反映了供应链企业之间的复杂关系。介绍了确定供应链管理的绩效指标值的两种方法，并分析了供应链管理六种激励模式。     

Asymmetric performance: the market share impact of scale and link alliances in the global auto industry

This study investigates how participating in strategic alliances with rivals affects the relative competitive positions of the partner firms. The paper builds on studies that show significant differences in the outcomes of scale and link alliances. The study argues that the more asymmetric outcomes of link alliances translate into greater changes in the relative market shares of the partner firms, due to unbalanced opportunities for inter‐partner learning and learning by doing. We find support for this argument by examining 135 alliances among competing firms in the global automobile industry, from 1966 to 1995. Copyright © 2004 John Wiley & Sons, Ltd.     

COMPUTABLE GENERAL EQUILIBRIUM MODELS FOR DEVELOPMENT POLICY ANALYSIS IN LDCs

Abstract. The use of CGE models has gained much popularity among policy analysts in LDCs and there is a fast growing body of literature on this area of economics. In this survey, the advantages of general equilibrium approach over partial equilibrium approach in analysing a wide range of policy issues are highlighted. The evolution of CGE modelling is discussed and more than 60 CGE applications related to different policy issues in LDCs are surveyed. This comprehensive survey shows that the CGE models have become quite popular analytical tools among policy analysts in LDCs over the last decade or so. The debate in the economic profession regarding the value and appropriateness of using CGE models for policy analysis is examined in the final section of this paper. Some of the criticisms levelled at CGE models are discussed and it is argued that despite this criticism such models are capable of providing insight into important policy problems.     

Empirical Investigation on China＇s Private Enterprises Performance Change Before and After Listing

This paper evaluates the performance change of the private enterprises listed on China＇s two exchanges during 2 years before and after listing in the period of 1996-2001. It is concluded that earning ability, real sales and financing are significantly improved, while only profitability decline a little bit after the private firms listed. In addition, we find that IPO private firms have appreciably better performance than that of BS ones as well as the financing condition becomes finer, which is relative to both the attributes of the private enterprises and Chinese regulatory rules. Therefore, we figured out that the outcome of private firms listing is positive, and China＇s economic reform will be a step-by-step process.     

Does success diminish competitive responsiveness? Reconciling conflicting perspectives

Previous research provides conflicting evidence of the association between the past performance of a business and its competitive responsiveness, with researchers observing both positive and negative relationships. To clarify this issue, the authors test a model using survey data from the retailing industry. The model delineates direct and indirect mediated paths through ability to respond, motivation to respond, and awareness of competitors’ actions to show how past performance can have both positive and negative influence on competitive responsiveness. However, the overall impact of past performance of an organization on its competitive responsiveness is positive. The implications of these findings for research, practice, and theory are discussed. Satish Jayachandran (satish@moore.sc.edu) is an assistant professor of marketing in the Moore School of Business at the University of South Carolina. His research interests are focused on issues related to the market responsiveness of firms. His research has been published in theJournal of Marketing and theJournal of the Academy of Marketing Science. He was a recipient of the Harold H. Maynard Award for 2001 from theJournal of Marketing. He was nominated a young scholar by the Marketing Science Institute in 2003. Rajan Varadarajan (varadarajan@tamu.edu) is Distinguished Professor of Marketing and holder of the Ford Chair in marketing and e-commerce at Texas A & M University. His teaching and research interests are in the areas of strategy, international marketing, and e-commerce. His research on these topics has been published in theJournal of Marketing, theJournal of the Academy of Marketing Science, theAcademy of Management Journal, Strategic Management Journal, Sloan Management Review, California Management Review, Business Horizons, theJournal of Business Research, and other journals.     

Environmental uncertainty and environmental scanning activities of nigerian manufacturing executives: A comparative analysis

This study investigated the relationship between perception of environmental uncertainty (PEU) and environmental scanning behavior of Chief Executive Officers of 47 manufacturing firms in Nigeria. The results indicated that perceived uncertainty in the environment was significantly higher for the task environment sectors than for the remote environment sectors; and as perceived uncertainty increased in a sector of the environment, scanning frequency and scanning interests also increased. The results were compared with those of prior research in the area of environmental scanning. The results show both the economic and political legal sectors of the environment to be more salient for Nigerian manufacturing executives than for their American counterparts.     

Emergent patterns of strategy,environment and performance in a transition economy

Insights from the resource dependence approach, dynamic fit, and strategic choice theories are used to explore the strategies adopted by Chinese enterprises, their settings, and the relationship between strategy, environment, and performance. Results from 959 firms indicate that respondents operating under ‘more marketized’ institutional settings tend to locate themselves in more munificent environments and place greater emphasis on meeting customer needs. Firms in China do not trade off one strategic direction against another, and certain strategy/environment coalignments have significant implications for performance. In particular, performance is better in more marketized and munificent environments and amongst firms who adopt an ‘aggressive’ strategic posture. Copyright © 2004 John Wiley & Sons, Ltd.     

强化企事业单位内部审计的研究

随着企事业单位管理的需要,内部审计显得越来越重要。本文通过阐述我国企业内部审计中存在的问题,从内部审计认识、内部审计建设、内部审计人员三个方面进行分析,从中找出对策。