Working capital (mis)management – impact of executive age

Several recent studies have used the upper echelons theory to explain the impact of personal traits of top executives on various corporate policies. In this, first of its kind, study we find that older executives invest more in working capital; take longer to convert inventories to cash; and pay their suppliers sooner. These findings are consistent with the argument that risk aversion increases with executive age. Our findings indicate that executive age has significant bearing on working capital management policies. This study also initiates new avenues in research relating behavioral aspect of executives with short‐term financial management.     

国企民营化与企业创新效率：促进还是抑制?

文章基于混合所有制改革的背景，从创新效率的视角考察了微观创新主体民营化前后创新行为的变化。研究发现，民营化抑制了企业的创新效率，企业的专利数量显著减少，这种影响在缺乏原国有大股东制衡、无系族的上市公司以及外部产权保护较弱的地区更加显著，而且相对于创业型企业，民营化企业的创新效率更低。进一步研究发现，民营化抑制企业创新效率的一个重要途径是关联交易显著增加、投资显著减少，民营化后非国有大股东更多地表现出掏空动机，减少了创新活动，降低了创新效率。文章的研究结论为理解民营化企业的效率提供了新视角，有助于我们正确认识和理解新兴转轨经济体的民营化行为，而且对于监管层如何推进混合所有制改革具有重要的政策启示。     

Does Size Matter? Evaluating Corporate Environmental Disclosure in the Australian Mining and Metal Industry: A Combined Approach of Quantity and Quality Measurement

There are an increasing number of companies in the mining and metals sector disclosing environmental sustainability information in their annual reports, sustainability reports and corporate internet web pages. However, there is ongoing debate about the relationship between the quantity and the quality of environmental disclosure. That is, does an increase in number equate to an increase in quality? This study investigates the relationship between the quantity and the quality of environmental disclosure reports. Using content analysis, we examine the environmental disclosure of 55 Australian mining and metal companies which are listed among the Australian Securities Exchange's (ASX) Top 100 mining and metal sector companies. We find that the size of firms influences both the quantity and the quality of corporate environmental disclosure. That is, we find that market capitalization is positively and significantly correlated to the quantity (number of words) and the quality of disclosure. We also confirm that there is a very highly significant, positive correlation between quantity (number of words) and quality of environmental disclosure. In order to investigate any differences between the top performing group and the bottom performing group in terms of environmental disclosure quality, further analysis also confirms that there is a positive relationship between the quantity and the quality of environmental disclosure. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

“互联网+”与消费品制造企业转型——基于架构创新的视角

通过研究架构理论,分析了消费品制造企业在"互联网+"背景下的架构创新。提出变换外围要素、核心要素相同的二阶中性置换可以形成两种不同的消费品制造企业架构创新模式。经过改进的双层技术接受模型检验,两种模式的结果殊途同归,预测两种模式结合的双层架构创新模式会成为未来新型消费品制造企业架构创新的主流。     

Towards the use of chronological age in research – A cautionary comment

In recent years, this journal published several articles that used chronological age in their models to distinguish customer behavior between younger and older people. While all these articles are in line with the growing importance of age-related research, chronological age is not discriminant when behavior and motivations enter the fray. By taking two recent articles in this journal as examples, this short note calls for a cautious application of chronological age and highlights other age-related constructs for research. The note ends with practical implications and avenues for further research in age-related projects.     

Abnormal Returns from Takeover Prediction Modelling: Challenges and Suggested Investment Strategies

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below‐expected returns to target portfolios. Target prediction models’ inability to optimally time impending takeovers, by taking account of pre‐bid target underperformance and the anticipation of potential targets by other market participants, diminishes but does not eliminate the potential profitability of investing in predicted targets. Importantly, we find that target portfolios are predisposed to underperform, as targets and distressed firms share common firm characteristics, resulting in the misclassification of a disproportionately high number of distressed firms as potential targets. We show that this problem can be mitigated, and significant risk‐adjusted returns can be earned, by screening firms in target portfolios for size, leverage and liquidity.     

后危机时代扩大居民消费的路径

后危机时代,中国扩大内需的重点在于增加消费,而增加消费的重点在于增加城乡中低收入群体的消费。为此,必须增加居民的收入尤其是城乡中低收入群体的收入,并优化其收入结构。     

媒介时代文学的边缘化探析

电子媒介的兴起使传统的文学步入边缘化的境地——远离艺术中心,沦为最低级的科学。从文学媒体介质的变化、阅读主体与接受主体、后现代的审美取向等角度观察现代传媒对文学的影响：改变因垄断话语权而使少数精英滋生不可一世的贵族心态的传统文学观念,使其由崇高、严肃、宏大、华丽典雅的审美趣味向朴素、通俗的大众化和世俗化倾斜。     

集群企业创新行为机制分析

在传统产业中小企业集群中,普遍存在的企业模仿为什么没有抑制企业创新?结合相关文献分析和对现实中集群发展历程及企业行为的现察,可以发现其中的内生性模仿机制和竞争性、合作性创新机制,从企业行为机制视角观察集群创新是如何启动的;在企业不同阶段和不同集群类型中,企业模仿和创新的路径也不同.由此得出了培育产业集群和升级产业集群方面的政策含义,指出政府对于传统产业集群创新升级方面大有作为.     

相对交易效率、垂直分离与企业规模变化之谜

本文通过发展一个包含中间产品迂回生产的模型解释了生产非一体化程度的决定因素,并且对19世纪后期以来企业规模变化及近30年来垂直分离发展原因给出了解释.论文指出当今世界经济增长已经不是主要依赖企业内部的规模经济,而是更多依赖于组织间资源和知识.因此创造一个便利于组织间资源流动的市场体系,尤其是高级要素交易的体系对于经济增长变得日益关键.