中国外汇储备适度规模实证分析

截至2007年底,中国外汇储备突破1.5万亿美元,建立计量模型对中国外汇储备规模进行实证分析表明：自2001年以来中国外汇储备实际规模一直大于适度规模。应扩大内需,酌情开征外汇交易税,适度进行汇率改革,以缓解外汇储备过快增长的局面。     

An institutional work view toward the internationalization of emerging market firms

Through the lens of institutional work – the institutionally embedded practice that aims to create, maintain, or disrupt the rules and shared meanings in social life, we discuss how an emerging economy’s governments establish policies and regulations to develop outward foreign direct investment, and how domestic firms seek to shape these institutional arrangements to suit their interests and needs as they expand overseas. This study underscores the importance of the home country to multinational enterprises. We argue, the policymaking that underpins the internationalization of firms is not only a top-down (state inspired) but also a bottom-up process.     

What attracts foreign direct investment into autocratic states? Regime time horizon and institutional design

States play a critical role in designing institutions to facilitate international business. We study the effect of autocratic states' time horizons on their attraction of foreign direct investment (FDI) through designing domestic and international institutions. We argue that autocrats with a long time horizon tend to build credible domestic commitment-institutions that attract foreign investors; however, they are also likely to affect the design of commitment carve-outs in international institutions, in particular bilateral investment treaties, thus weakening their institutional effect on foreign investment. We test these dual effects of regime time horizon on FDI inflow using data from 80 autocratic states over a 33-year period and find substantial support for our arguments.     

A Bayesian Nonparametric Investigation of the Predictive Effect of Exchange Rates on Commodity Prices

This study proposes a full Bayesian nonparametric procedure to investigate the predictive power of exchange rates in relation to commodity prices for three commodity-exporting countries: Canada, Australia, and New Zealand. We propose a new time-dependent infinite mixture of a normal linear regression model of the conditional distribution of the commodity price index. The mixing weights follow a set of Probit stick-breaking priors that are time-varying. We find that exchange rates have a positive predictive effect in general, but accounting for time variation does not improve forecasting performance. By contrast, the intercept in the regression and the lagged dependent variable show signs of parameter change over time in most cases, which is important in forecasting both the mean and the density of commodity prices one period ahead. The results also suggest that the variance is a large source of the time variation in the conditional distribution of commodity prices.     

The shopping list in goal-directed shopping: scale development and validation

This paper aims to develop and validate a shopping list scale in a goal-directed shopping context based on three complementary study phases (and literature review): shopper interviews (exploratory stage to identify the items and dimensions), a pilot study with 162 respondents for scale purification, and a refined questionnaire administered to 213 respondents (to establish reliability, convergent, discriminant and nomological validity). An exploratory factor analysis shows that the items load onto four factors: memory aid, money controller, shopping controller, and deviation controller. We performed confirmatory factor analysis to test the model and check for reliability and validity of the anticipated scale. The model fit and reliability levels are acceptable, as are the convergent and discriminant validities of the scale. The scale is a second-order factor, thus satisfying nomological validity. The shopping list scale should be of interest to researchers and retail managers in exploring factors and outcomes of goal-directed shopper behaviour.     

Tracing the history of Japanese commerce and consumption from the Genki to the Heisei era

Commerce enables the flourishing of cities. This article reviews three books on the evolution of commercial activities in Japan; including, a samurai’s account, a foreign concession’s window, and the role of shopping in Modern Japan. Lust, Commerce, and Corruption discusses how various social groups’ commercial activities influenced societal developments from the Genki (1570–1573) to the Bunka era (1804–1818). Opening a Window to the West is unique in the author’s detailed characterizations of Kōbe’s mercantile activities and how merchants influenced the city’s urban development. Finally, Marketing and Consumption in Modern Japan provides systematic investigations of the evolution of commerce and consumption in Japan, mostly from the Meiji (1868–1912) to the present Heisei era (1989 onwards). Read together, these books provide vital perspectives on how commerce has changed in urban Japan over the last three centuries.     

A global analysis of factors impacting the intensive and extensive margins of bilateral foreign direct investment

This study investigates determinants of bilateral foreign direct investment (FDI) on both margins, the extensive margin (whether to invest) and the intensive margin (how much to invest), based on the recent structural gravity model for FDI developed by Anderson et al. (Trade and investment in the global economy. National Bureau of Economic Research, Cambridge, MA, 2017). I examine a global data set comprised of 110 countries over 9 years, 2004–12. Apart from conventional gravity variables, the source country's technology capital shows a significant and positive impact on both FDI margins. Bilateral investment treaties play a significant role only in determining the extensive margin. Results on FDI stocks and FDI flows can lead to different conclusions; thus, research should consult both types of data series to find which variables have robust effects. Furthermore, breaking down the sample by country development levels reveals that FDI from less‐developed countries (LDCs) is not affected by many common variables, and thus, there is a need to develop more theories and empirical work to investigate the FDI from LDCs in particular.     

Developing global champions: Why national oil companies expand abroad

National oil companies (NOCs) have invested hundreds of billions of dollars in foreign oil and gas assets. Why have some governments increased their NOC outward investments, while others have not? I argue that domestic structures can influence a government's calculus that potential benefits, such as added revenues and fuel supply, outweigh potential costs, such as information asymmetries and inefficiencies associated with NOCs. Nationally, partisan competition limits democratic tolerance for failures by NOCs. Bureaucratically, overlapping authority in energy policy undermines coherent NOC governance. Based on investments by NOCs hailing from 79 countries, 2000–2013, I find robust evidence for the national hypothesis.     

Transformational leadership behaviors,the empowering process,and organizational commitment: investigating the moderating role of organizational structure in Korea

Transformational leadership has received growing attention in leadership studies. However, open questions remain concerning its operationalization and its universal effectiveness. Drawing on transformational leadership theory and leadership contingency theory, this study explores these issues in an Asian context. Survey responses from 491 employees working for foreign subsidiaries in Korea were analyzed. Given their multi-dimensionality, transformational leadership behaviors were framed as a two-dimensional structure: organization-related behaviors (OBs) and person-related behaviors (PBs). Findings showed that both OBs and PBs were mediated by psychological empowerment to determine organizational commitment. More importantly, the findings indicated that the empowering process driven by both leadership behaviors is contingent on organizational structure. Specifically, centralization negatively moderated the empowering process of PBs. Formalization positively moderated the empowering process of OBs and negatively moderated that of PBs. These findings have noteworthy value by virtue of quantitatively revealing the organizational structure wherein the empowering process of transformational leadership behaviors is effectively induced in South Korea. Based on the results, significant theoretical and managerial implications are discussed.     

Foreign currency borrowing surrounding the global financial crisis: Evidence from Korea

We present a complete profile of firms’ foreign currency borrowing surrounding the 2007 global financial crisis. Employing extensive data from Korean firms during 2002–2012, we find that foreign currency borrowing is significantly related to firm attributes of export revenues, firm size, tangible assets and asset growth, as well as to macro-level factors. These results offer two important implications. First, macroeconomic factors alone cannot fully explain firms’ foreign currency borrowing. Second and more importantly, these firm attributes are indicative of a lower default probability and larger collateral value, which would not only facilitate borrowers’ access to foreign currency debt markets but also offer lenders a better protective cushion from possible loan defaults in the face of exchange rate changes and information asymmetry on borrowers’ credits. Period wise, asset-related firm attributes have more pronounced effects in the post- than pre-crisis period. We further show that banking regulations following the crisis effectively limit the access to foreign currency borrowing by Korean firms, most significantly by those belonging to large business groups.