从文化冲突浅谈社交媒体时代跨国企业在华的市场战略——星巴克与茶文化的碰撞

作为全球颇具影响力的咖啡连锁企业,星巴克在华遭遇到了前所未有的争议。设在故宫博物院"九卿朝房"内的一家星巴克咖啡馆,成了众矢之的。由于一位著名记者的抗议博客而遭到了网民的抵制,继而引发了全国性的风波,最终不得不关闭在故宫的门店。本文从文化冲突的角度来分析这一事件,提出在社交媒体时代,跨国企业应如何正确认识文化差异,改进企业文化管理方法,不断调整自己的战略来应对快速变化的媒体环境,更好的适应中国的市场。     

信贷约束和新生代农民工创业

产业兴旺的内源式发展需要充分挖掘并发挥广大农民的企业家精神。本文基于江西省1028位新生代农民工的微观数据,采取直接诱导法甄别了样本的信贷约束及其类型,使用倾向得分匹配法(PSM)实证检验了信贷约束对创业的影响,并利用马氏匹配法进行了稳健性检验。结果表明,约59%的样本受到信贷约束,信贷约束会降低创业概率约16%,缓解信贷约束能使样本的创业比例提高约10%。分样本回归的研究结果表明,部分数量型和成本型信贷约束对创业的负向影响相对更大,高财富组的信贷约束对创业的负向影响更大。因此,促进新生代农民工创业不仅要积极改善其融资环境,还要实施科学的信贷政策瞄准机制。     

Block trades and the benefits of control in Slovenia1

Ownership and control have been concentrating in most transition countries. The consolidation of control introduces changes in the power distribution within privatized firms and, most importantly, redirects the corporate governance problem to a conflict between large and small shareholders. In this study, we evaluate the ownership changes in Slovenian privatized firms through an analysis of stock price reactions to the entrance of a new blockholder (the shared benefits of control) and through an estimation of the premiums paid for large blocks (the private benefits of control). We provide evidence of and discuss the reasons for the failures of the privatization investment funds in implementing control over firm managers and in promoting the restructuring of firms in the first post‐privatization years.     

日本企业再生措施研究——以不良债权处理为视角

为从根本上解决不良债权问题,使低迷的经济得以振兴,日本设立了多家政府主导的企业再生机构,致力于企业再生支援;同时,制定和修改了有关企业再生的法律,改进了企业再生手续,从而使简便、灵活地实施企业再生计划成为可能。这些措施促进了日本不良债权的处理和经济的复苏,对中国相关问题的解决也应具有参考价值。     

Ethics,Power and Communities: Corporate Social Responsibility Revisited

Ally-building can be an ethical pursuit in developing sources of power for the business manager. The commitment to social responsibility is a source of power, as well as an ethical practice for corporate endeavors. Pfeffer promotes a business manager’s ability to develop effectiveness with ties to powerful others in an intra-organizational environment. This paper advances an analysis about how individuals in corporations may use an inter-organizational approach to developing sources of power through a notion of corporate social responsibility. As such, a more meaningful qualitative reciprocity between corporations and the communities in which they operate can be developed. And, this relationship develops a source of power for the individual involved in this effort. In other words, relationships with powerful others in the community could develop by revisiting CSR based on reciprocity and exchange of sustainability in a community, rather than on a notion of paternal responsibility to some particular construct in society. Denise Kleinrichert has published papers on the areas of business ethics, corporate social responsibility, and applied ethics, as well as a book and a forthcoming chapter in socio-economic history. She has a Master in Liberal Arts degree in Humanities with an emphasis in Social and Political Thought from the University of South Florida, as well as her Bachelors degree in Economics with minors in Political Science and Sociology from Indiana University. She also has extensive corporate experience in human resources and risk management. Currently, she teaches Ethics and Business and Honors Applied Ethics at University of South Florida and is finishing her Ph.D. in Philosophy at this University.     

增强企业社会责任的着力点

社会责任问题在中国倍受关注。文章分析并阐述了增强企业社会责任必须明确的三大问题：何谓企业社会责任问题，为何要履行社会责任问题，以及怎样履行社会责任问题。     

The Economic Impact of the Lack of Transparency in Financial Reporting

Off-balance-sheet amounts are in the trillions of dollars, not including all transactions with off-balance-sheet implications. Financial managers and consultants intentionally structure transactions that are abusive of off-balance sheet accounting rules, which leads to a lack of transparency in financial reporting. This paper explores several ways in which companies manipulate off-balance sheet transactions to satisfy personal and business objectives as well as the impact of such manipulations. It is time for regulatory bodies to close the loopholes, eliminate overly rules-based standards, clearly state the economic objective of each standard, and require firms to disclose the economic motivations for the accounting practices they adopt.      

Corporate environmental disclosure, financial markets and the media: An international perspective

In this study, we analyze the information dynamics between corporate environmental disclosure, financial markets (as proxied by financial analysts' earnings forecasts) and public pressures (as proxied by a firm's media exposure). We adopt a comprehensive view of disclosure that encompasses environmental information that is both print-based as well as web-based. The sample comprises firms from both continental Europe (Belgium, France, Germany, and Netherlands) as well as North America (Canada and the United States). Relying on a system of equations that controls for endogeneity between environmental disclosure determination and financial analysts' work, we show that enhanced environmental disclosure translates into more precise earnings forecasts by analysts. Such effect is reduced for firms with extensive analyst following and in environmentally sensitive industries. However, these relationships are shown to be starker in Europe than in North America, i.e., environmental disclosure has a greater impact on analysts' forecasts but is also more greatly attenuated by analyst following and membership in an environmentally sensitive industry. Most observed relationships hold for either print- or web-based disclosure, except for North America in which web-based disclosure seems to have no impact on analysts' forecasting work.     

OPTIMAL CORPORATE LENIENCY PROGRAMS*

This study characterizes the corporate leniency policy that minimizes the frequency with which collusion occurs. Though it can be optimal to provide only partial leniency, plausible sufficient conditions are provided whereby the antitrust authority should waive all penalties for the first firm to come forward. It is also shown that restrictions should be placed on when amnesty is awarded, though it can be optimal to award amnesty even when the antitrust authority is very likely to win the case without insider testimony.     

Who controls Allianz?

With cross-ownership among firms a separation between dividend rights on common stocks and voting rights may occur. This paper proposes a method to trace control rights in a company that is based purely upon accounting identities and the underlying data on cross-ownership relations among firms and privately held shares. Examples show that under cross-ownership, control and ownership of dividend rights may be entirely separated, and multiple equilibria may exist in such economies. The proposed methodology is then applied to the conglomerate around the German ‘Allianz’ group.