Attention to social issues and CEO duality as enablers of resilience to exogenous shocks in the tourism industry

The tourism literature recognises the importance of resilience to crises, but little is known about how tourism firms become resilient. In particular, the use of corporate social responsibility (CSR) as a risk-reduction strategy has been identified as an important gap in the literature. Aiming to fill this gap and adopt a more integrative view, this study examines complementarities between tourism firms' attention to social issues and corporate governance mechanisms in the context of the COVID-19 pandemic. Supported by the attention-based view and stewardship theory, the findings show that firms' attention to social issues and CEO duality might be associated with higher degrees of firm resilience. If firms have a CSR committee, the presence of CEO duality might leverage firms’ attention to social issues. The findings suggest that corporate governance should not restrict executive flexibility when tourism firms face exogenous shocks if firms pay attention to social issues.     

概率两重性探讨

概率自出现就带有本体论性质和认识论性质的两重性。不仅古典概率论时期的概率理论，而且现代的概率理论对概率的解释都各有侧重和不同，形成诸多概率解释理论。不过，以概率的两重性作为划分准则，大致可归结为概率的客观解释和主观解释。由于解释者的立场和观点、以及应用领域的差异，由此产生一系列争论。鉴于概率的两重性，对客观概率和主观概率、以及概率适用领域不能绝对地进行非此即彼的主客分离，对于概率的不同解释理论要慎言虚妄，概率本身就是亦此亦彼的主客统一体。     

Wealth-path dependent utility maximization in incomplete markets

Motivated by an optimal investment problem under time horizon uncertainty and when default may occur, we study a general structure for an incomplete semimartingale model extending the classical terminal wealth utility maximization problem. This modelling leads to the formulation of a wealth-path dependent utility maximization problem. Our main result is an extension of the well-known dual formulation to this context. In contrast with the usual duality approach, we work directly on the primal problem. Sufficient conditions for characterizing the optimal solution are also provided in the case of complete markets, and are illustrated by examples.Received: December 2003, Mathematics Subject Classification (2000): 91B28, 91B16, 49N15, 49N30JEL Classification: G11The authors would like to thank the anonymous referees for their remarks and suggestions which greatly improved this paper. We also thank participants at the Oberwolfach workshop in 2003 for comments and discussions.     

Stay in or get out the Janus? The maintenance of multiplex relationships between buyers and sellers

Buyers and sellers interact in different ways. They conduct economic transactions but often also engage in social exchanges; they compete to appropriate the value generated throughout the pipeline but often also collaborate in mutual value creation. Increasingly, they show patterns of repeated interaction rather than engaging in single transactions.Most past research investigated interaction modalities within buyer-seller relationships through an ‘or-or’ lens, and considered one modality as prevailing within the relationship at a given moment.In this study, we will develop an ‘and-and’ logic, opening the mainstream view of relationship maintenance to social theories on the structure of economic action and the strategy view of coopetition. We will further examine the implications of dualities and complementarities within buyer-seller relationships in respect of their maintenance over time.     

Exponential Hedging and Entropic Penalties

We solve the problem of hedging a contingent claim B by maximizing the expected exponential utility of terminal net wealth for a locally bounded semimartingale X . We prove a duality relation between this problem and a dual problem for local martingale measures Q for X where we either minimize relative entropy minus a correction term involving B or maximize the Q -price of B subject to an entropic penalty term. Our result is robust in the sense that it holds for several choices of the space of hedging strategies. Applications include a new characterization of the minimal martingale measure and risk-averse asymptotics.     

马克思恩格斯早期经济学思想形成之文本考证:二重性的视角

马克思主义政治经济学是马克思和恩格斯在对英国古典政治经济学批判地继承和发展基础上完成的,因此,考察马克思恩格斯早期经济学思想的形成不仅有助于正确理解英国古典政治经济学的缺陷和本质,更有利于客观地认识马克思主义政治经济学思想从幼稚走向成熟的科学历程。马克思和恩格斯早期撰写了《1844年经济学哲学手稿》《论犹太人问题》《英国工人阶级状况》《国民经济学批判大纲》《关于自由贸易问题的演说》《政治经济学的形而上学》《共产主义原理》《雇佣劳动与资本》等重要经典文本。从继承和创新、正确与错误等二重性的角度对这些著作中的政治经济学思想进行梳理研究,并探究马克思恩格斯早期广义政治经济学思想有重要的理论意义。     

颠覆性双元创新对数字产业技术融合的影响研究——市场与技术的联动效应

颠覆性创新是数字产业突破在位企业封锁,掌握技术主导权的核心动力。多维度的颠覆性创新政策能否真正促进数字产业技术融合度的提升,行业中其他企业又扮演何种角色？本文围绕技术与市场两个维度,基于数字产业中具有代表性智能制造业的研究数据,运用双元创新理论,探讨探索与利用两种颠覆性技术创新政策影响数字产业技术融合的异同,以及技术距离在其中的作用机制;并比较颠覆性技术双元和颠覆性市场双元之间不同的联动效应。采用逐步回归进行实证检验,研究发现：(1)颠覆性技术探索对技术融合度有显著的正向影响,且技术距离正向调节颠覆性技术探索与技术融合度间关系;(2)颠覆性技术利用与技术融合度呈倒U型关系,且技术距离正向调节颠覆性技术利用与技术融合度间关系;(3)不同的颠覆性技术创新和颠覆性市场创新联动关系对企业技术融合有着截然不同的影响,具体来说,在企业选定颠覆性技术探索战略的情境下,颠覆性市场双元对数字产业技术融合度不会产生明显的促进或抑制作用;在企业选定颠覆性技术利用战略的情境下,颠覆性市场探索对数字产业技术融合度表现出更为明显的促进作用。     

CEO duality leadership and corporate diversification behavior

This study examines an important, yet understudied relationship between CEO duality and corporate diversification. Results based on the data collected from Fortune 1000 U.S companies indicate that CEO duality is positively associated with corporate diversification into unrelated industries. Further analyses reveal that this relationship is moderated by a number of corporate governance mechanisms. We find that board equity ownership and institutional ownership concentration weaken the initially positive relationship between CEO duality and unrelated diversification while CEO tenure and board independence strengthen this relationship.