Trend in aggregate idiosyncratic volatility

We suggest that price interaction among stocks is an important determinant of idiosyncratic volatility. We demonstrate that as more (less) stocks are listed in the markets, price interaction among stocks increases (decreases), and hence stocks, on average, become more (less) volatile. Our results show that price interaction has a significant positive effect of idiosyncratic volatility. The results of various robustness checks indicate that the effect of price interaction is still significant to the presence of liquidity, newly listed firms, cash flow variables, business cycle variables, and market volatility. Once the price interaction effect is taken into account, no trend remains in idiosyncratic volatility. We conclude that there is no trend, but a reflection of the positive effect of price interaction on idiosyncratic volatility.     

The determinants of firm–bank relationships in Italy: bank ownership type,diversification and multiple banking relationships

This paper investigates the main features of the relationships between banks and non-financial firms in Italy. Based on detailed firm-level data, we analyse the role of firm-level characteristics, decision-making factors and local credit market indicators in shaping various aspects of corporate banking choices. Empirical results show that young and small firms have a higher probability of relationships with local banks, confirming the advantage of local credit institutions in dealing with informationally opaque firms. Large and internationally active firms tend to establish relationships with national and foreign banks, as they are able to provide more complex banking services that are crucial to access foreign markets. Moreover, firms that are more dependent on external financing are more likely to use multiple and differentiated banking relationships, as a way to diversify external financing sources and alleviate credit constraints.     

璋瓦皆喜 喜意各表——生儿与育女的家庭养老差异研究

文章利用2013年中国健康与养老追踪调查（CHARLS）数据实证分析成年子女性别及教育对家庭养老影响的差异。研究结果表明：相对于男性而言,无论是居住距离还是是否同住方面,女儿更疏离于原生家庭,但是受教育水平提高有助于拉近其与原生家庭的地理距离;教育水平的增加显著降低了男性看望父母、与父母联系的频率,而随着教育水平的提高,女性相对于其兄弟会更多地看望父母、与父母联系;个体与父母经济距离方面并不存在显著的性别差异。文章认为提高女性的受教育水平,不仅有助于女性自身福利的提升,也有助于促进老年人福利的改善。     

家族涉入程度、环境不确定性与技术创新

文章以2007-2012年中国中小板及创业板上市家族企业为研究样本,依托社会情感财富理论,探究了家族涉入程度对企业技术创新的影响,及环境不确定性对这种影响的调节效应。结果显示家族在所有权层、治理层的涉入程度与技术创新投入及产出都呈显著负相关关系,但当家族企业面临较高的环境复杂性和动态性时,这种负相关关系会减弱。这表明家族涉入程度对技术创新的影响会依具体情境发生变化,当面临环境不确定性较高时,家族会权衡社会情感财富和未来长远发展,加大技术创新力度。该研究具有较强的现实意义和理论价值。     

Sustainability in small tourist businesses: the link between initiatives and performance

This study explores the combined effects of adopting sustainable practices on small tourism companies’ performance. The existing literature provides insufficient data on sustainable behaviour because most studies on environmental practices focus on larger companies in the tourism sector, and a gap exists in social practices. This study is based on a survey of 374 restaurant managers. It uses structural equation modelling to study direct links between three dimensions – quality, environmental practices and social practices – and financial performance and market success factors. Significant differences with earlier studies are found. This study suggests that proactive sustainable practices can benefit small service companies by improving competitiveness even in difficult times. Practical implications are discussed in relation to sustainable practices.     

Work-Family Balance and Marketing Capabilities as Determinants of Chinese Women Entrepreneurs' Firm Performance

ABSTRACT

The authors examine how work-family balance and marketing capabilities are related to Chinese women entrepreneurs' firm performance. Drawing on the family embeddedness perspective, findings show that both factors are positively related to firm performance. Public policy recommendations, implications, and suggestions for future research are discussed.     

基于领导企业行为的产业网络及其动态性研究

产业网络是由网络参与人运用各种资源展开活动而形成的动态组织.领导企业运用其对网络的控制力构建了两种不同层面的网络规则.受领导企业战略行为和组织形式影响,产业网络产生扩张、收缩和转移.技术变革使新企业可能取代原有企业成为新的领导者,并重构产业网络.企业行为导致产业网络动态变化的实质原因来自于企业绩效的变动.构建了产业网络与企业绩效,企业绩效与企业产出、区域资源、竞争性企业、供应商的函数关系,分析了企业绩效如何影响企业进出并引发产业网络的动态变化.     

中国民营企业IPO发行成本分析

研究了1996～2006年期间中国民营企业的IPO发行成本.研究发现,中国民营企业的IPO发行成本在不同年度、不同发行方式和发行规模下都有显著差异.进一步研究表明,发行规模、市场情况、首发方式显著影响着中国民营企业IPO发行成本.     

战略人力资源管理、企业文化与绩效:理论及实证检验

企业战略人力资源管理的执行过程长期以来被视为神秘的“黑匣子”,为了解战略人力资源管理影响组织绩效的原因,有必要打开该黑匣。本文探讨企业文化在战略人力资源管理与组织绩效之关系中的中介效应。以我国110家企业为样本的实证分析表明：发展型企业文化的中介效应在战略人力资源管理影响组织绩效的关系中得到充分体现,而等级型企业文化却不能对公司绩效产生显著的影响。